Before we turn our discussion to market research for specific niche categories, it is important to know what we want to search upon and what suits your knowledge and style.
First step in the [tag-tac] product creation[/tag-tac] is getting an idea. Your product has to satisfy the customers’ needs.? We as people always look for solutions to our problems. Each product that aims to succeed should be built as solution to one the various problems people are surrounded with. This problem could be-
financial i.e. loan repayment, desire to make more money, investing, mortgage etc
Physical – weight loss, being fit, develop muscles etc.
Emotional – look attractive, finding an intimate relationship, sadness, grief, celebrations
Needs and Luxury – clothes, grooming, owning a car
And so on. The list of human desire is endless
There are immense needs which may vary from person to person, culture to culture and society to society. But one thing is sure. Each of us is looking for a solution that would make his or her life better in some way or other.
As a businessperson you will try to provide the solution you can. Not everybody can do everything. You cannot provide every solution. You can only work in the sphere you are good in.
TO find a workable business idea, we need to search into your ‘ sphere’ and create a product from there.
What determines your sphere?
Your hobbies and interests.
Your skills.
Your knowledge.
Your natural abilities and passions.
You can develop an idea from all these areas. The best results would be produced when you choose an area which would utilize all these to the full.
Not only this, you can expand these spheres too. But that is a separate discussion.
We would discuss in next post how to extract idea from your sphere.
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