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We Study The Market For A Non-Existent Product

Although the very idea of ​​conducting market research for a product that does not yet exist may seem far-fetched or even absurd, you should not completely dismiss it, because it can provide extremely important information for the development and launch of a new product.

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Although the very idea of ​​conducting market research for a product that does not yet exist may seem far-fetched or even absurd, you should not completely dismiss it, because it can provide extremely important information for the development and launch of a new product.

Why? Because it received data, it becomes possible to promptly make changes to the product at the stage of its creation, so that later it was favorably received by customers and did not require funds for rework. Conducting market research at the product development stage is a great way to mitigate business risks. So, how to research the market for a product that you still cannot show to consumers.

1. Determine the degree of interest of the audience

The first thing to do is to determine the target audience for your product. This can be done using simple surveys to help understand the degree of user interest in a potential product and the various characteristics of the users themselves (age, gender, area of ​​residence, area of ​​interest, level of education, etc.).

Please note that if during the survey it turns out that people are rather cool about your future product or are completely indifferent, then this is either a sign that you have not revealed its potential to people or a sign indicating the need to refine the current version of the product.

There are two ways to conduct a survey – questionnaires and interviews. The first will help determine how people perceive your product, the second – why users like or dislike the product. You can conduct surveys offline – right on the street, or online variancetv – the Internet offers many tools and opportunities for this type of activity.

2. Create a prototype and get feedback

After collecting the initial data on market availability and potential interest in the product, it is time to start creating a prototype and first demonstrating it to consumers. The prototype will provide more reliable information than polls, the results of which can be affected by a lot of external factors, including the lack of complete information about the product.

The reaction of people to a physical product can be very different from their attitude to the concept of a virtual product. If people in the course of studying the prototype offer to make any changes to it, do not rush to brush aside this information. Indeed, when it comes to marketing research, no one knows what the client needs and what the client can pay money for, except for the client himself!

3. Get customers involved in the product creation process.

Attracting potential consumers at an early stage of product creation is a great idea because by involving interested parties in the process of generating creative ideas and development work, you practically provide yourself with people who are guaranteed to spend money on the purchase of your product when it is launched on sale. And co-creation creates a high degree of probability that along the way to the final version of your product you may have a couple of other side ideas that are not without potential.

Numerous studies emphasize the importance of involving consumers in the creative process to a much greater extent than it was a decade ago. Consumers who took an active part in creating the product will not only become your first customers but also active advertisers: they will surely want to share information with their relatives, friends, and acquaintances about their role in the process while stimulating interest in the product itself from their audience.

Findings

Although marketing research can begin to be carried out long before the final version of the product is created to make it as attractive as possible, it is worth remembering that the best is the enemy of the good. Constant product improvements impede the process of its entry into the market, which entails the danger of obsolescence of the idea itself.

Trying to achieve perfection, it is easy to miss the moment when the product will be in demand, and as a result, bring outdated and irrelevant goods to the market. Start creating your product immediately from the moment the idea arose, refine it at the stage of creation and continue to improve every year of its existence.