How Would You Make Sure There Really Is a Market For What You Sell?

Jeane Level 1

December 10, 2018, 1:31 am

58

Write the reason you're deleting this FAQ

How Would You Make Sure There Really Is a Market For What You Sell?

Google the search query "small business ideas" and you'll find thousands of articles which will purportedly provide you with this valuable information. Truth though is while some of the business ideas listed in some of the articles are great, they won't be viable for everyone.

Before starting a business it is important that you do some research, find out if there is a market for what you'll be selling. Friends and family could be willing to buy what you sell so if you need to evaluate how profitable your business might be, don't pitch your idea to them. They'll probably motivate you to "go for it" which won't be of much use to you in the long run.

Track down your potential customers on social media or even in the real world on the streets and ask them if they would be willing to buy what you want to sell. This way, based on the information obtained you could estimate your potential sales and profits helping you decide quickly whether it will be worth it to start a particular business.

Comments

Please login or sign up to leave a comment

Join

amelia88

amelia88

I think one of the biggest things is researching any competitors to get a feel for what they’re doing and what they’re selling.

Hard to do though if you’ve got a groundbreaking product in a new industry though.

6 years ago

Are you sure you want to delete this post?

Alania

Alania

@amelia To be honest with you Amelia, I think you're right, but in part. Because competitors could be mistaken, and therefore it could end up with failure. Unless obviously you're checking on the popular competitors, then it's an entirely different story. But you gotta understand, that our and their budget limits and options are different.

6 years ago

Are you sure you want to delete this post?

emiaj55

emiaj55

I think you have a good point there. We should always take into consideration our and our competitors finances in marketing. Still, it is still good to check out your competitors and how they do things. That way if you have a lesser budget, you could plan around their marketing strategies. This way you could device a marketing strategy that could compete with them on a lesser budget.

6 years ago

Are you sure you want to delete this post?

Youngshark

Youngshark

This sounds like a line straight from the book "The art of war ". It details the strategy that helps the best commanders win wars and it can apply in business too.

6 years ago

Are you sure you want to delete this post?

Martinsx1

Martinsx1

This is absolutely true and I completely agree with you on this about getting to know everything about your business products and services competitors because it's when you are well aware of whom you are sharing the business customers with and what he or she brings to the table that you would know how to counter the competition and come out on top.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

I want to begin selling Amazon and eBay products and need to research for more information. Researching produces good fruits.

6 years ago

Are you sure you want to delete this post?

Enyi

Enyi

You're right we can deduct from other sellers how they are doing with the product.if the product is really flying we can uniquely follow their means and maybe add a bit of creativity to it.

6 years ago

Are you sure you want to delete this post?

NerdIndeed

NerdIndeed

This. Study competitors and look at the performing ones then try to copy what they do while also bringing something you came up with, mix it up. This happens a lot in e-commerce, especially in the product research phase.

6 years ago

Are you sure you want to delete this post?

menchuuy58

menchuuy58

I agree with you. One needs to do a research first before launching to any business.

6 years ago

Are you sure you want to delete this post?

iambeth

iambeth

Know the offers your competitors are giving to clients and provide a better one like making products more affordable or give special discounts. It will lure more customers to buy from you. I like how competition benefits consumers.

6 years ago

Are you sure you want to delete this post?

Kakashi2020

Kakashi2020

There's a market for any kind of product made. There are three important factors to consider and that is:
1. The products Target Market and it's size.
2. Most effective way of tapping the market.
3. The Markets response to your product and alignments if any.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

The product target market. How big it is means worldwide for me and my products.

now the problem is how to tap into the market. It is hard. Offer some tips.

How will the market respond? I do not know

6 years ago

Are you sure you want to delete this post?

cmoneyspinner

cmoneyspinner

Sometime I ask family and/or friends if they would buy a certain item.
For sure, I check the social networks to see what's being advertised and what the buss is about it.
If it is a certain site where I want to market my products, I check it to see how many people are already on it trying to sell the same thing.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

Sometimes you sell online and these options do not apply. What do you do? I would like to sell Amazon and eBay products. How will I be sure of the market?

