I think the link you mentioned in your first post is broken
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"Hey guys I'm new here, I had a great idea to sell widgets to custom picture framing stores!"
Hi Scot, That research site is good but not for validating my product. My product is a new application of an old technology. I've been reading testimonials/complaints about the "competition's" product to validate my product. It's a really fuzzy method but it beats doing nothing. I'm also taking concurrent steps to create the product/label/packaging...
I haven't set up a timeline because I have no idea of how long stuff takes. And the manufacturers/suppliers from India are unpredictable about getting back to me.
Please post any other ideas you have about validating a new product. Thanks again, Greg
Then we get the inevitable analysis.
"Well based on research, custom framing is being take over by craft stores like Micheals and Joann Fabric. There are only 1,200 operating in the country. If you could sell 2 widgets to, 10% that's only 240 widgets. I don't think your market is there."
Save yourself the headache of coming up with your billion dollar idea then finding out a market simply doesn't exist. Visit About Questia | Questia, Your Online Research Library
You can get a good overview of the market you're targeting for quick validation. If it passes this quick litmus test of simple numbers, then you can move on to more in depth market research and validation.
We see it time and time again. VALIDATE before you execute. There are plenty of current and former Fastlaners who made this mistake, learn from it so you can save yourself time and money.
*disclaimer: I do not own or have any connection with that website. It is simply a tool I used to evaluate the market for my business. I found it through Google search.
Hi Scot, That research site is good but not for validating my product. My product is a new application of an old technology. I've been reading testimonials/complaints about the "competition's" product to validate my product. It's a really fuzzy method but it beats doing nothing. I'm also taking concurrent steps to create the product/label/packaging...
I haven't set up a timeline because I have no idea of how long stuff takes. And the manufacturers/suppliers from India are unpredictable about getting back to me.
Please post any other ideas you have about validating a new product. Thanks again, Greg
Hi JC, Thanks for talking about validation. I'm in the conundrum where I need a product in order to validate unless it's a purely hypothetical survey. Ex. "would you buy xxx if it cost yyy?" (That is tough w/ B2B products.) Anyhow, just thinking in terms of validation is a good practice. Thanks again, Greg
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