At Harvest Growth, every project we begin always starts with market research. We firmly believe in this first step, and to learn more on why we believe this is so important check out our blog post: HG Marketing Tip #4: Research & Results.
Today you are in for a treat because in the video above, we are sharing the top 3 lessons learned from over 200+ product launch surveys. Every product is different, but these 3 common themes seem to be relevant to just about any product launch, so check it out by watching the video above!
Additionally, because it is the holiday season and we are in a giving mood, below is a snippet from Jon's book, Sell On TV: How to Sell Millions of Your Product on TV and into Retail. This is an excerpt from Chapter #2: 7 Laws of the Harvest and what just so happens to be law #1? You guessed it, Market Research!! Enjoy!!
Law #1: MARKET RESEARCH
The first step to creating a successful product is ensuring that the market actually needs that product in the first place. There’s nothing worse than spending years creating something that, frankly, people just don’t want—or need.
People come to us all the time with products they’ve invented or ideas they have, and a lot of times these inventions solve a real problem that the inventor has, but it doesn’t impact many others. Remember, your product doesn’t have to necessarily be revolutionary or unique to stand out.
There are probably hundreds of cleaning agents on the market today, but that didn’t stop first OrangeGlo and then OxiClean from becoming big hits. Why? Because they had enough uniqueness to stand out in an otherwise crowded market. So don’t look at your grocery store or department store shelves and think, “Ah, this product already exists.”
Look at your product and see how it can be better, more unique, more marketable than anything else out there. Of course, it helps to have something brand new—but only if it’s something consumers are going to actually want— and buy! 20 In order for your product to become a big hit on DRTV, you need to make sure it works for a mass market.
OxiClean, for example, can be used by every home in America, and in most of the rest of the world. As a contrast, a baby product targeted to children aged 1 to 2 is a very limited market, and it is very difficult to profitably market to such a small audience via television advertising. That sounds intimidating at first, but the fact of the matter is that as large as the “mass market” is, it’s actually populated by individuals.
One person ordering Magic Jack here, another ordering a musical snow globe off HSN there. So chances are if you can find a lot of separate individuals who are interested in your product, the mass market will be interested as well.So, where do you start? Right in your own backyard, that’s where.
First, talk to people you know, such as your friends and family. Let them know the basics of your product, invention or idea; what it does, who it’s for, why it’s different. It’s best to write a “concept,” or a description of the product, outlining the key features and benefits of the product to share with people. You might even print them on a business card to quickly share with people and ask for feedback.
Next, talk to people at work, to neighbors, to people in your church groups, book clubs or gym. Firsthand research like this is nearly as effective as professional focus groups, which can cost thousands of dollars—and it yields very similar results. What is the value in this exercise? What you’re looking for is to answer a series of six basic questions that will help you not only refine your existing product but also make it more suitable for the mass market. This turns a simple Q & A over the back fence or by 21 the water cooler into what is known a “market research.” And, as anyone in the field can tell you, such research is worth its weight in gold!
Be formulaic in your questions so you ask the same basic questions to everyone. This way you’re getting targeted feedback on the following six very specific questions:
“When and where would you use this?”
“What problem does it solve?”
“Have you seen anything else on the market similar to this?”
"Would you buy this, and how much would you be willing to pay?”
“What do you like best about this product?”
“What can be improved?”
What do you think about this topic? Do you have any suggestions on what topic we should talk about next? We'd love to hear your comments!