Not all successful product ideas are successful business ideas. Once you have an idea to solve a problem, market research is an essential step. This stage needs to prove that there is market demand and verify that the product can be sold.
There are many ways to verify product ideas, including the following: ①Share ideas about the target market on online forums; ②Initiate online surveys to get feedback; ③Start a crowdfunding campaign to verify ideas; ④Test marketing, release ideas to a small number of target markets to get initial feedback; ⑤Study market demand using Google Trends analysis; ⑥Initiate a product release roadmap to measure audience interest by email opt-in or pre-order quantity; ⑦Seek initial feedback on forums.
No matter how you verify the idea, it is important to get feedback from a large and unbiased audience about whether they will buy the product. If you want to create a product, don’t overestimate the feedback from those who “will definitely buy”. They cannot be counted as customers until real consumption behavior is formed. Asking for opinions from family and friends should also avoid counting them as customers.
You may need to conduct a feasibility study or evaluate whether an idea is worth investing in. Product validation ensures that you are making and producing a product that people are willing to pay for. Validation research inevitably involves competitive analysis. If an idea has the potential to take market share in a niche, there is a chance that competitors are already operating in that space. Visiting your competitors’ websites and getting their email lists will help you understand how your competitors attract customers and make sales. Asking your potential customers what they like or dislike about your competitors is also important for defining your own competitive advantage.
Gathering information from product validation and market research will help you gauge customer demand for your product and the level of competition for your product before you start planning. Market research is a critical part of product development, so never overlook it. Product research includes competitor analysis, analyzing their weaknesses and strengths, and finding out the niches where your product has an advantage over your competitors’ products.