Coming up with new ideas for your business is essential for growth. And it’s exciting when you’ve got a new product or service to offer. But before you launch your new offering, it’s important to find out if there’ll be a demand for it. So you need to take some time to test the market and measure the response. You’ll then have a much better idea if you’re likely to succeed or not.
What you’re looking to determine is if people are going to want to buy what you’re selling. Regardless of how enthusiastic you are about your new idea, it’s still important to find out if your customers feel the same way. So ask yourself:
Consider some new products or services that have successfully hit the marketplace, such as the GoPro camera. The company who developed this action camera did a lot of testing and produced some amazing videos to market it. Not only were they able to determine demand, but they actually created more just with their sample videos.
Any time you introduce a new offering you’re going to spend money. You’re also going to be spending time away from your core business. So it’s important that the time and money you’re investing in your new product or service is well spent.
You’re looking to maximize the testing time by generating some good PR for your business, so customers see you as innovative and creative.
Handled right, testing the market with your new idea can be an effective marketing strategy.
Before you spend a lot of money on the development of your new product or service, invest a bit of time finding out your potential customers’ initial reactions, so you can decide if anything needs changing in the R&D phase.
What you’re looking to do is conduct some market research, and there are great ways of doing this including:
Constructive criticism is probably some of the best feedback you can get from your likely customers, so be open to their responses and adapt your product or service if you need to.
Try to obtain the latest data on your chosen industry, along with information that can help your business decide whether to move past testing and begin selling its new offering, by speaking to: