The Point Is Profit: Is Your Product Saleable?

Author
toddhestand

Assessing Your Product - A Customer's View: Customers are motivated to purchase products because they are useful, solve a problem, fit into their lifestyle, and/or fit with their identity. For example, Doc Marten's fit with my identity as a Punk. Further value is added when the quality of a product is commensurate with price and meets customer expectations. Presented by Anne Cecil, Founder, ONO Made in the 191.

Criteria to Assess

  • Useful
  • Problem-solver
  • Lifestyle
  • Identity
  • Quality
  • Price

Best Tools for Assessment

Your best bet in assessing your product is to get out among your target market with your product. Face-to-face is best because you can see and hear reactions. Observe, Listen and Discuss. Take in everything. Be open to all opinions. Do it all the time. It's FREE!

Getting VALID Feedback

You must get out of your friends, family and inner circle to get information.These people LOVE you and by proxy your product. To get valid feedback you need to reach your target market and peer professionals. For in person interactions, consider shows of any kind, meet ups, college alumni groups. Online consider Facebook Groups and online surveys.

Analyze & Strategise

Use 3-5 methods to collect information. Use both face-to-face and online. Sort the comments into the above criteria. Then ask: Where can I improve? & How can I improve?

The Take Away

You must be OPEN to feedback to produce what your customer wants. Keep in mind that your feedback is only as good as the questions you ask. Make sure to use open ended, non-leading questions.

Saleable product is the first step to sales. Sales are the first step toward profit. Put your best product forward and your are on the path to creating and maintaining a sustainable business.

For more information, check out The Point is Profit Webinar Series for makers. Visit ONO made in the 191. Contact Anne Cecil: onomadeinthe191@gmail.com.