6 years ago

Are you sure you want to delete this post?

overcast

overcast

I think asking friends and the relatives and their friends to visit specific page. And then having affiliate links on that page is a good idea. I have seen that work out. Though that may not work for all though. Because some people prefer to visit the site directly.

6 years ago

Are you sure you want to delete this post?

davedaot04

davedaot04

Right on, that's what I probably do too, and really just think about, "Is my project really necessary for everyday life?" Does people really want to buy my product because they need it or they need to rather than they just want or might not want it.

6 years ago

Are you sure you want to delete this post?

Jeane

Jeane

I think one of the biggest things is researching any competitors to get a feel for what they’re doing and what they’re selling

This most certainly will get you answers very quickly. And if you get to know who your competitors customers are, all you have to concern yourself with after that is convincing them to try your services or offer them discounts so they can buy what you sell.

6 years ago

Are you sure you want to delete this post?

Alania

Alania

I'll obviously as the first priority will analyze the market and the desires of people. Being among the people of the society I know what they crave for. Usually, one of the best ways is to have many friends on Facebook and see what are they discussing. People in my country want either new devices or unique fast foods. I'd say it's cheaper to go for the 2nd option.

6 years ago

Are you sure you want to delete this post?

Martinsx1

Martinsx1

Exactly! It's the reason why conducting a market research would be very important to any new business because it would give you all the necessary information needed to put the business through the proper channels which would let you get the best out of your online business.

Operating your business without appropriate information would be like running the business blind.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

Needs and demands of people is also a factor. With demand comes to supply and we are in business.

6 years ago

Are you sure you want to delete this post?

Enyi

Enyi

We can even carry out a survey I know my friends on Facebook will love to filled out a survey to enable me find out what they really want to buy. I have a group also could also discuss in the group.

6 years ago

Are you sure you want to delete this post?

knnon

knnon

Usually when starting out, only a few family and close friends will ever buy any of your products. You'll have better luck with strangers. I don't know why this is so, but it's what I've noticed a lot.

Researching the market and competitors is a good advice. This usually gives you a head start specially when you've just started out.

6 years ago

Are you sure you want to delete this post?

emiaj55

emiaj55

I have notice the same way. Well it actually depends on whether you are selling products or services. When you sell a product, usually some of your family would buy once or twice. Depending on the quality they might or might buy from you again. You have greater chances with friends but it is the same case. It all depends whether you are selling goods. If not after a while they would even try to avoid you.

When you are offering services on the other hand, you would have better chances with strangers than your friends and family. Those who are close to you may see you and your service as something out of quality, that they would rather go for other's services than your own.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

Starting a business is not butter and bread. It is something quite difficult to do. Yet we have to and soon become masters.

6 years ago

Are you sure you want to delete this post?

Alania

Alania

That's a good prospect. I gotta say, that starting to sell your business inventory to relatives is a good idea. But you can't sell it to your own family, it sounds kinda wrong. There might be hard feeling about it from both sides. Perhaps ask about the friends of your friends. Sounds better.

6 years ago

Are you sure you want to delete this post?

knnon

knnon

Exactly! Sometimes even relatives ask for unfair discounts. And it's so hard to say no to them. Yes that's true, friends of friends would be best to ask, even strangers honestly would make better customers.

6 years ago

Are you sure you want to delete this post?

iambeth

iambeth

I agree that family ask for absurd price cuts. And sometimes your family would buy for their friends. Makes you question if they're really on your side. LOL.

6 years ago

Are you sure you want to delete this post?

knnon

knnon

Sometimes you don't even need them to buy anything, but just have them tell people about your business. That's honestly a lot of help already. But sometimes it seems even that is hard for them to do. And you're right it does make you question who's side they're on!

6 years ago

Are you sure you want to delete this post?

