Why Finding the Right Target Market is Essential than Building a Perfect Product - ToOLOwl
Monday , May 23 2022

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Why Finding the Right Target Market is Essential than Building a Perfect Product

Joe Procopio, the founder of teachingstartup.com, says that maybe your stuff is good, but your audience is not that much, so do not focus on changing your stuff. If you think that your product has failed to achieve the type of sales numbers as you had planned, it is suggested that you must take a thorough look at your target market.

A lot of entrepreneurs have said that they have experienced an initial success in the market, that too, not at the level that they had expected. All the information that they had collected before making the big launch suggested that they should be seeing a better fit, a rate of higher adoption, a quick path to traction, and a comparatively higher share in the market.

If all these things do not happen, the businesses tend to make changes in their products or services. These changes are in the pricing, look and feel features or the sales. They want to make all the possible changes in the bow and the arrow, but Procopio suggests that rather, they should have a look at the target.

Learning the Lesson of Market Positioning

Procopio said that at Automated Insights, their team created a software engine that would automatically create human-sounding reports and articles from the data. All this was done ten years from now, and this eventually developed to be what is known today as the natural language Generation (NLG).

This technology, at the present time, is responsible to power a ton of the content that is present on the web, such as Yahoo Fantasy and Press Quarterly Earnings Report, which still uses the Automated Insight Engines in the present times. He says that in his business, he tried to make all the possible changes, but when one of the colleagues started to share the social posts about the business, revenue went higher like anything.

Product Positioning can also be Fixed

Product positioning problems cannot always be incorrect based on the market. Sometimes the entrepreneurs also build bad products, and it is completely okay. Product positioning can be fixed at any time.

You need to do this in some cases, where it is seen that the product has already gained some initial success but is unable to meet the expectations at the later stages. These problems might not be the primary sales problems, and they can also be related to market positioning.

The reason being, product development is not easy and quick work to do. The products are developed from the original ideas and with a vision. At the same time, the end result is always aligned with the vision. A lot of the time and energy in a small business is spent in the product development process.

When the product is finally developed, a market is developed and selected at a random time, and the product is placed in it. In most of the cases, the initial market is chosen based on the Total Addressable Market (TAM) is present to get the attention of regardless of the positioning of the product.

Avoid Tearing Down your Product

Instead of tearing down the product to make it a perfectly good product or making a significant change in your business, it is important that you look at the sales data you have for your company. Start to create mechanisms that can monitor and measure why you are experiencing all the success in the initial place and the areas that you are avoiding.

Have a look at all the sales that you have experienced in the past. Only make changes in your product when the right time comes.

SourceInc

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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