EXECUTION Is it wise to promote a product which you haven't created yet to see if the public is interested or not

[Charlychill]

Hello everyone Im Charles. I woke up one day and realized that I need to stop changing money and fulfill needs of the people so decided to promote a product that possibly might sell really well, the issue is I haven't created it yet. My philosophy is if I get a lot of orders that's when I decide to make it. Is this a wise decision?

 

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[peterb0yd]

Yes do it

 

[Charlychill]

Yes do it

Thank you

 

[VivaciousVipin]

Hello everyone Im Charles. I woke up one day and realized that I need to stop changing money and fulfill needs of the people so decided to promote a product that possibly might sell really well, the issue is I haven't created it yet. My philosophy is if I get a lot of orders that's when I decide to make it. Is this a wise decision?

In my experience, yes you should do it. I have also read this somewhere, doing this will also validate market need.

 

[Kung Fu Steve]

Only 2 ways:

1. build something and find people who want to buy it
2. find a group of people, ask them what they want, and provide it to them

 

[Parks]

Well I mean yes test the markets interest, but accept money for something you don't know you can build yet... (If this is a product) I wouldn't. Getting near scamming there.

 

[kpoa]

Hello everyone Im Charles. I woke up one day and realized that I need to stop changing money and fulfill needs of the people so decided to promote a product that possibly might sell really well, the issue is I haven't created it yet. My philosophy is if I get a lot of orders that's when I decide to make it. Is this a wise decision?

This is something that a lot of people ask themselves. My personal opinion, Testing the market can save you a bunch of time, money and stress.

Start by asking family and friends. Before I get attacked, hear me out. I have a method you can use to determine if family and friends are being honest or just being nice.

First come up with a ridiculous silly idea. For example, candy that wrapps around a pacifier perfectly so babies can enjoy it easily. (Dumb right? That's the point) and pitch it to family and friends.

you'll find out real quick who to really trust lol

All jokes aside, go for it. Validate your idea. Maybe don't go into crazy detail, but the goal is validated learning.

 

[MitchC]

Well I mean yes test the markets interest, but accept money for something you don't know you can build yet... (If this is a product) I wouldn't. Getting near scamming there.

there’s definitely laws against it, I believe it’s called dry testing.

what I would do is make the payment page not work so that you can test if people are actually paying but not take thier money at the same time

 

[Kid]

I also agree with previous posters - do it but don't charge their cards.

there’s definitely laws against it, I believe it’s called dry testing.

what I would do is make the payment page not work so that you can test if people are actually paying but not take thier money at the same time

from article below:

In his article Tim outlines some FTC guidelines and then shows you exactly how to create this type of survey yourself.

“The Federal Trade Commission is normally OK with tests like this, so long as four conditions are met:

• No representation is made that the product definitely will be produced.
• There must be adequate notice of the conditional nature of the offer.
• Those who order are promptly informed if it is not produced.
• There can be no substitution of another product.”

Dry Testing - A Cool New Way to Test for New Product Feasability | QuestionPro

There are many creative low cost ways to get some really terrific behavior based research done these days. Tim O’Connor, CMO of PCDI/Ashworth our guest

www.questionpro.com

I wouldn't charge their card even if those points above are covered - if someone will get angry for being charged and not getting his item he might start some FTC procedure.
Not worth the time.

 

[sajo]

Hello everyone Im Charles. I woke up one day and realized that I need to stop changing money and fulfill needs of the people so decided to promote a product that possibly might sell really well, the issue is I haven't created it yet. My philosophy is if I get a lot of orders that's when I decide to make it. Is this a wise decision?

Hey Charly,

I'm new to the forum here, but I'm not new to marketing.

None of the above answers may actually be accurate for you.

First off... it really depends on what the product is. Is it a digital product (like a course)? A coaching product? A physical product? A POD product? A car? A yatch?

Ya see what I mean? If you're thinking of building a new $1M+ yatch... the way you would approach that is very different than if you were going to release a small $47 e-course.

Yea, duh... there are things that can be illegal and "scammy" if you do them wrong. But, what these people are failing to realize, is that there is a right and wrong way to "pre sell" a product, and in ways that are perfectly legal and non-scammy.

So... to help further, humor me this:

• What is the product?
• Who is the audience?

I mean, really... that second question is what you should be focusing on. As @Kung Fu Steve mentioned above, most successful businesses find a hole in the market that they can fill. But, it's not just about finding a hole... you truly have to understand who your customer is, what their pain-points are, and also find a BALANCE between... what they think will help them, and what will actually help them.

Anyways... hope that helps, and happy to help further.

 

[Chasta_tea]

Hello everyone Im Charles. I woke up one day and realized that I need to stop changing money and fulfill needs of the people so decided to promote a product that possibly might sell really well, the issue is I haven't created it yet. My philosophy is if I get a lot of orders that's when I decide to make it. Is this a wise decision?

