How do you test an idea to see if it is good or a complete non-runner?

aoa321

Hi,

Along with getting the opinions of friends/family I suppose the obvious answer is market research, so the next question is how and where do I start doing market research without costing myself a lot of money?

My idea is basically an exercise in marketing. I am hoping to buy some basic components, group them together and gift wrap them and sell them as a single product. I will be giving them a slightly different slant from their original purpose using marketing. I will sel my product from a dedicated website and perhaps on eBay.

The product will be a gift - I suppose you could vaguely call it a sort of self-help type of product.

This is my first time to look for opioin or advice on this so any feedback good or critical is welcome (and may save me some effort and money one way or another).

Thanks in advance for any direction or opinion.

patftrears

aoa321 wrote: »

Hi,

Along with getting the opinions of friends/family I suppose the obvious answer is market research, so the next question is how and where do I start doing market research without costing myself a lot of money?

My idea is basically an exercise in marketing. I am hoping to buy some basic components, group them together and gift wrap them and sell them as a single product. I will be giving them a slightly different slant from their original purpose using marketing. I will sel my product from a dedicated website and perhaps on eBay.

The product will be a gift - I suppose you could vaguely call it a sort of self-help type of product.

This is my first time to look for opioin or advice on this so any feedback good or critical is welcome (and may save me some effort and money one way or another).

Thanks in advance for any direction or opinion.

Market Research

1: Who is your customer ? Male/Female, Age Group, Online users
2: What will your product do for them ? What are they currently using
3: What is the competition ? Product,Price,Brand Recognition
4: You vs Competitor ? Why will people buy your product over there's
5: How will you get your message to the customers ? google add words, pr

You can use focus groups, questionares, stop peole on the street and ask them. If you are launching a new product and selling direct to the end user, and not through resellers it's a difficult process.

flash harry

OP friends and family can be way to concerned about hurting your feelings to slaughter a bad idea etc etc

Why not test market it on ebay??? I'm presuming you can make up one item or at least know you can get your habds on the components if you make a sale on ebay????

Can't beat real feedback from potential customers, encourage them to ask questions as well - you can learn what they are really hot on, not what you THINK they are hot on and streamline your sales strategy accordingly.

Also if you sell one - don't be happy. Split level test the price - you may actually sell more at a higher price (perceived value) or make more profit by selling disproprtionate amounts at a low mark up.

Low cost, test marketing!!

fiscalstudent

was about to say pretty much the same as this

Why not test market it on ebay??? I'm presuming you can make up one item or at least know you can get your habds on the components if you make a sale on ebay????

Can't beat real feedback from potential customers, encourage them to ask questions as well - you can learn what they are really hot on, not what you THINK they are hot on and streamline your sales strategy accordingly.

Ebay is great for some things, but remember, some people don't buy on eBay for fear of counterfeit products, they don't want to buy off some yuppy selling crap from his house or they just don't want to use eBay for whatever reason.

Don't restrict your options and just because it doesn't work on eBay does not mean it will not work on a wider level. Also, a lot of suppliers don't want you selling their stuff on eBay as it can give off a "I'm a cowboy" approach.

Just a few things to look out for, I've done "ok" from seling on eBay before.

conolan

Doin direct market research, stopping people in street or calling at home can be beneficial.
HOWEVER there is still the possibility that peopl will not want to hurt your feelings. Better to get someone else to do it, and MAKE SURE they act dis-interested in order to get truer reactions.
Then discount the positives. IE, if 30% say they like it, assume 10% might buy.
The really useful aspect of thsi approach is you might find out about a similar product, or get feedback that gets you to modify the product.

aoa321

Thanks all for your input, I've picked up some very good ideas from your suggestions
aoa