Today we’re going to talk about the key thing to consider when you’re thinking about launching a new health product.
Watch the video or continue reading the article below ↓
There are a number of different factors that you need to be aware of, such as:
- What are the minimum order quantities (MOQs)?
- What is your price ceiling?
- How many units do you plan to make?
- What is the dosage form (liquid/capsules/powders/tablets/etc)?
All these variables are very important, but the first thing you want to consider is:
What is the problem that you’re trying to solve?
Who is your audience?
Do you really understand who your potential customer is? What do they look like? What’s their age? What’s their gender? What do they have for breakfast? What do they do over the weekend?
The more you really understand and can clearly articulate the key people that you’re trying to target and the more you can understand the problems that they face on a daily basis, the more likely you are to launch something that actually really matters and that people care about.
What is their pain point?
So what is the specific problem that you’re trying to solve for your customers? Is it really a problem? Would other people say it’s a problem? Would they pay for it, and if so, how much? Are there current offerings in the marketplace that aim to address this problem? What do they do well? What do they not do so well? Where’s the extra value that you can bring with your product, to give your customers a reason to care?
You don’t want a product that’s exactly the same as everybody else or even somebody else, because then it’s just the race to the bottom.
That’s no good for anybody.
Launching a new health product, effectively
The more you can really understand your specific customer’s problems, the daily challenges they face, and how your solution is a better offering than what is currently available, the more likely you are to have a successful product.
When you have a product that works at a price that is suitable for your customers and that makes your business money, you have a product that is viable.
