These are 10 winning product features that need to be taken into account before we decide to start a business. Hope my sharing is useful.
All products have their own sales cycle. Food products for example have a very short sales cycle. While more expensive products such as cars have a longer sales cycle. Supplement products may have a sales cycle of around 30 days.
Good product features usually have a short sales cycle to allow the product to be sold repeatedly to the same customer.
This is because we don’t need to spend the cost of getting new customers if we can sell the same product repeatedly to the same customer. This allows us to make more profit through it.
Large product market
How big is the market for a product? If the product you want to sell is needed by everyone from 0 to 100 years old, we can say it has a very large market.
Usually for each product that is already in the market we can know the market size, how much the product sells per year and how much growth for the product’s sales annually.
When we enter the niche it means phone list we know how big the “Cake” we want to grab.
3. Products that are still blue ocean
Many people like to enter the business world with products that already have many competitors in the market. These products can be said to be in the red ocean market where it is difficult for us to compete. A price war is already happening in the market.
In the blue ocean strategy book, there are 4 ways (called errc) for us to transform common products into new products for the blue ocean market.
Raise any feature on an existing product in the market
Reduce – reduce any feature or function on an existing product in the market
Create – creating new features or BTC Database EU functionality that no existing product has ever offered
With these 4 ways, we will produce a new product that does not compete with any product that is fighting in the market.
Products that we ourselves want to use
Personally, I prefer products that I want to use myself. Why?
Because we will understand the perspective of customers who want to use the product
We will find it easier to target the right customers
It will give extra motivation especially when we start to doubt the business & product
Usually the product that we want to use symbolizes the struggle or in other words, the product that has a struggle.