Running a business can mean a world of things, but at the heart of it, there is only one thing that matters, and that is selling your product.
Every year, every month, in fact, every day, there are hundreds and thousands of products launched in the market.
You want to buy a moisturiser, you can get one in a couple of Euros, and you can get one for a hundred.
You want to buy a smartphone; the number of brands alone would confuse you to the point of being indecisive.
You want to buy a car, that could take months to narrow down to a few winning contenders.
So, what makes a product worthy enough to be bought by the customer?
The answer lies in the business' strategy. From the kind of raw material, they use to the type of audience they market the product to, every single aspect matters. The business owners need to understand the importance of each of these aspects, and only then will they be able to end the perpetuity of the question asked in the title.
Here are those aspects, segregated into three categories.
Focus on Quality instead of quantity
The foremost thing that compels a customer to buy a product is its quality. They do not care how much is in stock. They might even become willing to pay a little extra. However, they do want exemplary quality.
Beauty products are available in drugstores that are pretty relaxing on our pockets and beauty products are also available in Sephora, the expensive kind of products.
People will quickly pay even €60 for one lipstick if they have the quality they have been looking for. Why else would brands like Hermes, Tom Ford and Pat McGrath be doing so well at Sephora?
Quality would always trump quantity and the price. A business model that understands and implements this would go a long way in its success journey.
Make the Design and Functionality Appealing
Moving on from the paramount aspect of sales to another significant facet of making the product worthy of selling is its design and functionality in equal parts.
Nobody would buy something that does not have an impeccable design. Things that look good are often sold more. You have to agree with me.
Unique and stunning packaging can usually seal the deal for sale.
Then comes to the functionality. The product needs to be easy to use and worthy of using.
If I go to buy a pen and find one that had a beautiful design and packaging, I would want to buy it. I might even want to test it beforehand. During that test, if I find that the pen is too heavy for me to hold in my hand, and the ink dispenser is quite complicated to use.
I might even end up buying it, but it would I ever use it to its potential?
No, I would not because it's functionality and I am not compatible.
So, you tell me should I have bought the pen?
The customer has to be able to use the product with ease. He must not have to refer to user's manual every time. If that is the case, trust me, your product will not be top-rated. Word of mouth won't let it.
The Market as of the Product is a Life Saviour
Your product could have the best quality in the market. It could be the most stunning in terms of design and no other product in the market could beat it with regards to its ease in usage.
Despite all of this, there is a chance that your product may not sell.
A reason for this could be your flawed marketing strategy. Until and unless a customer knows that a product is available in the market with the features of its products, he would not buy it, simply because he does not know if it's existence.
And your marketing strategy will ensure that your product has the fighting chance of being the most sold product of the month.
I'll quote a personal example here.
Last month, I bought a phone. The Samsung Galaxy Note 10. It is a great phone, so much better than my last one.
I bought them because I had a need and because I saw it on a YouTube ad while surfing.
It made me intrigued by the phone and compelled me to search more about it. Upon doing that on the same platform, my screen was inundated by videos of praises and reviews of the phone. After watching just two, I had made up my mind.
An approval on quick loans in Ireland later, I had become the owner of a brand new Note 10, all thanks to the company's marketing strategy.
You as a business owner and creator of new products need to adopt all of these and let them do their magic to boost your sales.