Use Product Research to Position Yourself as the Expert

You have an idea for a new product or service, want to get
feedback from prospects and position your firm as the experts.
How do you do this when you haven’t ever provided the particular
service or sold the product?

Let’s say you are in the planning stages of starting a
collection agency. (Your clients could be lawyers, building
contractors, clothing manufacturers, etc.) How do you find
out what your potential clients want and position your firm
for future sales?

Even if you don’t have a fully defined service you can
still demonstrate your expertise through the quality of
the questions you ask. No one knows all the answers and
bluffing is a poor way to build a business. Use questions
to prompt prospects’ thinking. Then use your expertise to
synthesize common problems and solutions and prospects will
be impressed. While your products and services are the
vehicles that will earn you money, your expertise is what
will help you become a trusted advisor and service provider.

If you don’t know what your prospects want, ask them. Put
together a list of ten to twenty-five questions. Avoid using
“either or” types of questions and create a list of
open-ended questions which encourage prospects to discuss
their collection concerns. Ask questions to clarify common
collection problems, their importance and what prospects
want to do about them.

Now that you have your list of questions, whom do you talk
to? If your target market is lawyers, start with your own
lawyer, friends’ lawyers and use networking to grow your
sample to fifteen to twenty attorneys.

To build credibility be direct about what you are doing.
Tell the people you want to meet with that you are
researching a new service and want to learn more about
their collection problems, concerns and strategies. While
this may not sound like the greatest opening line, most
people like to talk about themselves and appreciate it
when others show an interest in their problems.

Let them know that when you complete the research phase,
you will distribute a summary of your findings to them.
Its much easier to get people to give you 20-45 minutes
of their time if you aren’t trying to sell them but
approach them looking for advice.

When you are done with your interviews, write a
summary of the common problems and strategies you
identified. Don’t forget to include a section in your
report that describes how your services will solve these.

Using this research/ positioning strategy you can:
- Refine your product or service idea to meet prospects’ needs
- Create content for articles to publicize your knowledge
- Establish yourself as the expert

Having the perfect product or service to meet your target
market’s needs is a plus but it won’t guarantee a sale.
Establishing yourself as the expert, one who knows and
understands their concerns will help to pull in clients.
Whether you are researching a new service or want to ramp
up sales for an existing one market your expertise to sell
your services.

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