The Million Dollar Question
Is there a market for your business idea?
Our era is marked by a wealth of entrepreneurship, of innovation and creativity in many fields. I often meet interesting, brilliant entrepreneurs as well as start-ups overflowing with cool ideas , and for the leaders in this field, the sky is the limit.
A brilliant idea may be ingenious and interesting, but the Million Dollar Question that usually comes to mind is: Is it worth spending a large amount of time and money on a product or service that may have no market?
Identify Your Target Market in the World
Conduct a Market Research
Ask the right questions and identify important market research elements to make sure your product provides a solution to your target market problems, and that gives you confidence that there is potential for your product.
Ask an expert
An international marketing specialist may be very helpful to address your target market and build an infrastructure of connections and distribution outlets that are right for your product. Such an expert can save you the cost of trial and error since he is cognizant of your target market and speaks its language.
Customize your Product to Global Markets
Today they say the world is a tiny global village accessed at just one click, but is this really the case? A great amount of preparation is needed before you are ready to expand any product globally, whether it is an application or even publishing a book.
You must identify your target customers, what's the problem, how to apply, how to localize your products/services, use their language, be aware of purchase and consumption habits; learn what interests them and what doesn’t. The data you must have at hand depends on the product and affects your target audience.
Prepare yourself; ask the right people and the right questions. By defining the right target, you'll not only save money but obtain a larger ROI.
Wishing you all success,