Entrepreneurs – Testing Your Product Ideas

You’ve got some great new product ideas but are jot sure if

they are going to be profitable, so how do you test them?

Peers: Well,

first of all ask around your family and friends and see as to whether they

think it is a great idea whether they would buy it and how much they would be

willing to pay for it. Now they are

going to be polite to you so you should temper the results with this factor.

Competition: Have

a good look around your competitors and see if they are doing anything that is similar

to your proposed products. If not have a

good think as to why not – could be they have tried it and found it not to be


Internet Search: Do

some in depth internet searching to see if there is anything like your new

product. You might also find case

studies of what went right or wrong.

Forum Search: Search

around some user forums and see the kind of things that people are searching

for. Put down some feelers about your

new product – be careful that you do not declare it until it is ready.

Magazines and

Look through the trade and local magazines and newspapers to

see if anything similar has been mentioned.

Your local library has back copies.

Read Research: Read

white papers and research papers on the area, ask some boffins if available.

Street Surveys: Set

up some street surveys asking if the problem you are solving is a problem and

what solutions they have found.

Focus Groups: Get

them to discuss your ideas, review your prototypes and listen to their answers

and discussions to make improvements to your products. You might even get some new ideas.

Ask Experts: Ask

marketing experts, sales people etc. about your proposals.

Ask the Ad Agencies: If

your company is large enough to potentially employ an ad agency, then put the

advertising out to tender and listen to their ideas as they make the

pitches. Once you have chosen your

agency, they will come up with more ideas for you.

Ask Your Staff: Ask

inside your company, particularly amongst those that are customer facing.

Key Customers: Ask

you key customers what kind of problems they are trying to solve and tell them

a bit about your solutions.

Test Runs: Undertake

a few test runs with your proposed products before you fully commit yourself.

Remember if the results are not favourable, you can still

make changes to your proposed product, or you will have enough information to

set up some new products. Good luck.


Lee Lister is a Business Consultant with more than 25 year's consultancy experience for many household names. She is known as The Bid Manager or The Biz Guru.

From an early age she began an unparalleled journey through business consulting that continues to span across the UK, USA, Europe and Asia. She has consulted for a considerable number of companies all over the world. Specialising in business change management, start up consultancy and trouble shooting. Lee's experience in marketi...

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