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How to conduct market research for two similar products

by Jeffsg605
3 replies
Say I have two physical products I'm looking at developing that are similar to each other. For sake of this example, lets say they are both for the camping industry. One is a new tent and the other is a new grill. They will both cost around $100. What is the most cost effective way to get real market research on which idea to pursue? Is there a way to do it without building a prototype first or is that always the best way?

Thanks in advance.
#conduct #market #products #research #similar
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  • Profile picture of the author Steve B
    Jeffs,


    If I were you, I would focus on determining what kind of market demand (people expressing an interest in buying the product) there is for each separate type of product. See if a lot of consumers are asking questions about and looking for reviews and info on each product.


    Do keyword research and determine where there is demand and how heavy it is (number of monthly searches in Google and other search engines). Go to Amazon and see what the competition is like and also if there are a lot of books on the subject.


    Use the search function here at the WF and read threads about how to perform "market research" - they will give you ideas to help you determine which marketplace is most in demand, which might be under-served, and what competition already exists.


    This kind of "discovery" should be completed prior to entrance into any marketplace with the idea of selling a product. Go into IM with you eyes wide open about the niche you plan to monetize.


    The very best to you,


    Steve
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  • Profile picture of the author Jeffsg605
    Thanks Steve, so it sounds like there's quite a bit to do before even thinking about a prototype. If you can't tell, I'm pretty new at this haha. I'll start searching around. Thanks!
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  • Profile picture of the author businesswarrior121
    Hello Dear,

    I tried once to like you before. I tried to market both Cooker and Juice blender few years back. Both proven failure to me. Then i realized that i was wrong doing two products marketing together. Even i added baby products in my market research. I was young and new then. I failed that time.

    From your example i can imagine some people on a vacation beside a beach and having grilled Fish . (Haha..Sorry i'm just kidding) . As you are marketing physical products, people will always check for real reviews. When you have two products side by side , it touch to get positive reviews of both products.
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