Now that you have come with a conceptual idea of a product or service or a range of products or services that you can explore, it’s vital to convert that concept into an idea that you can work with and commit to. Making a commitment to something may require more certainty and that is where we get into the matter of researching the market to discover the need for the product in the market you want to import into; the success of the product in another market which it has been successful in and the possibilities of you being able to import, distribute and deliver that product profitably.
Creating a Business Case
This project is meant to be a profitable business, and part of a business is providing a valuable product or service to a market that is ready, willing and able to purchase that product for a price that is greater than it costs to produce and deliver that product to that market. In this post, we are going to introduce an actual product as a conceptual idea to assist with giving a better understanding of this process. Let’s say the idea can in the field of vegetarian food. It is something I had been looking into since I decided to experiment with a vegetarian diet.
In order to create a business case, it is necessary to find a market of customers that are ready, willing and able to purchase the product or service that you are looking into. Firstly we are going to have to do some digging and ask many more questions. Most of the answers to these questions can be found online using a search engine or getting into forums of the groups of people interested in the products or services.
What Is The Product Or Service?
At this point, it is necessary to define the product or service in terms of what it is, what it does and where it can be used.
In the case of vegetarian food, I discovered that I wanted to explore vegetarian meat substitutes for sausages, burgers, and other meat substitutes. These products can be used in meals for vegetarian people or people who eat meat as a nutritious meal that gives the same or more nutrition.
Who Is The Target Market For The Product?
Which market of people or organizations can use these products in a manner that brings greater value to their lives? This may be a group of people to which you belong or a group that would clearly benefit from the product.
In the example case, the people who would benefit from these vegetarian products are vegetarians.
Where Can The People Or Businesses In That Target Market Be Found?
Now that we have identified the target market and who they are, it is necessary to find out where they are. Search for groups on Facebook and on Google, Bing, Yahoo or your favorite search engine and make notes about where to find these people or organizations.
In the case of the vegetarian target market, I found groups on Facebook as well as a few religious organizations that subscribed to a vegetarian diet as well as restaurants in the vicinity that were making an effort to cater to the vegetarian market as well.
What Channels Of Communication Exist To Communicate With The Target Market?
Looking at the channels of communication may involve doing an online search for websites and their contact details as well as groups that are in your local city.
I found groups of people in my city on Facebook groups, websites that supported any form of vegetarian meals and of course all local restaurants and even I even got invited on to Whatsapp groups.
In the next post, we are going to explore how to use this information gathered in these questions to get even more in-depth research done that can be used practically to refine your product and market offering.