9....The Research
Ok so we've got the idea sorted and we can't wait to go off and start selling our widgets to the masses, unfortunately, waiting is exactly what we are going to do.
Just because we like widgets and want to buy them doesn't mean anyone else does and even if others do want them, that doesn't necessarily mean they will pay what we will pay.
At this point in the process its all about finding out about our market and establishing our place in it. Once we know that we can sell what we are making, or buying, or designing, we can work out how much we can charge for it.
Ok, so how do we do that, you ask?
Here are a few starting points.
1. If people want these widgets, there is a pretty good chance other people are out there doing it to, unless you've come up with some truly breakthrough idea of course. Pick up the phone book, jump on the internet, go to a trade show, get a hold of an industry magazine. Knowing your competition is as important as knowing your customer, so you will kill two birds with one stone here. This is also a great way of working out how your product can be different to everyone else's.
2. Design a simple questionaiire (look in the tools section for a sample), maybe a mock up of the item or items you want to sell and stand on a busy street corner, smile lots and be friendly. You will be amazed how many complete strangers want to give you their opinion. Of course, you probably want to do this in daylight hours, your night time clientele might be after something completely different!
3. If your great idea involves selling to other business's then approach them and ask their opinion. Make it a proffessional approach, you might not actually be selling yet, but you might be one day soon and you don't want them remembering you as the person who didn't really know what they were talking about. Practice your spiel. This is also how you will learn about your potential customers. Who does the buying, who calls the shots, what their plans are.
Ok, so that's done. You are armed with lots of information. We know there are people out there who want to buy what we want to sell, we know what they want to pay for it, why they want to buy from us and how many we can sell. Lets go do it, I hear you say!
Not quite.....sorry.....
