Sell before you start your business
Often it can be easy to overestimate the demand for your product. You've developed a new business idea which you're convinced everyone will want to use. The reality is there are so many apps, websites and products competing for people's attention it can be very difficult to make people aware of your new offering. Unfortunately, a mediocre product with good marketing will generate more profits than the perfect product with poor marketing.
A mistake people can make is thinking they only need to focus on creating an amazing product and everything else will take care of itself. They invest a significant amount of time and money into their new business only to find and the end of the development cycle they can't sell anything. The time and money they have invested into their venture has been wasted.
Taken from the 4 hour work week by Tim Ferriss, he talks about the idea of testing the level of demand for your new product before you create it. He talks about running google ads for a simple mock wordpress website and tracking how many users actually go through all of the buying steps. At the end before they can order they are told the product or service is no longer available. This will give you an idea of the level of demand of the product before you build it. If no one clicks on your ad, or the number of those interested in buying is low it is a good indication that there is a low level of demand for this product.
This can be a great idea if the level of time and cost of creating the product is significant. You can test, one, the level of the demand for a product you are about to create, two, your ability to market your product to your future target market.
Another option could be kickstarter. Kickstart allows you to present a potential product to the market place before you create it. You may need to build a pro type or designs to allow potential customers to have a clear understanding of what the product is and its benefits. Also, you will need to create a promotional video. This is a great way to test the level of demand for your product (if applicable) before you make a significant investment in your new venture.
Also, before you invest time and money into a business, please take the time to complete a business plan, specifically how you are going to sell this product to your target market. You can get advice from your accountant on how to complete a business plan. Also, speak with someone who has experience in marketing to review the sales side of your plan. If you have no sales experience you will generally always underestimate the cost of acquiring a new client.
If you are planning on starting a business, particularly an app or web based company do not underestimate the effort involved in marketing. It is a lot more than you think. Talk to people who have done it and get their advice.
A mistake people can make is thinking they only need to focus on creating an amazing product and everything else will take care of itself. They invest a significant amount of time and money into their new business only to find and the end of the development cycle they can't sell anything. The time and money they have invested into their venture has been wasted.
Taken from the 4 hour work week by Tim Ferriss, he talks about the idea of testing the level of demand for your new product before you create it. He talks about running google ads for a simple mock wordpress website and tracking how many users actually go through all of the buying steps. At the end before they can order they are told the product or service is no longer available. This will give you an idea of the level of demand of the product before you build it. If no one clicks on your ad, or the number of those interested in buying is low it is a good indication that there is a low level of demand for this product.
This can be a great idea if the level of time and cost of creating the product is significant. You can test, one, the level of the demand for a product you are about to create, two, your ability to market your product to your future target market.
Another option could be kickstarter. Kickstart allows you to present a potential product to the market place before you create it. You may need to build a pro type or designs to allow potential customers to have a clear understanding of what the product is and its benefits. Also, you will need to create a promotional video. This is a great way to test the level of demand for your product (if applicable) before you make a significant investment in your new venture.
Also, before you invest time and money into a business, please take the time to complete a business plan, specifically how you are going to sell this product to your target market. You can get advice from your accountant on how to complete a business plan. Also, speak with someone who has experience in marketing to review the sales side of your plan. If you have no sales experience you will generally always underestimate the cost of acquiring a new client.
If you are planning on starting a business, particularly an app or web based company do not underestimate the effort involved in marketing. It is a lot more than you think. Talk to people who have done it and get their advice.
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Good Marketing Will Generate More Profits.
Taken from the 4 hour work week by Tim Ferriss, he talks about the idea of testing the level of demand for your new product before you create it. He talks about running google ads for a simple mock wordpress website and tracking how many users actually go through all of the buying steps.
Take the time to complete a business plan.
Talk to people who have done it and get their advice...
you will need to create a promotional video.
to market your produc