Martinsx1

Martinsx1

The social media sites are very correct platforms where you can easily seek out potential customers for any kind of business you want to start up.

All you need to do would be to know how to target your business clients and get the most appropriate clients traffic to your business.

6 years ago

Are you sure you want to delete this post?

Barida

Barida

There is a note of warning when we are trying to make use of the social media and that is the fact that potential rivals may use this opportunity to spy on what you are doing and use better resources to better you on that.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

I find it hard to target audience in social media. It is a good place to find a market. Social media us a good market though.

6 years ago

Are you sure you want to delete this post?

luv2xacosta

luv2xacosta

There are a lot of factors to consider when putting an online business. You're correct, one should know first who are your prospect clients and how are you going to deliver it to them? Doing a business is not an easy thing, if you want your business to be a success always know what the things that works best for you.

6 years ago

Are you sure you want to delete this post?

Corzhens

Corzhens

When you have plans of putting up a business of selling products, you need to do a market study. That is where you will find if there is indeed a good market for your intended products. With the internet you can perhaps make a search of the stores that sell your intended products and if there is no store selling it then that is a unique product. You can also do an informal survey in the social media so you will get the feel of the general public at least inside your network.

6 years ago

Are you sure you want to delete this post?

overcast

overcast

I agree doing market study is what makes the idea work more effectively. You can see that many of the market studies are a bit harder to work around with. So in order to experiment with, you have to test with different ideas.

6 years ago

Are you sure you want to delete this post?

Barida

Barida

This is a great way to start up a business. An example is when one is trying to start a chill drinks business and situate the business in a place of residence, you will notice that there won't be much sales unlike when it is closer to a market place where many people will be in need of it.

6 years ago

Are you sure you want to delete this post?

Enyi

Enyi

To capture a market share one must look out for it's target market and get them a quality product then go on persuasive advertising to create awareness. When once one know what the people wants then marketing the needed products will be very easy.

6 years ago

Are you sure you want to delete this post?

JBeleren

JBeleren

I think being in tune with the times and knowing what is needed by the young adults is a good practice to know what is relevant business wise. This demographic are what makes something trend nowadays and getting the pulse on what drives them and makes them tick would be highly beneficial for anyone who wants to sell a product.

6 years ago

Are you sure you want to delete this post?

antonToledo

antonToledo

Starting a business is not an easy thing to do. In business, there is a saying work now and be paid later and results won't come that easily. When you start a business make sure you have enough business skills and knowledge. My advice is to look for business models that had been proven to be effective it is easier that way than to form the scratch. Marketing your product is also a key to a successful business you can easily do this by using social media, but all the technicality would be useless without this to the most important thing and that is perseverance and hard work.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

A person starting the business should be bold and persistent. Nothing comes on a silver platter. One had to work towards success. Business is like that.

6 years ago

Are you sure you want to delete this post?

jaymish

jaymish

I think that the new frontier for market research is social media. I think that sites like Facebook and Instagram can show you how popular an idea is by the number of likes and views that an item receives. Off course you will have to do other additional research but I think that social media makes a good starting point to do your market research.

6 years ago

Are you sure you want to delete this post?

burgosmichael24

burgosmichael24

A feasibility study or a market research will help you in that problem. You should know first that your product is based on needs. You should also make a research on your target market online and offline. Study their needs, their way of spending and their power of spending. Study on your competitors. Study their strength and their weaknesses. Make your own SWOT Analysis. These things can help you in starting your own business.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

Feasibility study is easy offline. How do you do it online? I think this one will bring results. Am sure if this.

6 years ago

Are you sure you want to delete this post?

rlpzbeermoney

rlpzbeermoney

I would do a test run of the product and see how it goes from there. Similar to a restaurant doing a soft opening before opening full time. Trial and error plays a big part if you don't have means to a feasibility study. You may risk losing money but hey it's to know the market.

