Lesson 9 - Products and Services Description PDF

ENtrepreneurship group 5 product/services description discover The key to creating products or services that fit into the sweet spot between what you love to create and what your potential customers really need is to validate the marketability of your product or service. This may sound...

ENtrepreneurship group 5 product/services description discover The key to creating products or services that fit into the sweet spot between what you love to create and what your potential customers really need is to validate the marketability of your product or service. This may sound boring, but it is actually a part of the process that is very useful in building trust with your customers and checking that your product or service will be patronized. There are so many ways to validate your product or service. This module shows some ways to make sure that what you are creating is both what you will really love, and is also something that your customers will love, pay for, and refer to again and again. what is product/service description? what is product/service description? A product/service description is the marketing copy that explains what a product/service is and why it’s worth purchasing. The purpose of a product/service description is to supply customers with important information about the features and benefits of the product/service so they’re compelled to buy. (Henneke, 2019) Here is an example of a product description. Smooth orange juice This is our most popular recipe. No peel, no bits, just the smoothest and tastiest juice we’ve ever made, in a smart carafe. We hope it brightens up your breakfast. It’s never sweetened, never concentrated There are 11 juicy hand-picked oranges in every carafe There is 1 portion of fruit in every 150ml serving what “market” is referred to in this module It refers to a set of individuals sharing similar needs or characteristics that a business hopes to serve. These individuals are the end users most likely to purchase your product. (Hubbard, 2019) what is market validation? what is market validation? Market validation is the process of presenting a concept for a product to its target market and learns from those prospective buyers whether or not the idea is worth pursuing. This process typically takes place early-on in the conception stage, before any significant investment has been made in developing the product. The two most common approaches to market validation are: 1. Interview people in the target market, such as the buyers. 2. Send out surveys to those personas. The key is that market validation research must include direct contact and feedback from people in the product’s intended market.  how to validate a product’s or a service’s marketability? 1. Ring the cash register The first and arguably best way to validate your product is to prioritize making a few initial sales. Nothing is more important than seeing the value in your product and exchanging money for it.  how to validate a product’s or a service’s marketability? 2. Conduct competitive analysis Research can be useful when you’re still in the ideation stage or searching for a product to sell. Exploring the current market can also help you mitigate risk and build confidence in your idea before investing too much time and money. Evaluate the market for your product as it stands today to ensure there’s enough demand to build a viable business. One way to make sure there is a healthy market to sell to is to look closely at your direct competition. Find out what they are doing and how it compares to what you are planning to do.  Remember not to get discouraged when you see competitors that have already grown big businesses. The fact that they exist will give you a good sense of whether what you are offering is unique or different than what’s currently in the market, which can point you toward untapped opportunities or help you figure out what to focus on going forward. Competition is good, because it confirms that there’s existing demand for what you plan to sell. You can also check out your competition’s social media to see how engaged their customers are with their posts and products. It’s a great way to check out negative feedback about a product and see if you can find a way to improve.  how to validate a product’s or a service’s marketability? 3. Research the existing demand A third strategy you can use to validate your product and its market is to analyze demand and search volume. Now that you know more about competitors, let’s take a closer look at interest from potential customers. The easiest starting place is to go to Google Trends. This is a free tool that allows you to see how often people are searching for the product you’re selling. Knowing where the market is going can help you make a more informed decision and using Google Trends lets you see if you’re dealing with a trending product that’s on the upswing, or it’s a stagnant product category. The last thing you want to do is jump into a declining market.  how to validate a product’s or a service’s marketability? Once you really start getting a sense of your customer base, it’s critical that they have a way to communicate with and provide feedback to you. The quickest and easiest way is to provide friends and family with your minimum viable product (MVP) and then gather feedback using a free survey. 4. Start a crowd-funding campaign What is Crowd-funding? Crowd-funding is the use of small amounts of capital from a large number of individuals to finance a new business venture. A crowd-funding campaign is a helpful, proven option to see is there’s demand for your product. One of the benefits of a crowd- funding campaign is that you have a firm timeline and it requires all of your focus and effort to reach your goal. Market research can be useful, but real product validation requires paying customers. Do some research to ensure you have the right platform with the right community to launch your product, and definitely try to talk to people who have run successful crowd- funding campaigns for tips.  how to validate a product’s or a service’s marketability? 5. Meet customers in person Another method is to sign up for trade fairs in local market. It provided a convenient way to gather quick, first-hand feedback form potential customers. Selling in person has the added benefit of a strict deadline that you need to take action by, which is why we personally love it. This deadline acts as a forcing function that pushes you to get your products ready, and to get yourself ready to sell them. Once you’re able to meet in person, you’ll benefit by getting to talk to potential customers, seeing their initial reactions to your product, and finding out if they are willing to spend money on it.  how to validate a product’s or a service’s marketability? 6. Beta Test Other ways to validate your product include creating a test version of something and running it past a small group or audience to get their feedback. A test version of the product can be either be paid, or free, and is a great way too get testimonials and feedback while you create. You can also use the feedback from your first round to improve and build on your ideas to make them even better!  what happens is no one seems interested? What if your potential customers do not want your idea? Take a look at the execution; it might be they love the concept, but the delivery needs to be different. Or, that the idea is sound but the offer isn’t clear. If you are passionate about your product or service and truly believe it has a place in the market, test it with a few variants of concepts and play around with some methods of delivery and adding value. Do your research, build as you go, and make sure that the vibrancy and energy behind your passion for your offering remain there, and your business and clients will thank you for it! thank you! group 5 Carl jhonson yao carla mae bernardo arthur langusta desiree de guzman shanley tarcena jasmine lujill villaflores