It can be tough to make a product stand out in a competitive marketplace.
You need to find the right combination of features and benefits that will appeal to your target market, and then craft an effective marketing strategy to get the word out.
But even with a great product and a strong marketing plan, there is no guarantee of success.
So what separates the products that are successful from those that fall by the wayside?
Here are some of the key factors that contribute to product traction.
I call them the 10 intangible qualities of a successful product!
Ask yourself these ten questions before going public with your product or service:
1- “Is the product unique in its marketplace?”?
You can’t roll out the “same-old, same-old.” your product has to have a cool new look that will make the consumer sit up and take notice.
2- “Does it have enough of a market who want it?”
It’s advantageous to target a micro-niche but there still has to be enough people who can afford to buy the product.
Conduct some surveys to see if people want what you have and if there’s enough to make it viable.
3- “Does it really solve a problem?”
If your product doesn’t solve a problem, you’ve got a potential problem – consumers aren’t as likely to buy it.
We all like to imagine people buying something just because they like it, but in reality people are
more likely to buy things that solve problems.
4- “Is there a powerful offer with a competitive price?”
The time-tested pitch– “But wait, there’s more!” – is a proven winner.
The key is great value at the right price.
In today’s world, people immediately check the Internet for the same product at a cheaper price.
5- “Can you easily explain how it works?”
There has to be an easy-to-understand explanation of how and why your product works.
Get your elevator pitch ready. If it takes a college degree to understand the pitch, it’s too complicated. you may only grab people for a couple of seconds – so you have to tease, please and seize their imagination.
6- “Is there a magical transformation or demo?”
Before-and after images or statistics– showing easily noticeable differences – are powerful marketing tools.
7- “Is it multifunctional?”
Think like your competitor.
If you come out with a product that has just one function, your competitor can steal your thunder – and your sales – with a similar product that offers more functions.
Beat them to it and include the added function.
8- “Are there credible testimonials?”
An actual customer promo is ten times better than any actor portrayal.
Real people offer real results.
But you should also seek out professional testimonials from industry associations, doctors and other
experts in your industry to further build your product’s credibility.
9- “Are there independently proven results?”
Be prepared to back up your claims with unshakeable success stories or scientific studies, including third-party clinical studies or reviews from product-testing labs that support your claims.
10- “Can you answer the questions the buyer is thinking?”
You must be prepared for any and all questions that could arise over your product.
Put yourself in the shoes of consumers, and think of all the skeptical questions they could ask.
If you answered yes to all ten of these questions, you’ve got yourself a product that’s solid and there’s a good chance it won’t land on the trash heap like the nine in ten that fail to catch on with consumers.