Hi Charles!

Welcome to the forum! Such a great question…

My area of expertise is in customer service, sales and marketing into regulated industry sectors such as pharmaceuticals, chemicals, etc.

While I have no prior knowledge of promoting a company prior to incorporating it, obtaining licenses, etc., I can tell you I am doing something just like it right now.

A couple weekends ago, I became so frustrated with a local service in the community for its lack of professionalism and upkeep. This company has been known in the community for years now to be the only such company offering its service. So, I decided to create a little tension and troll this company by creating a website for a competing company in the same industry and community. I created a “Coming Soon” website, Twitter, Instagram, YouTube and Facebook page to promote the company. Total time invested: 10 hours. Total monies spent for a domain name, monthly website hosting service and professional email address was a total of $39 ($14 recurring fee for hosting service and email address). To write the copywrite for the website I researched all of the low rating Yelp reviews (and boy were they plentiful) to position my company as one that “cares for the residents in the community by offering a professional, friendly service with a welcoming atmosphere” yadda yada. This weekend I plan to spend about $7 running a Facebook ad for this “Coming Soon” business to see what type of response it yields.

Bottom line: While the above scenario is for a service oriented business as opposed to a product oriented business, it never hurts to have proof of concept. If it’s a product you’re looking to promote, maybe create a prototype, create a landing page with a “Buy Now” call-to-action and mark everything as “out of stock” with a “notify me when available”. This way you can better position yourself to meet the demand.

Good luck!

 

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[Johnny boy]

No it’s better to waste a year of your time and thousands of dollars to make sure that nobody gets tricked. Be a good boy and follow the rules.

 

[The-J]

Isn't that literally what Kickstarter is?

There's no rule that says you can't sell pre-orders for a product that has yet to be created. You can create an offer, spend $200 or something in ads, and see what the response is.

Just don't lie and say "you're getting the product in 2 days" when it doesn't even exist. You can take pre-orders if you like, or you can just collect email information. It's better to take pre-orders but sometimes that's not viable.

 

[Charlychill]

Thank you everyone. I see the light, Im going with @The-J with a kickstarter campaign. This way if its successful I'll have the funds to actually produce what I promise. If no body cares then at least I tired to jump in the Fastlane

 

[Charlychill]

Well crowd funding campaign going and I have only been able to get friends and family to contribute so it's going horribly. Im hoping I won't have to add this to the list of my many failures

 

[e_fastlane]

I also agree with previous posters - do it but don't charge their cards.


from article below:

Dry Testing - A Cool New Way to Test for New Product Feasability | QuestionPro

There are many creative low cost ways to get some really terrific behavior based research done these days. Tim O’Connor, CMO of PCDI/Ashworth our guest

www.questionpro.com

I wouldn't charge their card even if those points above are covered - if someone will get angry for being charged and not getting his item he might start some FTC procedure.
Not worth the time.

I always chuckle when I read advise like this. I dont mean to pick on you specifically and this is more generally to all the people that bring up enforcement action.

We can talk about and discuss the morality of dry testing. Everyone may have a different point of view with reasonable arguments for both sides.

But the insinuation that there will realistically be any legal actions to come of it is ridiculous. It takes ftc years and a barrage of complaints to crack down on anything. Even then it's usually a warning letter unless you are doing something really bad. Literally no one is coming after you because you dry sold 20 $10 widgets and refunded people immediately after. Even if they made FTC/AG or any other complaints, literally absolutely nothing will come of it. Zero chance. Period. The only even possible action is a civil lawsuit for deceptive practices and really only from a place like California. But even If we set aside the insanely small chance that happens to you (struck by lightning is more likely), there is zero chance it won't be dropped as soon as lawyer realizes he is gonna make zero dollars and it was a test run from a nobody.

Again, I'm not saying it is ethically right to do it. I am saying that insinuations of any legal reproductions is ridiculous.

Note: This is obviously making an assumption that you are talking about some small consumer widget/item. I dont recommend pre-charging people $35,000 for your idea of a car prototype and then telling them it was all a test. So hopefully I didn't read this room incorrectly.

 

[Kid]

I would generally agree with you @e_fastlane except for two things:
1. Energy
2. and comment on:

literally absolutely nothing will come of it. Zero chance.

1. From energy standpoint, you'll get portion of you occupied by thinking what if.
That is distraction. I don't know about you but i don't like distractions.

There is possibility that you will do "who cares" and won't worry about it - if so i wouldn't like to be your client nor investor in whatever you are doing.

2. There are very few things that can't happen. Not getting lawsuit or getting chased by gov is at the opposite end of a scale .

We have different views, so lets go in separate directions that those views lead us to.