Here are a few questions that will help you develop a plan that will differentiate your business.
The key here is honesty and research. Take the time to educate yourself about your target market and be honest about the unique value you can bring to the field.
1. Who are your customers?
Consider their expectations when shopping for the type of product you intend to sell.
You’re most likely to succeed if you can understand their behaviors and habits and find ways to improve them or save money.
To do this, you’ll need to look for pain points in the way things are currently done.
This is where you as an innovator can carve a space for yourself.
2. What are you capable of?
What do you know better than anyone else?
Build around your existing strengths and the pieces that are energizing to you.
Be realistic about what elements you can do yourself and what you will need to find help for.
It can be challenging to know your limitations but it will help you make better long-term decisions.
3. What is best for your product?
Depending on your product, different models will serve you better than others.
For example, if you are manufacturing your own products, you may want to consider wholesaling or subscriptions to help cover production costs and break even more quickly.
If you are a distributor of other people’s products, you’ll want to invest more heavily into direct marketing and strategies that will grow your customer base.
4. What is your positioning?
You understand what makes your product better, but will consumers?
Evaluate your competition and make sure it’s clear why your product is the best choice.
Are you competing on price? Selection? Convenience?
From your back end processes, to your warehousing, to your marketing, to your website’s shopping experience, your unique value should be clear.
Planning is important, but innovation doesn’t happen in a vacuum. It’s time to take your solution to the world and improve your business based on the feedback you receive.