You might not be aware but there were several video streaming services available on the Internet before YouTube came and made a big splash. These videos sharing platforms weren’t really successful and were forced to shut down operations. When YouTube burst into the scene, unlike its predecessors, it was a stellar success. Even now, the very first website that comes to mind when you think of videos is YouTube. There’s a reason why YouTube succeeded so much while others failed.
It’s all connected to timing. YouTube was launched when broadband internet had caught up and viewers would be able to stream videos at greater speeds. In essence, the world was ready for a video sharing platform and the rest is history. YouTube is a perfect example of the right timing launching a company to the stars in a matter of days. So if you want to launch a business or a product, how do you know whether the timing is right or not? Consider the following:
Observe Your Target Demographics
Before you launch your product or a business, consider the demographics you’re aiming at. You need to know whether they’re ready for the product. You can understand this by conducting surveys and online polls. This would give you the opportunity to understand your customer’s preferences, likes and dislikes, and their state of readiness. If you find that customers aren’t just ready for the product, you need to defer the sale of the product or the launch of the business until the target demographic is ready for it.
This is one of the most important aspects of getting the timing right. After all, everything depends on the customer and if the customer isn’t ready for the product, it’s best to keep it off the shelf for a while longer.
Look at the Competition
If your competition has the same or similar product on the shelves already, you might benefit from analyzing their performance in the market. If you see that the product is performing well and the competitor is reaping the benefits, you can easily launch your own product. If the competitor isn’t performing well, you need to wait until the market is ready for it.
Watching the customer and watching the competition are two of the best ways determine whether your product or a business should be on the market. However, there are other clues as well.
If you intend to sell a product that’s related to technology, you need to check if technology is ready for your product. The YouTube example can be quoted here because the company waited until technology was ready for them before launching. If you’re a company developing new technology, you need be sure that the world would be ready for it.
Affordability is also one of the more important things to keep in mind. The product you sell must be relatively inexpensive to make or you’ll have to hand the burden of cost to the customer. That would only slow down the sales.