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Interview Patty

8 Tips to Evaluate Product Market Viability

Houston Business Management Consultant

1. - Consider Product Size and Weight. - The size and weight of your product will have an impact on how much you sell.

If the product you’re considering is large, awkwardly shaped or heavy, you are going to encounter some pretty intense shipping costs.

2. - Consider Product Fragility. - Selling a durable product is more ideal than one that’s not. Fragile products need extra attention when it comes to shipping to ensure the item arrives in perfect condition. Typically, durable products cost less to ship and lighten the customer service and reparation burden if and when your product breaks en route to the consumer. Returns and storage will require additional investment, as well.

3. - Consider SKUs. - Many entrepreneurs forget that even a single item can often contain multiple SKUs. A SKU, stock keeping unit, typically refers to color, size and variation of a single product. In general, the more SKUs you have, the more attention, time and money you will need to spend in tracking and maintaining inventory.

4. - Consider Product Lifespan. - Having a consumable or disposable product is great from a business perspective because it provides you a better opportunity to earn consumer trust and build your business off of repeat sales. Consider a grocery store model. Inventory churn is high, competition is fierce, but location and price point generate loyalty, pulling in consumers on a weekly basis.

5. - Consider Seasonality. - Product or service seasonality is generally referring to the idea that there will be different levels of demand throughout the year. Do you buy suntan lotion in winter? How about holiday decorations in the summer? Of course, there are different aspects to consider including where your target audience is located (your winter could be their summer).

6. - Consider Solving for Pain Points. - Selling a product that solves for a particular pain point does not at all mean you cannot pursue a luxury item. There is plenty of room for that.

7. - Consider Competition. - If your items are sold locally and readily available in major retail stores like Target, WalMart, Amazon or any online powerseller, your ecommerce journey just became an uphill, snow-covered journey from the get go. This is not to say that selling an already commonly sold item isn’t doable, but the more niche your products, the less competition you’ll have.

8. - Consider Yourself. - Yes, on top of your product being viable with a set of customers, you should select a product or service you actually enjoy yourself. Building a successful store often requires long hours, and those can either fly by or drag on endlessly depending on how passionate you are about what you’re selling. Be passionate, find yourself a niche and start selling to other passionate people just like you.

Source: bigcommerce

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Houston Business management consultant.

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