6 years ago

Are you sure you want to delete this post?

stbrians

stbrians

Running a test is the only way you can know about the market. I used to make and sell homemade Yogurt. I just did a test for the market and found a good market. It was a lucrative business. I used to make about $500 as profit a day. When I became sick I left the job. That is the problem with a sole proprietorship.

6 years ago

Are you sure you want to delete this post?

Kakashi2020

Kakashi2020

Before a product is released into the market or even during its conceptualization there are viability tests which it has to pass. After that a market test or product testing is done to see if there are changes to be made just to ensure that it would have a good reception to the market.

6 years ago

Are you sure you want to delete this post?

menchuuy58

menchuuy58

I am really sure I have a market to sell my product. For example in food business, there will always be a market for it. People daily needs to eat food.

6 years ago

Are you sure you want to delete this post?

Jeane

Jeane

in food business, there will always be a market for it. People daily needs to eat food.

Location is rather important for a food business I believe. Assuming that you desire to open a restaurant then you'd need to find some place where it will more likely to attract customers.

A restaurant in a residential area may not perform that well because people there are less likely to eat out. If it is in town, close to an area where lots of people work or have their businesses, there's more money to be made there.

6 years ago

Are you sure you want to delete this post?

davedaot04

davedaot04

I would make sure it would sell in the market by searching about what I should sell and see if it's the demand of the People if this is something that people needs to buy rather than just want to buy. For me most of the people buy the things they buy because it's necessary or for others because they just love it and they maybe rich.

6 years ago

Are you sure you want to delete this post?

stagbucarpruspe

stagbucarpruspe

I think this is a great idea, thanks for the advice! In my opinion, social media plays an important role in our lives and many people find the best products such as clothes/cosmetics/handmade products/health care products/cafes or food delivery, etc. thanks to advertising on social media. So I think that now marketing is the most popular niche for business and I want to take an affiliate marketing course to master this skill and make a profit from it (you can find more info on https://wisdomfuel.com/john-cresta...e-system-review/). If you are also interested in this topic, then you can read the article to learn more about this business and how to generate money off of products that you don’t own. Thus, I am sure that getting quality knowledge is the main thing for a successful business because it drives your business activity, your ability to sell, and stand apart from your competitors.

4 years ago

Are you sure you want to delete this post?

M1ndPrototype

M1ndPrototype

Can I still become popular having an Instagram page with my pet photos?

4 years ago

Are you sure you want to delete this post?

Miniana

Miniana

The importance of digital marketing or social media marketing is underestimated. You are doing an incredible content and yet there are not as much followers as you would like to see, I am pretty sure about it. Did you think what can you do about it? My solution is simple yet so unpopular among us, non-professional content makers. You can try to ask for help form one of those digital marketing agencies. They can provide any assistance you are in need of, from SEO to social media marketing! For example, I’ve worked with paid traffic that converts for a while and they really helped me! Hope that will work for you too!

4 years ago

Are you sure you want to delete this post?

PenelopeEll

PenelopeEll

I think that if you decide to start your own business, you should only choose current positions. For example, it could be selling clothes and shoes, accessories, or other jewelry. This is at the peak of popularity at the moment, so you can be sure of the success of your business, but only if you consult barkersprocurement.com. There are a lot of competitors these days and all of them are also trying to earn a leading position, so consulting with professionals is necessary both for a newcomer to develop and for someone who has been in this field for a long time, but wants to keep his income on balance and even increase it.

4 years ago

Are you sure you want to delete this post?

milaniagreen

milaniagreen

You need to understand that the Internet is a competitive environment, learn more how to reduce bounce rate here. Plus, the customers themselves have become quite picky. Before making a purchase, they read reviews, ask for the opinions of their friends, analyze information.

3 years ago

Are you sure you want to delete this post?

AmandaSwon

AmandaSwon

Today, people use a large number of gadgets, each of which provides interaction with its owner using an Internet connection. Of course, these are primarily smartphones, but also other wearable and not so devices. To attract and gain new audiences, you need to use advanced digital marketing analysis techniques that will give you more data.

3 years ago

Are you sure you want to delete this post?