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How to Determine the Market Viability of a Product or Service
It is paramount to determine the mass appeal of your product or service. You must ask and answer the following question: Will it benefit just a small group? If the answer is yes, then you must understand that your offer might be too limited to generate enough profit to justify the investment of putting it in the market.
Identifying a specific demographic objective is a strategic necessity, but it requires a certain volume to start without winning or losing, and a much larger volume to obtain long-term profitability.
Carefully assess your offer’s uniqueness, compared against your competitor’s o against that of who shares your market niche. The more unique it is, the easier it will be for you to earn a market share.
Consider you offer’s exclusiveness. If your potential customers can obtain your product or service elsewhere, you will need to find another factor to differentiate from your competitors. However, If your offer is not available elsewhere, your business will undoubtedly benefit.
Analyze how the value of your offer is perceived or considered. To be successful in business, you must be able to sell your product or service following a price strategy, proportional to what your clients are willing or can afford to pay.
Ironically, you can introduce your offer at a lower or higher price than the one it actually has.