Is there a market for your product? 8 tips to get you in the know

Have you designed or even made a product that you think is the bees’ knees? Ooh it’s so exciting, isn’t it? You’re on the crest of a wave and think you have something everyone will want to buy, right? Your mates tell you they think it’s the best thing. Your family say everyone’s bound to buy it. But how can YOU know if there is a market for your product? Here are my top 8 tips to help you understand if people are really going to buy.

1. Know your product inside out

You know how your product is made, but what do you know about the ingredients or raw materials? What’s the quality like? How long does it take to make? Can production be automated? Explore absolutely everything there is to know about your product. This will help you with pricing and the key points you’ll use to sell it. Think about what makes it unique. What’s so different to others on the marketplace that will make people choose yours over another? All of this will be golden information when you start marketing your product. It’ll also help you identify in the early stages if anything needs to be changed before you bring it to market.

2. Define your ideal customer

Who is your ideal customer? You can use demographics for this, for example their gender, age, geographical location. But don’t forget to think about why they’re your ideal customer. Is it because you just think they are? If that’s the case, then do some market research. Ask people what they think about your product and whether they’d be likely to buy. Which leads nicely on to my next tip…

3. Conduct market research

Ask people what they think – it’s golden information!

There are lots of ways you can find out more about your market and customers. You could do an online survey, a focus group or questionnaire. But the best way by far is to talk to people. Ask them questions. Get real feedback. This will help you in two ways:

  • It will make sure your product is the best it can possibly be, and
  • You’ll be able to use the information, both positive and negative, in your marketing.

4. Analyse your competitors

This is a biggie. You need to get to know everything you possibly can about their products and their marketing. Conduct some competitor product research, comparing your product to theirs. Check out their online presence. You can learn a lot about them through their digital marketing, and you can also learn a lot about their customers. Which in turn means you can find out information about your own target audience. And whether there is a market for your product.

Find out how to research your competitors online using this guide.

5. Estimate the market size

What do you know about the size of a market for your product? You can find out more by looking at industry trends, attending trade shows and looking at the potential for growing the market.

6. Prototype and test

When you’re starting to make your product on a larger scale you need to robustly test it. This is the time to set some parameters for acceptable and non-acceptable issues. Use tests to check in with your target audience again and get some feedback.

7. Use digital tools effectively

Social media and online analysis, such as Google Analytics, will help you gather lots of information as you progress on your journey. Use them to test whether people are engaged with your product, and what they’re likely to want to see in your marketing.

8. Stay compliant

Make sure you’re familiar with the rules and regulations around your product and product marketing.

When it comes to marketing your product there are a lot of rules you’ll need to adhere to – GDPR being one of them. But don’t forget that if you’re launching a new product, there will be rules and regulations around the sale of that product too. So make sure you check them out before you go ahead. Not doing this could end up being a costly mistake.

You can find out more about GDPR guidance and resources here.

Is there a market for your product?

Is there a market for your product?
Gather as much information as you can before you launch a new product.

Having read my top tips, are you ready to roll up your sleeves and start understanding if there is a market for your product?

I hope these tips have been useful. And don’t forget if you’re ready to get some support with your marketing strategy or implementing it, then let’s chat.

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