Yes! After weeks of sleepless nights wondering on how to make money online, you may have discovered a potential niche market that is worth putting an effort into and so you made a website for the niche market that you want to target. Everything is set perfectly and the audience of the site is quite improving. But the problem is the product itself. No matter how good a website’s performance is, if the product fails to appeal to the market, then it could never be financially rewarding. Product innovation is the key to solve this dilemma.
The first step would be to re-assess the niche market of the product. It may still be too broad and that you may be tapping too many wrong people instead of the potential customers. Do not be afraid to limit the niche market into smaller segments, remember few potential customers are always better than a lot of apathetic and uninterested ones.
It goes with what the famous Bill Cosby once said,
“I don’t know what the secret of success is, but I know the secret of failure and that was trying to please everybody.”
After assessing the more specific and precise niche market, the next step is to hear what the customers are saying. What’s the customers’ thoughts about the product are the most important in product innovation. Evaluate what they have to say and try to apply those improvements to make the product appeal more to the clients.
You may also be forgetting the possibility of competition, having a small niche target doesn’t mean you are alone in the battlefield. Search and get to know your competition, find out their strengths and weaknesses and build a strategy on how to overcome and beat the other players. Learning about their strategy is one way of knowing how to defeat them.
Lastly, it may also be that you are not selling the product at the right price. Pricing determines the perception of the customer towards a product; too low would mean poor quality and selling it too high would discourage them from buying it.
That’s it.. and if you have more aggressive steps for product innovation that you want to share, then you’re feel free to add below.