A – Is your product suitable? You might have an amazing product, and maybe even an incredibly reasonable price, but if the product is not suitable for the customers, they won’t want to spend any money on it. No matter how good that product may be, if it’s not something that the customers will use, they won’t buy it.
B – Have you analyzed the market? Before you can really put out your product, you first need to know if there is even a market for it. Run test mailings and give free samples. See what happens. Check into what people are buying and see if your product can be put into the pile too. You can even look around to see if there is anything similar to your product and see how well that is selling.
C – Who are your customers? While you are researching what people are buying, also look at who your customers or desired customers are. Age, sex, geographic region, and so on. It’s much more important than so many companies realize. You would be quite surprised and how many companies do not even bother looking into who their potential or desired customers even are. Then end up marketing to the wrong group!
D – Why would they buy from you? Chances are there are a number of other companies people can choose to purchase from. You must set yourself apart from the others and give them specific reasons to buy from you, and not from your competition. You have to set yourself apart from the rest, either via price point, benefits of using the product, your own and your company’s trustworthiness, and so on, are quite valuable to those potential customers.
E – What alternatives are available? For that matter, since you know why they should buy from you, you must know what else is available so you know what you need to differentiate yourself from.
F – What does each customer cost (cost of acquisition)? Here is a more advanced question that some businesses don’t really figure out very well, if at all. First you have to figure out how much you spend total on advertising, then you need to see how many customers you have, divide the money by the number of customers and there you have the CoA. You may have the best product in the world, but if you do not sell enough quantity, or your profit margin is too low, you cannot make your business a success.