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Create a short report - 5-10 pages overviewing the benefits and need
for the product/service
Create an adwords campaign targeting specific keywords for the
product/service
See if you get enough interest to spend the time developing a full blown
product or service.
Quick. Easy. Reasonably cheap and you get a list of people pre-interested in your product before you
launch.
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5. Prospect Profiling
Products and services are not successful or unsuccessful independently
of your prospect or tribe. Get to know your ideal prospect. Your ideal
prospect is an imaginary person who can't live without your product or
service. Market your product or service to that ideal person. Your
marketing will now automatically generate a tribe of real people who are
similar enough to your ideal prospect. Once you have formed your tribe,
your product or service is bound to be successful.
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it, they get the first one free. They love being part of the process and I get a great response when I
announce & send pics of the new additions.
9. SELL IT!
Seriously...The only way to do business
is to do business. Start calling people
who you want to sell your product/service
to and ask them if they would actually buy
it, were you to sell it. Market
Research/Shmarket Research ; )
The darn snuggy, shamwow, pedi-egg & croc's -- how would these have
done in a test market? I think they are all silly, silly producst AND 2 of those
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items have been given to me as gifts and live in my home. Someone had an
idea and chose to move forward - cheers to them!
Preferably, finding a similar product is your best bet. It's generally much
harder to jump into a niche that you've basically created.
Finding out similar product demographics, and checking trends are two
key factors to make sure you have a sustainable, profitable niche to
work in.
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I post an Ad on Craigslist & based on responses I get, I either build & sell it or
totally drop the idea & change directions. Running a beta if you're a software
or service based product is also a great idea to test the sell-ability.
The answers to this question are going to give you a good idea of who
your target market will be, where they live and whether or not they\'ll be
motivated to buy.
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What I would start off doing is asking a diverse group of people whether
they would use such a product. Then, I'd pass it around to let them try it
out and get feedback before I started buying or manufacturing.
But, I'll often ask friends to try it as well and give me their honest
feedback.
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To your success,
Dr. Laura
-Bryant Jaquez
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Then I either tweak the idea or scrap it - this way I do not spend my time
and energy on products no-one wants to buy
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your due diligence is at best, lazy and at worst, setting yourself up for
failure. But the mere act of doing your homework puts you at a
tremendous advantage when starting a new venture and further ensures
the chances that you will in fact succeed.
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the final product on the basis of the feedback and suggestions you get
and then launch it in market.
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Ask what they think and FEEL about your product. Ask them to list three top benefits about your
product they can relate to. Ask them to tell you any drawbacks they see at first sight. Ask them if they
would recommend your product to their own friends and family.
I know that sounds too easy, yet how many times have you tried a new
place to eat, only to find they close in 6 months due to lack of customers? If you have a great idea,
then go out and reseachj ==>test ==> sample, and REPEAT this. Thanks
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we asked the probate attorneys we knew. When they told us that they would, we proceeded to launch.
They were right and our business has flourished, even in this economy.
Large companies do the same and only roll out small areas because it is
cheaper and more accurate then multi-million dollar customer focus
groups.
New companies should ask their target customers. If you are worried
about copy cats, ask to have a simple confidentiality agreement signed
first.
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Tags: entrepreneur focus, market research, merchandising, mike michalowicz, successful product,
toilet paper entrepreneur, tpe
1. Bryant Says:
September 14th, 2010
I like # 34. JUST ASK! He’s the best.
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