Podcast: Play in new window | Download
Business Challenge
Developing a new product or even a new service line is an expensive endeavor. From the initial idea phase to production to launch there is a great deal of time, money, and energy that is required in order to be successful. While the big companies can develop expensive prototypes, and have in-person focus groups to help them determine if there is interest, those can be budget busters for smaller companies.
Of course, even not having a 7-figure R&D budget there are methods you can employ to help you gauge interest without breaking the bank. Today’s challenge hits right at home of gauging interest before hitting full scale production.
“How do I find out if there is interest in a product before development?”
Listen in and read on to find out more:
Key Items
- Customer Survey - A customer survey is a classic way to find out if there is initial interest. If you are expanding a product line and you have been in business for some time then surveying existing customers is a route you can go to see if they would have interest in another product of yours. If you have a small list or are a new company there are now plenty of methods you can use to survey (for a low cost) to see if there is interest (Survey Monkey, Google Surveys). Take time to design your survey questions to help you find out if there is immediate interest (i.e. I want to buy now), if your product is something they would consider, and even if there are variations that would make it more useable to the end client.
Instagram Interest - We saw this platform used to gather interest in a product before the company had a website (their website now is still really just a single page site).
The company is Gater Supply Co and they have a full spare tire holder that can be added to an SUV using the hitch. Their instagram page showed pictures of the product in use and asked those interested to email. This is a great way to connect with potential customers, get feedback (for all we know it could have been just 1 or two prototypes), and build a list of interest. The visual nature of Instagram is a great way to show prototypes of products and then connect with groups that could be interested to see if you can gain initial momentum. Consider having different versions of photos and see which ones get more likes to judge the success. If you can capture interest by sending to a landing page that is great, but, as Gater Supply shows, you don’t have to.- Pre-Launch – A pre-launch or “coming soon” marketing campaign is common in the training and info-marketing space. You can develop basic course outline, a few videos, and then have a way to optin or pre-order the course. The method here is to make a steep discount for those that are eager to partake. If your course is going to retail for $99 then you might make it $49 or even $29 for the early adopters. If you can’t get enough interest then you can refund the early adopters. Let them know that if you don’t hit your target number of customers that is what happens as it makes it even more risk free.
Sponsors
- Perry Marshall – As the co-author of the Ultimate Guide to Google Adwords, creator of the Adwords Bootcamp and one who has developed ninja level marketing programs you are sure to find a marketing strategies and tactics that will help your business get to the next level.
- Email Autoresponders – Staying connected with existing customers and prospects can be a challenge when you are relying on only your own activity. Implementing an email autoresponder sequence will help you to engage prospects over time until they are ready to do business with you and keep existing customers thrilled that you are staying in touch. Find out more about the solutions that can help your business today.
Want Your Challenge Featured?
With each challenge we tackle, we look to not only solve the problem we look to shed light on new opportunities for our listeners. We invite you listen to a couple of the business owners who shared their challenges and to submit your own today!
Leave a Reply