Questions

I own a financial newsletter publishing company and years ago we paid about a million for our own email software. We have improved it a great deal would like to sell it to other companies but I know next to nothing about doing so. Any ideas? My IT guys are much too busy to try to sell it.

There might be a lot of competition but that shouldn't discourage you. The best way to go about selling it would be to follow these steps:

1.Spend a significant amount of time for researching your competition & understanding whether or not the market is big enough and if there's an actual need for your product.
2. You'll need to perform a SWOT analysis on your product and compare it with the other software products in the same domain.
3. If your product does have something of value, try and understand your target market, i.e. whether your potential customers are early stage companies, large corporations, etc.
4. Figure out a price point. Determine whether you want to sell it at a higher price point and have a few firms purchase and use your product or choose a lower price point in order to get customers and make a profit based on economies of scale.
4. Once you've identified a target audience, give the product out for free, in the form of a trial or single use demo. Always use a sign up form in order to collect the details of your potential customers.
5. Create multiple channels of sale. You can sell directly to the companies or have them sign up on your website, or both. You can use social media advertising to drive customers to your website (Facebook, LinkedIn, Twitter).
6. Find other potential markets based on geographical location where such a product is not available or not as good as the solution you're offering.

In case you have any doubts or queries, feel free to contact me anytime.


Answered 7 years ago

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