Posts Tagged "target market"

Early market validation for your product idea is key to success.

Market Validation: Test Your Product Idea Early

Early market validation for your product idea is key to success.Market validation is the process of determining whether your product idea is of interest to a given target market. Before you invest the time and money into developing your product, it is recommended that you validate with your target audience that this is a product that they not only like, but will buy.

Below are three ways to quickly complete the first phases of market validation to test your new product idea:

Look for Competitors

Successful competitors offer proof that demand exists. While it can often be daunting to first-time entrepreneurs, competitors validate that there is a market for your product.

When you are the first to market, you are faced with the challenge of not only selling your product, but educating your target market about the major problem as well. Established competitors have already educated the market and conducted market validation, now you get to come in and offer a new solution.

You can offer the product in a new location, market it to a new group of people, or differentiate based on features or price to carve out market share. (Entrepreneurs Handbook).

Talk with Your Target Market

While your friends and family might find your idea cool, are they your target market? Will they be making a purchasing decision for your product? If the answer is “no” you need to reach out to your actual target market—the people you want to buy your product.

If your product is challenging to explain in a clear and concise manner, a visual prototype can really help you convey your idea. Depending on the size of your product, 3D printing technology allows you to design and print a visual prototype quickly.

The feedback from your target market is going to help you build the product customers will buy, so the design of your product will most likely change a bit to accommodate customer needs.

Research Search Traffic

Google is a powerful tool and can give you a glimpse into the collective mindset of your target audience. See how frequently people are searching for the product solution you want to launch.

It will be up to you to interpret the data, but this market validation strategy is a way to see what people are looking for and the words they use to describe it.

Early Market Validation is Key to Success

Due diligence is crucial in entrepreneurship because it helps you avoid losing time, money, relationship capital, and confidence on a bad idea. (Entrepreneurs Handbook). These three tests are a quick way to start the market validation process, test your idea and ultimately help your startup succeed quickly.

Do you have additional product development questions? Send us an email at info@3d-innovations.com

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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.

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Market Testing Is Vital For Hardware Startup Success

March 21, 2016
3D Innovations

goalSuccessfully 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.

What is Market Testing?

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 productprice 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.

Is Market Testing Expensive?

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.

Build Excitement Around Your Product Launch

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.

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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.

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