Why People Should Buy Your Product – Market Research Hacks
| 4 minutes read
We all like to think, we are responsible for the decisions we make. Anyone who reads or analyzes on social science, or listens to the Hidden Brain podcast, knows subconscious factors are swaying our choices.
Shari Levitin is the author of Heart and Sell: 10 Universal Truths Every Salesperson Needs to Know. She writes: “When companies connect with their customers’ deep emotional motivators, the pay-off can be huge.” Her book details some of the lessons she learned from many years of sales and leadership training, centering on the ‘core emotional motivators’ that companies must uncover to sell.
The first and foremost thing is to analyze your idea and planning. You have to think about long term success. And to begin with, be realistic and decide what you’re going to sell? Is it a popular product? How many competitors do you have? How do you see this product market in the next five years?
These are some questions we will try to unlock for you. Before stepping further, market research is a critical process in finalizing the roadmap. To answer the above questions, check out those products which are trendy and at the same time, analyze how it is influencing the lifestyle of the people.
Making any products without any research is a waste of time and money. Let’s take an example- if you planned to manufacture a phone, first of all, you have to analyze what you’re offering, and others are lacking, and what others are offering, you’re lacking. Are those missing specifications a game-changer? How will you develop a more advanced software OS? What will be your selling point, camera, processor, or screen? Who will be your target audience? These are a few questions you have to settle down as soon as you step into the next process.
Conduct a Market Analysis for the latest Product
Some people have an ability for developing products that people love, irrespective of what the market says. Let’s take an example of Henry Ford and his quote about fast horses.
This type of non-calculated success is still possible but less likely. Today’s markets are flooded with the latest product innovations. To succeed, most unique products will need to address a market need or void.
Brands should conduct a market analysis for a new product that uncovers gaps in the competitive landscape.
To do this, companies should listen, understand, and engage with the market continuously. It’s the best possible way to avoid expensive product development faults that can cost a brand its reputation.
Porter’s Five Forces is a simple but effective way to understand how competitive a market is and identify a winning strategy. It examines five forces that make up the competitive environment:
- Competitive rivalry | number and strength of competitors
- Supplier power | how much influence could suppliers exert over your offering or price
- Buyer power | how easy is it for buyers to switch to a rival
- The threat of substitution | how likely is it that a customer will find a different way of doing what you do
- The risk of new entry | how difficult would it be for new competitors to enter the market
Look For Competitors
This is where you might feel conscious if you’re a business owner because if you’re stepping into the business, you will face your competitors. Do not panic; your competitor may improve your product and services. There is healthy competition all around. Everyone is trying to prove their product superior; businesses are continuously working to improve their product and its services.
If you’re in a startup company and new to this market, try to look for competitors, their failure or success, and it might inspire and help to improve your product and services. Learning from someone’s negligence or learning from their success is not a bad idea. Overall, customers will enjoy the best product and services you offer. Therefore it is necessary to have your competitors and rotate the wheel of improvement.
How your product/service will be different from your competitors?
Developing a product that is different from the competition is essential, but in order to make sure your product sells, you will require user feedback.
Now whether you’re preparing to launch your first product or you’re thinking about bringing on a second one, you need to reconsider differentiation. If your product doesn’t stand out from your competitors by some significant difference/margin, you’ll notice that sales are difficult to come by. Differentiation is what helps customers notice you. The last thing you want is to create a different product which turns out to be very much different from the previous product.
The problem is that so many sellers are often selling the same product as their competitors. They’re not using exclusive technology or a secret formula. They’re only finding a manufacturer who makes a product within the niche, then trying to sell it for themselves.
Three Different Ways to Differentiate Your Product From Competitors
1. You can differentiate your product by branding
Branding is not a guarantee for increased sales. You can hire the best graphic designer, but if you put the most remarkable logo on a shoddy product, you won’t go far.
However, if you recognize that your product is the same as your competitor, you might be able to achieve the upper hand with better branding. Ingredients inside the cup may be the same, but you can decorate the cup better.
2. You can differentiate your product by adding a simple feature or ingredient
If your manufacturing source can customize your product, you may be able to determine your product by adding a specific element or ingredient. It isn’t required that you make a significant change, but one single change in the design could be a great contrast to other brands.
3. You can differentiate your product by highlighting a feature
There are two ways companies advertise their product, first, who sells the product with their name and second who highlights extra features with the product name. Highlighting features allows consumers to think and research about your product. In the end, it is commonly found they purchase before they wrap up. Just writing the brand and quotation won’t work until and unless you are a big brand, but for small businesses, highlighting features and adding extra details appeal to customers.
This way, you can differentiate your product from competitors in the market.
If your business involves the selling of any kind, you must understand the many reasons why people choose to buy something. Use these reasons to differentiate and give a reason why customers should buy your product.
That being said, you don’t want to use deceptive marketing and make false promises, but you can play on the value of your product and spell out why people should consider buying from you.