How To Conduct Proper Research on a Potential Product
Researching The Market For A Potential Product
There really aren’t many rules where conducting business research is concerned. Patience and persistence are necessary to research every angle of a potential product. Often, a little logic is all you need but there are others where you may have to make a few calls and conduct a little research online before reaching a conclusion on a new product.
A thorough investigation of the product is definitely advised before making a commitment. Without sound research, a faulty product can cause a nightmare that could literally devour your business in the process. Of course, it is likewise true that the right product can launch your company to an unprecedented level.
Use the library or Internet to locate information about your product. While conducting your research, you’ll notice that products with a good reputation or success story are easily located. That’s because companies who’ve had success with a product are not afraid to boast about it.
Evaluating a Product in 3 Steps
Rely on your experience. All great success stories begin with a person that has knowledge or a great interest in the product they’re selling. Is the product interesting to you? Will you use it on a continuing basis? What is the life expectancy of the product? Do you know people that are familiar with the product?
Take scrapbook supplies as an example as they seem to be all the rage. Both scrapbook stores and courses have become more popular recently. You can find a lot of articles that detail how to make a scrapbook or where to find the supplies to do so. If you can personally imagine several people that would actually be interested in scrapbook materials, then it is a good idea to move on to the next step of the product research.
You should consider the advice of friends and family when evaluating a product. Provide these trusted confidantes with any literature that you have accumulated on the product during your investigation. You are looking for their honest assessment of product price, quality, and any warranty. Most importantly, be sure to ask them if the product is something they would actually consider using.
It’s important that you’re not asking your family and friends to buy from you. They must have a clear understand- ing of ‘what’ you’re requesting from them, so they can provide you with an honest answer. The key here is to find out what potential customers are looking for. And by developing a small questionnaire, you can aid your family and friends in properly evaluating a product.
The company making the product will know how well their item does in the market so work with them to find out all they know. It is impossible to believe that they would not conduct their own market research so do not be afraid to ask to see some of it, especially that from current owners. Look for demographic data of the target audience so you know who exactly you are going to be selling to.
An informed opinion about the product’s potential in the marketplace and value is possible after you have gathered all the information possible. All you really need to know now is if there is a real need for this product in the marketplace so do not rush into making a decision prior to bringing all of your tools to bear analyzing the item.