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Estimating Market Potential (How To?)

by abbadox
5 replies
I have about a dozen product ideas and am looking for advice on how to estimate or determine the market potential for a new product.

Any suggestions is very much appreciated.
#estimating #market #potential
  • Profile picture of the author William2010
    Just see see if your product resolves at least one problem for your market.. then search simillar products with yours that have been launched in the past, and see how well they did.
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  • Profile picture of the author infogenius
    @abbadox
    Your product ideas will not be profitable unless you can prove it.How do u prove it?

    1. Be absolutely sure that your idea attends to a very hungry and large market.
    2. Check what is available similar to the problems you want to solve.
    3.Visit forums related to your would be market to see what solutions people are craving for despite the available products and also to know if there plenty people looking for a solution your idea will address.
    4. Are the available products meeting their needs? If it does not then you may need to improve on the existing products available.
    It has a lot of work embedded within but you should be able to crack it.

    This should be able to help estimate its potential.
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  • Profile picture of the author Stuart Walker
    Some useful posts you should check out...

    Cloud Jacking: 7 Steps to Dominate Your Niche
    The Ultimate Guide to Finding A Niche Market - NicheHacks : NicheHacks
    Data Mining: The Ultimate Guide to Niche Analysis
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    • Profile picture of the author savidge4
      A question to ask... how far along are these ideas? Could you build a website tomorrow and start selling them? or is there some work that needs to be done?

      If you can develop a product quickly IE a e-book solution. BUILD a site. Seriously how much is a website? $150 a year? ( I know I pay less but throwing out a number ). And see where it goes. In the realm of risk factors, $150 is littleor no risk to at least try!

      I might suggest that since you have so many possible products that you think of a "Brand" name that could house all of your products together. 1 site multiple products. This is a system I have started using in the last year, and it is amazingly effective.
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      Success is an ACT not an idea
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  • Profile picture of the author abbadox
    Thanks for all the great info guys.

    The idea of going after a hungry market is dead on in my opinion and looking at current products to gauge market interest in a great concept but I cannot really apply it to my ideas for the most part.

    The question regarding how far along the products are is not far. Just ideas I have had over the last few years mostly geared toward solving problems I see other people and businesses having.

    I am going to think about it for a couple of days and select one and just go for it. It will be a great learning experience regardless of any financial gain.
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