Your Product Won't Sell Itself: Lessons for New Business Owners

TV shows and movies often glamorize the entrepreneurial journey, telling a story of overnight success driven by an ingenious idea or a lightning bolt of inspiration. While I’ve heard a handful of scenarios like these throughout my own business journey, I know from experience that these are rare, and it’s not easy to turn plans into product sales.

If you’re launching a new business or you’re figuring out how to convert a vision into a tangible product, here are some essential lessons I’ve learned in the last decade.

Understanding the market

One of the first things to do when you have an idea for a new product is to research the market and get insights into competitors, similar products, and customer demand. It’s crucial to ensure there’s a market for your product before you invest time, energy, and money in developing and manufacturing products, marketing your brand, and building a team.

It takes extensive market research to be clear about your target buyer. As you plan, visualizing your ideal customer can help you make key decisions about promoting your business and product, setting prices, and giving your brand an identity.

​Gauging demand for a product is critical during the research stage, as well. If sales of similar products are declining, the market has already peaked, or multiple businesses are targeting the same audiences, it may be best to explore alternatives. If the demand is growing, there’s space for new brands, and you’re still tapping into current or emerging trends, these are positive signs.

If you're just getting started, it's also worth thinking through a few key things before you start selling your products online — the prep work you do now will save you a lot of headaches later.

Prioritizing safety and security

Building and selling a product is not as simple as creating designs and establishing manufacturing and distribution processes. There are all kinds of rules and regulations you have to consider, including industry-specific guidelines.

​If you’re designing a brand-new, groundbreaking product for the healthcare sector, for example, you have to be mindful of safety laws, compliance, and cyber threats. It’s hugely beneficial to work with experts to reduce risks, ensure compliance, identify and nullify threats early in the development process, and save time and money.

In this case, searching for a company that specializes in medical device cybersecurity could help you create safe, effective products, protect your reputation, streamline the design process, and ensure continued compliance once the product is available to buy.

It’s wise to invest time and effort in researching relevant laws, policies, and regulations, and seek professional advice. From toys and clothing to cosmetics and pioneering medical products, all business owners should be mindful of the benefits of prioritizing safety and security.

Testing efficacy

There are many things consumers look for in a product, but nothing is more important than efficacy.

Customers don’t want to waste money on products that don’t work or meet expectations, so including testing in your product development funnel is essential. It’s best to test early to identify problems and address them before you’ve gone too far into the marketing process.

Once you have a fully-functional product that works effectively, it’s time to implement rigorous quality control policies and checks. If you provide substandard products, you risk losing customers, having to issue refunds, and receiving negative feedback.

And the stakes are high — nine in ten consumers say they consider reviews when making a purchase decision, and ratings and reviews are consistently the top factor influencing what people buy. Protecting your reputation starts long before a customer ever leaves a review.

Marketing your product

We've all heard the "build it, and they will come" line, but unfortunately, that's just not the case when launching a new product. In my experience working with new business owners, everyone thinks their product is the best and that, of course, people will buy it.

When the first products are available and the sales are slow, they are stunned. (Family and friends had told them it was a genius idea.) Many first-time business owners overlook the market research necessary for an effective marketing strategy. The research provides essential data and insights to inform decision-making like which marketing channels to use, where to find the ideal buyers, and what kinds of offers or promotions will work best in the digital marketing world. If you're not sure where to start, this beginner's guide to strategic marketing for small businesses breaks it down into five manageable steps.

If you don't have expertise in marketing, or you're not planning to hire marketing professionals, it's worth considering outsourcing marketing or working with an agency or freelancers on an ad hoc basis. Hiring a marketing agency offers benefits beyond creating a targeted strategy and delivering campaigns for your business. Your marketing team will also monitor results and progress, adapt and modernize your strategy, and use analytics to make improvements.

Reviews

Studies show that over 60% of customers are more likely to buy products with good reviews. With social media algorithms, complicated search engine strategies, and dedicated review websites, online reviews are a highly influential marketing tool. They represent a modern version of word-of-mouth marketing, and can change a customer’s mind in an instant.

If you’re launching a physical or digital product, encourage buyers to leave reviews and recommend your product to others. Share links in confirmation emails, on receipts, and at your point-of-sale location. If you’re early in your entrepreneur journey, ask a few trusted friends or family members to leave early reviews that include some details. Factors like product quality, value for the money, and customer service will draw positive attention from those reading reviews.

If you do receive a negative review, respond professionally and quickly. If the concerns are valid and there was room for you or your team to do better, say so. And invite the customer to give you a second chance. If the review lacks context or is in bad faith, respond professionally and ask the customer to call you so that you can make it right.

As a business owner, especially during the early stages, you can also learn from reviews of other companies and products. Read comments and see what people think about your competitors. This will help you peek behind the curtain a bit and understand what’s important to your customers.

Key Takeaways

Starting a business is exciting, and it should be. But the gap between a great idea and a product people actually buy is wider than most new owners expect.

A few things worth holding onto as you move forward:

• Do your homework before you build. Market research isn't just a box to check. It saves you from spending real time and money on something the market isn't ready for, or is already oversaturated with.

• Know the rules that apply to your industry. Compliance isn't the fun part, but it's a lot less painful to handle early than after you've already launched.

• Test, then test again. Your first version of a product probably won't be your best. Build testing into the process, not as an afterthought.

• Marketing is not optional. Your product won't sell itself. Understanding who your buyer is and how to reach them is just as important as what you're selling.

• Reviews are your reputation. Treat them that way — the good ones and the critical ones.

The business owners I've seen succeed aren't necessarily the ones with the most original ideas. They're the ones who take the work seriously at every stage, not just the fun parts.