Updated 08 December 2020
Introduction
The market place has a lot of products that it has to offer, everyday companies keep bringing out new products to the market for customers to buy, this is a good way of business, because it tells you that companies are innovating and spending time on their products, to make sure that it comes out great to meet certain standards, customers can give you feedback on your products, but you are the one to decide on how to make it better, sometimes you do not need your customers to make decisions, you could first send products to the market and see how they react to it, but it's best to know what your customers want before you send it to them.
The market place has a lot of products that it has to offer, everyday companies keep bringing out new products to the market for customers to buy, this is a good way of business, because it tells you that companies are innovating and spending time on their products, to make sure that it comes out great to meet certain standards, customers can give you feedback on your products, but you are the one to decide on how to make it better, sometimes you do not need your customers to make decisions, you could first send products to the market and see how they react to it, but it's best to know what your customers want before you send it to them.
1. The Market Can Be Flooded
Innovating and releasing new products to the market is very essential if not a particular kind of product could be easily copied and gets flooded in the market. A good example is Fidget Spinner, This product hit the market so hard, people made millions of dollars, but dropshippers found out ways they can buy it for cheap and sell it for more, this is a good business method, but this made the market flooded with the same kind of Fidget spinner, this made many online stores go out of business, but the smart ones who discovered ways to make the fidget spinner in another design and market it in a new way are still in business.
Innovating and releasing new products to the market is very essential if not a particular kind of product could be easily copied and gets flooded in the market. A good example is Fidget Spinner, This product hit the market so hard, people made millions of dollars, but dropshippers found out ways they can buy it for cheap and sell it for more, this is a good business method, but this made the market flooded with the same kind of Fidget spinner, this made many online stores go out of business, but the smart ones who discovered ways to make the fidget spinner in another design and market it in a new way are still in business.
2. You Have To Be Unique
In the online world and even in the physical, it is easy to be copied, asking questions and discovering what your customers would like is very vital as long as you still want to be in business, these could help your team know that there is no time to relax but to keep innovating, this is what tech companies usually do, some of them spend millions or even billions of dollars researching to know what their customers want and to know how to make their innovations more effective.
In the online world and even in the physical, it is easy to be copied, asking questions and discovering what your customers would like is very vital as long as you still want to be in business, these could help your team know that there is no time to relax but to keep innovating, this is what tech companies usually do, some of them spend millions or even billions of dollars researching to know what their customers want and to know how to make their innovations more effective.
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