Do you have a fantastic or new product concept? If this is the case, receive an early estimate of your product’s market worth. It is an essential component of a successful launch. The earlier you determine the value of your idea and the emotional connection it will have with your audience, the better. You’ll be able to change your messaging, target market, or product.
There are several techniques to assess the feasibility of your product. Paid surveys, market research smartphone applications, consignment testing, and freelance market researchers, for example, are all low-cost options to test-market your product.
The Three Major Issues in Product Idea Validation:
As we will see in this essay, product concept validation does not have to be costly or complicated. To determine your product/market fit, you must first answer three questions:
Is it feasible to construct? Here is where you learn what you’ll need to develop the product: skills, equipment, cash, and so on.
Should it be constructed? Here you decide if there is a demand or need for the product, its market potential, and possible profitability.
Will people be able to make use of it? Here is where you select the product’s features. You’ll need to figure out how complicated it will be. You want to introduce a product that consumers will find simple to use.
Determine Your Target Market:
Knowing your target market demographic is the first step in determining whether your product concept is a viable business endeavor. Here you’d figure out if there’s a real market for your goods, with people who need them & are willing to pay for them.
The most accurate approach to determine your target audience is to identify an issue your product solves and look for people who have been looking for a solution to that problem.
Begin with a Small Audience:
It’s a good idea to have a tighter target group and problem point for your new product because most entrepreneurs strive and fail to build a product that will appeal to “everyone” or a larger demographic.
While not impossible, it is far more improbable than having a specific specialization. It is also more dangerous and requires more time and resources.
Unless your concept is a service, such as an eCommerce platform with a large and diversified inventory of items or a program or website that provides several benefits, selling to a larger audience may not be lucrative.
Carry Out Field Research:
The research may appear archaic, but it is one of the cheapest and most successful ways to determine whether a group of individuals out there will genuinely need your product.
Consider people who suit your target market’s criteria and go to locations where you’re likely to encounter these people. These might be retail centers, parks, or workplaces. It might even be close friends or relatives.
The goal is to encourage them to expose their approach to the potential problem.
Saying this is simpler than doing it.
Instead of immediately rushing into your concept and maybe confounding your audience, you might utilize the structure below to get them to reveal whether they have the problem you’re attempting to fix.
- Mention the issue to them and inquire if they are experiencing any.
- Inquire about how the problems are presently resolved.
- Inquire if anyone is encountering any difficulties in attempting to fix the situation.
- Please inquire about the importance of the issue in their life.
- Inquire how effective a solution is to them and how much they believe it will enhance their lives.
Resource
https://www.forbes.com/sites/allbusiness/2019/09/29/test-market-new-product-tips/?sh=30fb612cce26
https://hbr.org/1976/05/test-marketing-in-new-product-development
https://www.altexsoft.com/blog/product-idea-validation/
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