We’ve talked about this before. I can’t stress enough that if you hope to sell a product or service, whether you are selling directly to the public or trying to get a company to license, the first thing you need to do is ensure that your product or service meets the needs of your prospect.
We know you like it and your mother-in-law might also like it, but you must be able to prove why a company should buy your product or service over an existing one.
Know what direction you are heading before you set up the important meetings you will need to get started. Do you want to find a licensee for your product, or do you want to move to the next step in the sales or licensing process with a manufacturer? Do you want to attract customers? Or investors? Or partners? Or do you want to generate sales of your services?
You have done much product design work, made a prototype, conducted market research and focus groups, and redesigned as necessary in preparation for actually getting your product or service to market. Now you need answers to the following questions:
“What is it about my product or service that makes it better than the products or services offered by the major market competitors? ” Something should jump right out at you.
“If I were being asked to buy this product for my company, what would persuade me to do so?” Again, the answer should be obvious and overwhelmingly positive.
As I have said before many times, make lists of the pros and cons about your product and those of similar products currently offered by the competition. Be realistic. Don’t just pump up your product because you think it is better. You must consider costs and ease of manufacture, materials and other factors that compare to the competition. Your product must have many qualities that make it better than the competition.
Then list ways you would try to convince a prospect to purchase your product or service as opposed to using or purchasing the product or service of the competition.
You must be well prepared when you are making this presentation. Remember the bottom line by addressing the question of, “What’s in it for me?” No one from any company operating today will buy a product or service unless you can prove that the product or service will very simply improve the bottom line for the company. Money is tight these days and you must know exactly how your product or service will help them make money.
If you are going to sell directly to the public, the next thing you must do is to develop a marketing plan. There are many resources available to help you develop a good plan. A good place to start is the Internet, or visit your local library and look at books about marketing.
Article – Copyright 2002 Stanley I. Mason. Syndicated by Paradigm News, Inc.
