Looking for ways to validate your product concept?
How can you avoid risks? How go from ‘great idea’ to knowing how successful your product could be? Check out these 3 ways to validate your product concept fast, and with controlled risk.
Typically companies or entrepreneurial folks will get a great idea. They’d go for it to the nth degree to perfect the product and its promo, only to find that the demand and sales are worth significantly less than the effort put in or the optimum timing for launch has passed. It wasted time, effort and potential earnings. The emotional wrench is enormous!
How can you solve this problem?
It is important to validate a launch first.
Here are 3 ways to validate your product concept fast.
These can provide indications (not proof – just indications). These ways are a blend of traditional market research and innovative online research.
Use keyword research
to determine the amount of searches for certain keywords your prospect are highly likely to use just prior to the buying stage of their research
Traditional market research.
Use primary and secondary research the target markets. Here are some ideas of what are more useful to research: problems your target market are experiencing, the volume of the market, understand the needs of the market segments, the likelihood of demand for your solution to their problem (your product).
Test the market live.
Test the market with online ads. Build a webpage, run some Google ads to it and when people click the buy now button they are shown a message that states the product is actually not available (yet). In 3-4 days, with very little spent on ads you will have some kind of indication from the data how viable your idea is likely to be. Test the market with crowd source funding. Specify a goal income. Run a campaign for a month. Describe your product. Give it a product delivery deadline for after the campaign finishes. Get sales. You produce the product AFTER the closure of the campaign. Choose a crowd source platform that gives you the earnings of the campaign regardless of whether you reach your funding goal or not. It is a win win for your buyers and for you as a seller. You put in the product development after you get the orders!
These methods would suit products that are easily understood by the market rather than being innovation products needing to build brand, or products that require education and explanation.