Skip to content For your product to have market acceptance, you must be able to answer the following questions confidently:
- What real-life problem is your product designed to solve?
- What pain does your product relieve customers of?
- What value or benefits will customers derive from using your product?
- Does your product offer the kind of value customers are willing to pay for?
Look at it this way.
Food solves a hunger problem.
Movie solves an entertainment problem.
Clothe solves a fashion problem.
Car solves a transportation problem.
MyMedicalBank solves a healthcare access problem.
In one word, what problem does your product solve?
You can equally evaluate the commercial viability of your product with the following questions:
- What problem does your target audience have? What value or benefits are they seeking?
- What difference will your product make in their lives?
- What pain will it eliminate for users or what pleasure will it bring to them?
- Does the problem you are trying to solve exist?
There’s no point in creating a product for which a problem does not exist or for which the problem only exists in your imagination or reality. That a condition is a problem to you does not mean it is a problem to others.
That a problem exists does not mean there are a sufficient number of people with that problem to constitute a market. A condition does not only have to be a problem to people, it also has to be a kind of problem that people with the need are willing to pay for. This is what constitutes a market.
A market exists for a product or service because there are buyers for that product or service. This is why the existence of a population does not automatically translate to a market. You can have access to a country of 200 million people but that doesn’t mean the market size is 200 million customers. Your true market is the number of people within that population who have the kind of needs your product is designed to solve and the financial capacity to afford it. This is known as the Total Addressable Market or Total Available Market (TAM) – the revenue opportunity for a product or service.
I’m Ayo Adebamowo. Author, Speaker and Tech Entrepreneur. I’m here to walk your success journey with you. Subscribe to my newsletter for regular nuggets or check out other empowering articles on my blog to help in that journey. My latest book is Business Accelerators, a primer on launching and growing a profitable business.
Written by : Ayo Adebamowo
About the Facilitator – Ayo Adebamowo Ayo Adebamowo is an Author, Speaker and Tech Entrepreneur. He is the founder of MyMedicalBank, a health technology company promoting digital access to healthcare through creating innovative digital solutions.
A Nigerian-British national, Ayo has been named as one of the 70 Most Outstanding Healthcare Professionals in the United Kingdom.
Having started and run various businesses himself in healthcare, technology, agriculture and publishing, Ayo very much understands from a practical point of view the pains, struggles and mistakes aspiring and established business owners often make that delay their success. He therefore brings his wealth of experience coupled with years of experience and research to help other entrepreneurs succeed in their journey.
