Is Your Product Marketable?
This article was published on May 10, 2024
Categorized in: Digital Marketing
When companies come to us for help with their marketing, they usually have a pretty well-established product. Our digital marketing services are needed to take things to the next level. Every now and then, though, we get a business that’s in the earlier stages. This means that their product hasn’t been on the market for long and maybe hasn’t even gotten any sales. In other words, they may not know if the product is marketable or not.
It’s difficult to make a successful digital marketing campaign if you don’t know if the product will sell or not. No amount of digital marketing that is done will every compensate for a product that simply won’t sell. How do you know if your product is actually marketable? Here’s a look:
Get to Know the Audience
When developing a product, you probably have a target audience in mind. Are you absolutely certain that you’ve done your research properly and that they will embrace your product? Too often, we’ve seen businesses assume that their audience would embrace what they have to offer. This may not be the case. If someone hasn’t been selling a product like yours to them, there could be a reason for it.
If you get to know your audience properly, you will be able to make an educated guess as to whether or not the product is sellable. You will also be able to determine if there are some changes you a make to your existing product to make it perform better in the market. Also keep in mind that market research can help you determine if you’ve been targeting the wrong market or if there is another one out there that is better.
Really Assess Progress Over Time
You might think the product is a good idea, but only time will tell. Have you made sales? If it’s been a long period of time and you still haven’ made sales something isn’t right. It could honestly mean that your product actually isn’t viable and won’t sell. Here are some things you really need to think about in order to determine if it’s really worth trying to sell for much longer:
- Demand. Have you properly assessed demand? If there’s nothing like it in the market, there could be a reason. Remember that demand generation is difficult and may not be worth it.
- Problem / Solution. Does your product actually solve a problem that people have or at the very least, fulfill a need? If they know the need this problem to be solved, and they know your product will help, they’ll buy it.
- Barriers. Are there any barriers to them adopting the product? If so, you should make sure these barriers don’t fell insurmountable before you even try to bring the product to market.
- Branding. How is the product’s branding? Keep in mind this could also include the packaging. If you aren’t selling product, this could be the culprit.
These are just a few things to think about, but there’s a lot that goes into determining if a product is sellable. You should really consider every angle before you determine what to do about lagging sales. It might not be a marketing problem. In fact, if the audience doesn’t want to buy it, there’s nothing that a marketing campaign can actually fix. The product just isn’t viable.
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About the Author: Brick Marketing President, Nick Stamoulis
Nick Stamoulis is a digital marketing expert and President of Brick Marketing. With 25+ years experience, he specializes in solving complex digital marketing challenges through SEO, content marketing, social media, PPC, email marketing, SEO for AI (GEO) and conversion optimization.
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