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How to research the market to see if there's demand for a product or service?

by UK Wealth Wr
7 replies
A lot of successful entrepreneurs say that you should always research the market to see if there's demand for a product or service before you start trying to market something.

Many also say that just because a product is innovative or new doesn't necessarily mean there will be demand for it, you will not necessarily be able to make money from it.

So what are the best ways to do this sort of market research? How do I find out if there's demand for what I'm selling before I start?
#demand #market #product #research #service
  • Profile picture of the author wiifm
    I would just try marketing it for free, then if you get a few sales you can ramp up your efforts.
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  • Profile picture of the author Christian B
    Hello,

    find forums about your niche and see if people talk about what your product/service can resolve.

    And see if there are books about what your product/service do: if publisher spends money for that, it means there is a demand.
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  • Profile picture of the author FastInfoPro
    Does your product or service currently exist?
    Can you describe the ideal person who will use/purchase this product or service?
    By describe I mean:

    Age
    Gender
    Income level
    Married/Single
    Lifestyle

    If you can't describe in that detail, can you describe in generalities?

    Gender
    White collar or blue collar?

    Each demographic has specific characteristics related to online usage. For instance, 45-55 year old, middle class, married women is the fastest growing group getting on Facebook. 2014 college graduates are flocking to LinkedIn.

    Identify your ideal customer, go to the online sites they use, read comments/reviews/descriptions of products to understand what they respond to. Use that information in the copy of your sales letter/website/email series.

    Without knowing more about what you want to sell, that's all I can offer right now. I hope you find it helpful.
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  • Profile picture of the author nicholasb
    The first thing I always look for is a ton of competition, thats usually a good indicator.

    You can also download a list from a list broker and find out exactly who's buying what. If I see a category where people are buying a ton of products in that area I usually jump into that market
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  • Profile picture of the author Raydal
    Well here are just a couple strategies some using Google.

    1. Use the keyword tool to see how many people are searching for that product.
    You can also use Google trends.

    2. Do a test PPC campaign.

    3. Study your competition. See what they keep advertising for repeatedly.
    Most likely they are making a profit if they keep running the same ad.

    4. Survey your potential customers and take pre-orders.

    5. Predict future trends. (Such as following the boomers population.)

    -Ray Edwards
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  • Profile picture of the author paulie123
    Any of the mentioned advice is helpful. Watch out for so-called "guruism." Just because they say market research is necessary, doesn't mean it is or that you will find anything meaningful that will help you make a decision. Than, there is always Steve Job's advice. He never did any market research because, according to him..."the market does not know what it wants until we show it to them." Wonder if that approach worked, lol! My two sense!
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  • Profile picture of the author LuckyIMer
    You can start by using search engines and forums for your research, making a poll and asking members opinion is also an available option you can go for.
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