How Startups can Generate Demand for Their Products or Services
Business is all about demand and supply, where the businessmen, startups and entrepreneurs help bridging the gap.
The businessmen and entrepreneurs grew on the ‘need’ area, where the need of customers in their day to day lives pushed forward the idea of coming up with innovative products using technology and this has evolved with time.
The manufacturer manufactures, the supplier supplies but the medium which meet the customers’ demand with the manufacturers’ products is where business begins.
Technavio has released a new market research report on the global SMB and SME NAS market, which is expected to generate revenues of $18 billion between 2016 and 2020. The report also read that global SMB and SME NAS market is set to grow at a CAGR of 33% by 2020.
Micro enterprises account for 95% of total SMBs, small & medium put together hold the remaining 5% share and 55% of SMBs are located out of urban cities whereas 45% are situated in rural areas.
Then there comes a time when businessmen very smartly generate demand for certain products, either by pushing some old styles on the front shelf or creating a new air for brand new products, to bring itself to the limelight or to know the world of its unique product which will change their lives.
Creating demand for products or services is an art, and those who master the art are winners. Here are some ways to help startups and entrepreneurs to create demand for their products or services:
Market study is like the latch of door, which will lead you to another room. You cannot enter the room without opening the latch, which is why market study works as opening of the latch.
Market studies will open doors to many underlining possibilities and probabilities, which does not strike you in the first place.
Market study will let you know which products or service’s demand is growing or gaining popularity and who all are your rivals.
If your product is different the products, which are available, then market study will help you in creating ways to push your product forward or to get ideas in placing the product as per demand.
There are certain companies, which charge annually for membership and let the consumer avail the services in discounted prices. This is one of the ways to create demand and maintain stability of your company.
But if you are a new player, then convincing the consumer to become a paid member is quite difficult.
In such cases, you can offer them free membership, distribute them free membership forms and for initial periods, you can give them discounts or free trial of products, this will help in building your foundation, later you can charge them periodically because after all the business is to make profit and buy customers.
Everyone wants the best and if they happen to get the first hand experience or taste of being the only owner of certain product, then they flaunt it everywhere, where the trick comes into play.
This always works because when you add exclusivity factor, it develops curiosity in the customers’ mind. You can manipulate the customer by saying limited edition or limited period offer.
Customer falls for such fine pieces with exclusive tags on them. This will make the product special and its popularity spreads faster than forest fire. But make sure to use it less often or it will lose its charm.
Identify your potential customers and wave your magic wand upon them, this will help in building your brand faster and grand.