Read Patrick Snow’s latest blog post:
Is Your Product or Service Trending in the Marketplace?
Will your product or service sell? Is it hot or not? To be successful, You need to know!
The best way to make this determination is to keep an open mind, study trends in the marketplace, and then ask yourself whether people want to purchase the products or services you are offering or plan on offering.
We all know things that were hot in the past but are no longer hot today. For example, CDs and CD duplication are now being replaced by video download. In other words, the technology used for creating the CD product for content storage is soon going to be outdated just like vinyl records, eight-track tapes, cassette tapes, big box TVs, and typewriters. Desktop computers are being replaced by laptops, which are being replaced by smart phones and new technologies such as the Apple iPad.
As you look into the future, ask your teenagers what they see as hot products in the marketplace; chances are they will have an edge up on you since they are closer to the new and hip products of tomorrow.
In fact I’m sure that some of this information will soon be outdated due to the new advances in technology right around the corner. Are you keeping up with technology and trends or getting left behind?
- Wireless connections
- Social media
- Cell phones
These and other areas all have trends that continue to expand with no end in sight. All of these are hot today, and I believe they will continue to be strong trends for years to come.
So, ask yourself: Does your product or service fit into any one of these categories?
Investigating and studying the market to recognize what is hot will save you time and money because it will place your business in an industry with a proven record in a growing market. There’s an old saying:
A rising tide lifts all boats.”
You want to get in on that rising tide!
Through learning more about this principle, you’ll be able to determine whether your product or service will sink or sail. As an entrepreneur, one of the most important skills you need is the ability to evaluate a business opportunity.
In my next article I’ll talk more about identifying trends
This is an excerpt from my book: “The Affluent Entrepreneur”
As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.