Market research is an important part of every product release.
One of the most important things for a business owner to learn is an effective strategy for new product development. First, a company needs to know test new products to get customer feedback before they begin widespread manufacturing. Next, they need to know market products correctly to a trial group before moving on to a wider launch. The right combination of testing and trial marketing strategies can make any new product a success.
Instructions
1. Find a group with whom you can test your product. Offer pre-launch or pre-release products to your usual product reviewers, since someone who's previously reviewed your products can probably offer you valuable insight that can help you make refinements, if necessary, before launch. If you have an existing website or customer base, you might offer a special beta release or pre-release version of your product to a select group of customers. You can also make an offer through social networking portals like Twitter or Facebook noting that the first people to reply will get access to a new release product.
2. Release the product to a test group at a free or drastically reduced price. The goal of product testing is not to make a profit, but to gauge interest for the product and learn refine it to make it perfect for your public release.
3. Create a feedback system for your product. The purpose of a test is to see if your product is ready for a wider launch or if you need to refine it first. Make your discounted or free copy strategy offer contingent on a response to surveys or questions that you have about the product. Use a process similar to the nature of a focus group. Alternatively, if you're testing a non-virtual product and have the money, you could actually hire a market research group to conduct focus groups. In either case, the goal is to find out what people like about your product, and what they don't like.
4. Compare your product to others on the market. You need to make sure that something about your new product either improves on an existing product, or meets a need better than it can be met by something that's currently available.
5. Make changes to your product based on the feedback you receive from your surveys and studies. You have a huge opportunity to refine your product to ensure that it will be positively received when you finally launch it.
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