Okay, so you have an idea or a product which YOU think is going to be a winner and you want to go to market with it.
You are formulating a business plan, a marketing plan and you have built a revenue model based on the expected demand and future sales of your product or service.
So now you are ready to go right? WRONG!
You have just made the same mistake that thousands of other established businesses and budding entrepreneurs make every single day.
YOU HAVE NOT TESTED YOUR PRODUCT ON YOUR TARGET MARKET.
Now many people believe that the initial launch of an idea or product onto the market substitutes for testing. We often hear of terms like “soft launch” or “limited release” and “beta site” as well as other more obscure terms most of which mean that a business is testing a new product or service to see if the intended target market is going to BUY the new product or service in sufficient quantities to fuel a successful revenue model.
In business today one of the smartest investments you can ever make is to independently and professionally test your product or service BEFORE committing substantial amounts of time, money and effort into a fully fledged business.
Up until now the prohibitive costs of professional product and idea testing has meant that only the larger cash rich businesses have been able to access this type of market research. But, as Bob Dylan says “ the times they are a changing” and today there are a select number of highly qualified and experienced product and idea testing companies who can provide invaluable statistics and consumer feedback on virtually any product or service.
For Example:
Recently a UK firm came up with the idea of supplying car service workshops with a range of generic car parts sourced in China and available world-wide via a very sophisticated e-commerce website.
The UK firm in question was already supplying lubricants and seals to a very established UK customer base and the owners of the company had many years of hands on experience in the automotive parts distribution business.
The cost of expanding the business world-wide (online) included building the website, establishing distribution points in the US, Australasia, Africa, The Middle East and expanding their own UK facility to cater for Europe.
There were many other initial expenses as one can imagine, but on paper the business model looked brilliant.
Being seasoned campaigners however, the owners of the company decided that no matter how enthusiastic they were about their concept they would test it first. To that end they invested a tiny fraction of what the expected overall business cost would be in a firm which would canvas a large enough portion of their target market to get a solid indication of how the new service would be received.
The results were stunning. It turned out that most of their target market had a preconceived idea that Chinese products were not what they wanted to buy unless they had no other choice. Regardless of the convenience and the low prices, workshops were not going to readily embrace the new product. It also became evident that many workshops had an ongoing business relationship with their existing supplier and had the added benefit of a local representative, local promotions, golf days and so on.
As a result of a $35,000 investment the company successfully changed their world-wide expansion program to target local wholesalers with a range of white label products which could be branded to whatever the wholesaler required.
Millions of dollars were saved and the company continues to expand their market penetration every day.
Product & Idea Testing Fees
Prices start at $4,000. For more details contact No BS SEO on (02) 8003 7444.
