Been a while here and I was surprised I was actually off for days without dropping some post but I think the break is somehow over since am less busy now. What I want to discuss today is about something that came to mind but I don’t really know the right title to give it. Have you ever ask yourself as an entrepreneur or product creation this question, How do I figure out what people are really willing to pay for? I think not everyone do ask themselves this particular question before starting up their business and along the way they find it hard to make progress or start asking themselves if they are actually doing the right thing or creating the right product.
People don’t really have or always find it very hard to answer that particular question because they are only selling or creating what they think people want and not what the market really want. In business, you cant assume they want this or that, you must be sure they really want it. What if after all the stress of starting the business or creating that product, you find out they don’t have interest in it as you think, that will lead to failure without even making progress and it can cause you a lot. So you will be asking, how do I know what people really want. You are not God that can know everyone needs but there are thing you can do that will give you some insight about what the customer/consumers are in need of.
Market Research
Market research is one of the way to know what people really want. Start by discussing the idea with people, you can start with your friend and family, you can just pitch the idea to them and gather information and opinion if it is really a good thing to do, if people might really be in need of it. Not only that, you can go online and check out forums, groups or even create questionnaires, through this, you can know the pain point, then from there you can work on how to find solutions and sell it to them. now I know why people do distribute questionnaires to use back them in school just to gather various information about things. May God help us then, we use to fill it for fun
Testing The Market
I don’t think people make use of this option especially when they want to start their business. Testing the market is vital because it will allow you to know if people will like your product and to no where you need to make corrections. You don’t just start selling your product without having testers available to test the product, why do you think most successful business always pass through testing phase, it isnt for the fun but to know what people will think about the product when they launch it, it will really prevent lot of setback,
There are various ways to test the market before starting your business which I will be discussing soon, before starting that business or working on that idea, always know if people will be ready and willing to pay for it if you launch them.