Strategies for Testing a New Product Idea

It is super exciting to have an idea for a product that you are passionate about! Since love the idea so should everyone, right? We hope so! But before you charge ahead into the product development stages it is important to make sure that your target customer is as crazy as you are about it.

After all, they will be the ones buying it. It is critical to test your new product idea before you begin the development process, so that you can get feedback and adjust your product accordingly. After receiving this valuable feedback you’ll feel more confident moving into product development. It will save expense and heartache down the road if you make sure that you have a viable product up front.

So what are the options for testing your new product?

There are a lot of different avenues to pursue when looking to test your product idea and which path you choose may be dependent on the type of product and the budget that you have for testing. With an eye on budget, one way to get good feedback would be to send out a survey. In this survey you will want to focus on gathering information that will help you focus in on your target market.

Here are a few points that would be useful to address:

↠Does the new product have a wide appeal?
↠You will want to discover if people like the idea and why. Make sure to track who likes your product because this will be the beginning of defining your target market.
↠Is the product unique?

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You will want to determine if your idea stands out from similar items on the market. If it doesn’t you might want to find your niche.

↠Is there a customer for the product?
↠Just because someone likes your product doesn’t mean they intend to buy.
↠How much would this customer pay for the product?
↠If they do intend to buy it you will want to ask at what price point are they willing to pay for it. Again, this will help you develop your ideal target market.
↠Is there a real need for the product?
↠There is a lot of competition in the fashion industry. As a new start up it is really difficult to break in amongst a lot of established brands. It is best to make sure that others see the need for your product.

These questions will start you off on the right path in developing your product. But, don’t forget that you will need to test your finished sample within your target market as well. Look for a post on this topic, coming soon!

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