How to Know if a Product or Service Will Sell Before Launching It

Written by Peter Tran

August 4, 2017



You’re naturally excited about your new produ or service idea — but how do you know if anyone will aually buy it? You don’t have to sink a lot of money into it to test it out. Here’s how you can figure out before launch whether there’s a market for your produ or service.

If you have an idea for an innovative new produ or service, you probably have stars in your eyes. It’s fun to think about the reaion that your creation will receive once it is unleashed upon the world, and it’s ev more fun to daydream about spding all of the theoretical money that your produ or service will gerate. Unfortunately, the rollout for these of deavors needs to be slow and meticulous. The last thing you want is to sd your creation out into the world and have it land with a dud because you didn’t do your homework, misjudged the market or failed to advertise properly.

In order to give your new idea the best chance to succeed, you need to accurately test the market and plan your launch accordingly. While you could shell out a lot of money to consultants or marketing strategists, you can also study the market on your own, and this do-it-yourself approach may be easier and cheaper than you think.

Start With Frids and Family

The vast majority of market research starts with discussing the idea for your produ or service with the people in your life. This conversation can be done informally, over a meal or in the car, or it could consist of a more targeted brainstorming session, trying to mine the best ideas to hance your creation. In geral, you just want to get a feel for whether or your idea has legs. Do other people think that there is a need for it? Would they spd money on it? Is the produ or service something you could deliver? Theoretically, the people in your life are going to be the most positive about your new deavor, so if the s to these questions ar’t gerally “yes,” th you may have a problem right out of the gate.

D: How to Conduct Market Research the Right Way

Small Scale Testing

Once you decide you want to move forward with your idea, you’ll want to start market testing on a small scale. If you’re creating a physical produ, have proto made so that people can test it out and give you feedback on its design and funionality. Alternatively, if you’re creating a service, online business or mobile app, make a simple, streamlined version and have people start doing beta testing, providing thoughts on the interface, ease of use and overall satisfaion. Use all of this feedback to your advantage. Don’t outright dismiss criticism without considering it, and remember that if multiple testers have the same compliant, it’s probably a problem worth solving.

At this stage, you’ll also want to move outside the sphere of your frids and family. You want to start getting the opinions of people with whom you don’t have a relationship. For this stage, you can have the people in your life list their frids and family to provide feedback, or you can use social media to recruit a list of volunteers. Hopefully, by getting these unvarnished opinions, you can start to refine your creation so that it’s suit to be unveiled to the public at large.

Testing the Market Online

The Internet is a virtually limitless resource for testing the viability of your idea, and this research can be done in a number of differt ways. One of the best places to start is with online forums that deal with topics that are d to your produ or service. Check out the most popular forums on the topic, paying close atttion to the number of members and the frequcy of posts. These metrics will tell you how aive the forum is, which will give you some idea of how much public interest there is in your produ.

Additionally, online tools such as Google Insights, Google Trends and the Google Keyword Planner will show you how oft people are searching for specific terms, where those customers are located and whether the topics are growing in popularity. To be sure, the data provided by these tools won’t perfely predi the success of your produ or service, but it can be incredibly useful as you start to strategize the best ways to brand and market your creation.

If you want to get more specialized information, sites such as Quantcast and Market Samurai can be invalu resources. With Quantcast, you can get a demographic breakdown of your pottial customers. Once you find a website for a produ or service that is similar to yours, Quantcast can tell you a wide array of information about the visitors to that site, including age, gder and income level. ing these metrics will help you to better launch and advertise your idea. Additionally, Market Samurai can tell you how many customers are looking for the type of produ or service that you’re offering, as well as how likely they are to spd money on

D: What to Charge for Your Product

Don’t Fear Competition

After you’ve come up with a brilliant idea for a new produ, you may be dishearted to learn that there are already similar produs on the market. Rest assured, you’re likely to counter competition in one form or aher, and the overall consumer marketplace is becoming increasingly crowded. In fa, according to one set of metrics, the iTunes App Store alone receives over 1,000 new app submissions every single day.

Far from being discouraged, however, you should aually be excited to discover that your creation has competition. The fa that there are already versions of your idea on the market means that there is a need and a desire for it among consumers. Additionally, a crowded marketplace should push you to be more creative and work harder on your own deavor. In order to succeed, you just need to differtiate your produ or service by branding it in a new and unique way, helping it to stand out from the crowd.

All of this market research may sound particularly exciting, especially compared to the exhilaration you feel wh you think about your new innovation. Remember, however, that testing the market is a necessary and important . By taking the time to do your research and plan your launch accordingly, you can give your deavor the best chance to succeed.

© 2016 Attard Communications, Inc. All Rights Reserved. May be reproduced, reprinted or redistributed without writt permission from Attard Communications, Inc.

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