Which is your product or service?
One of the first steps you need to undertake before deciding to start your own social business is to identify which product or service you want to offer to the market.
The Product is one of the 4 key elements that make up the Marketing Mix.
Do you know what does Marketing Mix mean? This brief video will make it simple!
When you prepare a Marketing Mix strategy, you create a chain of strong bonds that will guide you forward in making the chain longer. Whenever you are considering adding a new feature or changing existing things, you have to look at the overall picture, which helps in creating a clean Marketing Mix for the product/service.
This section of the Guide will allow you to concentrate on the product or service you want to offer, and above all, on its additional value in order to provide a social impact to society.
The key is
"putting the right product in the right place, at the right price, at the right time."
In the case of social business your aim will be to create a business and help society in the meantime.
This is one of the most important parts of establishing a social business and you must be sure of the value you intend to introduce in the market. The Value Proposition Canvas can help you in this.
Quality should be your final achievement! That is exactly what differentiate products and services in the market. Surely each of us had a bad experience after the purchase of a product or a service: the product was not as you expected, the price was misleading, the customer service was not adequate, the after-sales service was disastrous, etc.
Do you know – according to Forbes – which are the 10 qualities of a successful product? This can be interesting for you to have a general idea of what could make a product/service successful in the market. The Value Proposition Canvas can help you in this
All these aspects make the difference between a successful organisation and an unsuccessful one. Clients are smart, they don’t like to be cheated, and therefore they are willing to spend more money as long as they obtain a high quality service or product or they feel they are giving their contribution to a social cause.
Once you are sure that you are creating a winning product/service for your social business, keep in mind to test it in each phase of production and development! In fact, testing is a process that make you aware at every single step if your product or service would have a good impact on the market before you launch it!
Do you know how to test a product or service before its launch to the market? The first step could be to ask open questions on Quora and other online discussion tools. FIND OTHER TIPS HERE.
It means that you can save money instead of wasting it for an unprofitable idea.