Single-product approach will help your startup scale in early years
Several startups aim to start small and then expand their business when the tide turns in their favor. One of the main reasons behind this step is that they don't want to release bad products into the market that will ruin their company's reputation. It is for this reason why so many brands have just one product to sell in the first few years of their operations. While most businesses dream of having a vast range of successful products to their credit, some aim to make millions by piggybacking on the success of a single product.
If you fall in the latter category, here are five simple ways to help you make millions by selling just one product or service.
Instead of developing a product that caters to all (of which there would be multiple models), create a product that is incredibly niche. When you downsize your target audience and understand their core problem areas, you work with a focused approach to serve the consumer’s need. On the other hand, when you try to reach everyone, you end up serving no one in particular.
Do your research
When you focus all your time, energy and efforts on just one product, you manage to rapidly develop your product as your attention is not split. Start your research by fixing the target audience and focus on getting to really know them. When you become sensitive to the changing needs of your audience, you become flexible to reiterate your product offering to cater to those needs.
Make benefits easy to spot
The more evident the advantages of your product, the more your customers will want to try out your product. Therefore, invest in better packaging and marketing strategy that highlights the benefits of your product or service. People believe what they see and until you don't make them see, they will not believe.
As the scale of internet users rapidly grows, online communities like Facebook, Pinterest, Instagram and Twitter are undoubtedly your best bet for promotion. Go all out when it comes to marketing and advertising this product. Social media plays an important role in helping you get traffic to your page and getting people to notice any special offer you may have.
As a society which takes pride in freeloading, one of the easiest ways to get your customers to try your product is by providing free samples. Store demonstrations and giveaways are tried and tested techniques for risk-free experimentation. If you can't afford to give your product away, offer tempting discounts to entice your target audience.
Products don't sell themselves and therefore if you want to make millions by selling just one commodity, you have to make the effort to promote your business effectively.