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Successfully launching a product is one of the best feelings in the world—you have nurtured an idea, spent time developing it and now it is in the hands of consumers. However, as entrepreneurs know, before you get to the “launch” there are hundreds of steps in between. Market testing is one of these steps and is vital to your product’s success.
Market testing is getting your product idea and prototype into the hands of potential buyers and asking for their feedback. The feedback provided is related to all aspects of the product—price point, functionality and overall design. You are asking for real and honest feedback to help perfect your idea and make sure everything is in place for a successful launch. The information you glean from testing your market is the most valuable out there, since these are potential buyers/clients and you want to make sure that their needs are met.
Market testing does take time, but it doesn’t have to drain resources. While major corporations spend the big bucks on market testing, that doesn’t mean you have to. Look at your current social and business networks and start testing your product idea and prototype with these individuals. You can then expand your test market as you progress in the product development timeline.
Your time and money are extremely valuable, and can’t afford to waste them by investing them in producing a product that fails in the marketplace. The more you test your product before you produce and sell it, the more likely you are to earn the sales and profits that you desire.
Market testing is another way of building excitement about your product. We recently worked with the Menehunes as they developed their product, pitched it at a community startup event and launched a crowdfunding campaign. However, before launching their Kickstarter page, these young entrepreneurs had the foresight to reach out to their target market, and let these potential buyers test the product and provide them with feedback. The feedback not only helped hone in on the final design, but it also connected them with some of their first Kickstarter backers. It is never too early to start building excitement around your product’s launch.
Testing your target market is one of the many steps before launch, but it is one that should not be overlooked or undervalued. Continually testing your target market can help ensure your product’s success.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
Startup Connector is a Manufacturing Accelerator helping companies commercialize—turning ideas into products.