Most businesses that manufacture, import or develop products / services invest a lot of time and effort in the development stage But when they reach the stage of selling and marketing the product so that potential customers know that the product exists – they find out that they made some crucial mistakes – it is not enough to create A PRODUCT it is essential to create THE RIGHT PRODUCT for the right market.
Excellent BD believes that every product or service must pass the feasibility stage before it is presented to the market. This step can prevent unnecessary waste of money, can reestablish business strategy that are wrong or haven’t been thought about before
Sharpening marketing message of the product, adapting the product to market needs, that is, whether the product solves the needs of the market that is supposed to purchase it. Also, defines the business model, the pricing, according to the perceived value of the market and not just the self-value of the product that the owner thinks it is. The feasibility phase can come in one of two business stages:
The initial stage is of which there has not been a great investment or spent time on developing, importing or manufacturing the product / service. At this point we are able to control and prevent high risk business errors. Also, at this stage there is more flexibility to make changes thus saving both precious time and money. This can speed up the time to market rather than delay it, as initially thought.
The secondary stage is the pre-market stage. It comes after 90% of the product is developed and a little time before you wanted to start to marketing and selling. This allows testing the market’s responses to the product in a small scale and what you can learn from that research. At this stage, the owner’s ability to change the product is almost impossible (service and software development fields it is easier). Nevertheless, a feasibility study at this stage may help with pricing, understanding who is market our, characteristics of potential customers and how to market and sell to them.
? How does Excellent BD perform the feasibility study
It should be clarified that the work is an active research model where a phone sales agent calls potential buyers so as to introduce the product to them. With these call we are able to gather information about the necessity of the product, does it fill a need, how much a potential client is willing to pay for the product, what is the best marketing and selling methods to reach as many clients. Excellent BD agents will Offer to the potential clients the service or product and record the responses of the customers. Also different prices points according to a predetermined strategy and check the market response to the price changes. We will reach out to various segments of the market in order to know what market is most suitable for the product. We will check the Competitors and alternative or complementary services or products that the market has to offer.
Our professional sales reps. will than take all that information and give it to the consultant and business development manager so he can build a business strategy. We in some cases will set up some meetings with strategic client in order to see if partnerships can be formed thru third party. This will give a chance see if the product is scalable.
Excellent BD will build marketing and sales strategy based on market insights that we have achieved and that we believe will work. Collect all the information and submit a final report to our client with all the insights and ways to continue.
Many businesses make critical mistakes that in some cases have a significant loss of money. The feasibility stage is the same step that can help prevent them. Let us help you avoid these mistakes so you can grow correctly.