Who's more likely to pay for your product ?Theoretically, millions and millions people can use your product. Very important is to see who is more likely to pay for it. One of the best ways to find the right answer is to consider the following 6 steps. 1. Find a niche market. Don't aim to dominate a huge, general market like home owners. Narrow your focus to a targeted "niche" like home lighting or alarm systems or women interested in home decoration. You don't need to attract millions people in your venture, you only need to attract a few thousands. 2. Figure out what they want. People have various and different needs connected to your business field. Do not try to solve everyone. Do not try to divide their needs in important and less important according to your mind. You might be wrong. Better, focus your attention to those things they need very often. 3. Develop the product accordingly. Your business may have more than one product. You need to decide what product or products, or product category people need the best. Start by developing a single product or a family of very close related products. 4. Offer it to them. This is the big day. You have the possibility now to verify if your 'lab' work meets the needs of the real people you target. If not or for a better fit, evaluate the deviation from your offer to people request and make the necessary adjustments. Do not concentrate your attention to quality of product exclusively. Sometime it's just perfect to make some modifications regarding promotion, delivery, packing 5. Automate the business. A business that need your physical presence every moment could have only a small number of customers, because your time and energy are limited. In this situation you must charge enough from every client to cover your expertise and /or handling. This kind of venture cannot by developed on internet. The big secret of online business is to make it run in an automate way, without your permanent assistance. 6. Start another product and diversify. If you've succeeded to automate your business, then you have time for another leadings, such developing and diversifying your product series. Every new product will go over 3, 4 and 5 above points. Do not forget from time to time to check the second point or even the first one. Remember that not long time ago, it was a huge market for videocassettes, but the development of CD's has killed it overnight.
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