We all have great ideas from time to time. But great ideas do not always translate into successful businesses and healthy profits. For most entrepreneurs the focus is on transforming that idea to innovation. While this is necessary to realize an end-product that can be appealing to the consumer market, it does not guarantee success if other aspects of business are ignored.
One of the fundamental principles of business management is to conduct market research prior to the launch of a product. To the average entrepreneur, especially first time entrepreneurs, this crucial step is overlooked. This is partly due to ignorance about the need for market research but also compounded by the cost of such an exercise.
However, the internet allows entrepreneurs to conduct widespread market research inexpensively. This can be as simple as using a search keyword tool to gauge the interest regionally and even globally. Even with a limited budget, market research can extend to using social media ads for online polls.
Even without a business degree, every entrepreneur is well aware of the benefits of marketing their product. In fact it is a necessity. Marketing at the very least creates awareness about a product and how it is a solution to an underlying problem. Effective marketing stimulates desire among consumers to purchase the product.
However, conventional offline marketing can be ludicrously expensive. The same does not necessarily apply to online marketing. Apart from paid ads, marketing can be as simple as leveraging interest groups on social media for almost no cost and further promoting the product on a wider basis.
Getting a new product on to chain store shelves is not just a difficult and at times expensive task. In some instances it is impossible if the consumer demand is not as yet present. Handling distribution can bog down a startup, especially among a consumer market that is now accustomed to same-day and next-day services.
Fortunately large online retailers are now accessible to startups and new products. By leveraging the established systems among trusted online platforms, an entrepreneur can get the product to market without many of the hurdles associated with payment processing, dispatch and delivery to the end-user.