Bad Credit Business Tips: Are you Overlooking Potential Markets for your Product?
All small businesses have to pay attention to where their products are selling, and where they have potential to grow. Sometimes, business owners have to take a step back and re-imagine who their products appeal to and where their demographic is in the best position to notice and purchase them in order to continue to grow their sales. A perfect example of small business owners discovering a strong new market for their products, almost unintentionally, can be seen in an article from the Concord Monitor, which details cases of small businesses expanding sales through innovative techniques and product placement. One of the cases examined related the discovery of a strong niche for the product “sinus plumber”, a strong nasal spray originally marketed in health food stores. By placing sinus plumber by checkout areas within hardware stores where impulse buys often occur, the product was able to sell much more strongly. Wondering at the robust sales, which represented 40% stronger demand than non-hardware and auto stores, the owners were able to determine that the demographic of clients in hardware stores were more likely to have come into contact with dust and allergens, necessitating some kind of relief. This simple connection turned out to be transformative for the brand.
In order to identify creative sales channels, small business owners need to loan thought to defining their products. You can’t identify a new sales channel without being intimately acquainted with the selling points of your product. Thinking about who it is designed to appeal to, what essential problem it solves, and who is likely to have that problem can allow small business owners to go straight to the best source of qualified customers.
What is your price point? Who will be your sweet spot? For obvious reasons, luxury products need to be marketed differently than budget brands and so on. Relating your price point to potential demographics will help you to focus your attentions only on the customers who are most likely to purchase your products. Marketing luxury items to those who have no inclination to spend a premium is just as fruitless as selling a discounted service to a market that is more interested in what they perceive to be “high end” goods. Reconcile who your brand is designed to appeal to with your pricing, and then imagine where this ideal consumer would be.
Think you’ve come up with a new place to sell? Follow up on the idea. In the case of sinus plumber, the hardware stores reached out to the product creators to get the ball rolling. Small business owners actively trying to identify new markets will not always have the luxury of being reached out to. Instead, follow up on your instincts and reach out to potential retailers of your products. asking them if in fact they do attract customers who fit the profile of a potential customer. If they have many clients who would be interested in your product, then you know that your initial assessment was correct.
Monitor the performance of all sales channels. If you have branched out and are now experimenting with sales channels that are new to your business, pay extra attention to the sales data gathered from these locations, reconciling them against your already existing data. Impartial analysis of the numbers will let you know if you have discovered a demographic that has the potential to fuel more growth for your business.
Photo Credit to Matti Mattila on Flickr