how to determine if your product will be successful before you start selling it

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How To Determine A Successful Product Before You Sell It

1. Quick Tests - Quick Results

Before looking to launch a new product, conduct a quick test to see if

you have enough demand.

Create a short report - 5-10 pages overviewing the benefits and need

for the product/service

Create an adwords campaign targeting specific keywords for the

product/service

See if you get enough interest to spend the time developing a full blown

product or service.

Quick. Easy. Reasonably cheap and you get a list of people pre-interested in your product before you

launch.

Thanks to Scott Lovingood of The Wealth Squad

2. Asking Outweighs Selling

Asking both clients and potential clients about their needs usually

precedes product launches. With a combination of direct email, surveys

and telephone calls, a few questions about current problems can help to

determine if the product in mind is one worth creating or if the gears need

to be shifted. It's not what I think, it's what potential buyers think, that

determine the viability of that next product or service. If I skip this step,

I've only satisfied my my ego.

How To Determine A Successful Product Before You Sell It | Toilet Pape... http://www.toiletpaperentrepreneur.com/blog/how-to-determine-a-success...

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Thanks to Patricia Weber of Business Coach For Introverts

3. Focus Groups Sell!

Focus groups come in many varieties such as paid, exchange of services

and community service. Gather a reliable group of people to tell you from

their perspective what still needs to be added, subtracted or tweaked in

your newest offering. Over the years, I spoke to groups of job seekers

always hearing my sales training skills helped them land their desired job.

This October, my new book, HIRED! How to Use Sales Techniques to Sell

Yourself On Interviews will be sold!

Thanks to Elinor Stutz of Smooth Sale

4. How To Create Products YourCustomers Will BEG To Buy

If you're tired of creating products that flop,

here's the solution: Create WINNING

products--quickly, easily, and

inexpensively--by ASKING your customers

and prospects what they want, then creating

it.

Start with social media or a "lead" page to

find their #1 question about your topic, to get a product idea. Then TEST your idea with a product

creation survey. You'll get a road map that shows exactly what they want, how they want it delivered,

even what they'll pay!

Thanks to Jeanne Hurlbert of MySurveyExpert, LLC

5. Prospect Profiling

Products and services are not successful or unsuccessful independently

of your prospect or tribe. Get to know your ideal prospect. Your ideal

prospect is an imaginary person who can't live without your product or

service. Market your product or service to that ideal person. Your

marketing will now automatically generate a tribe of real people who are

similar enough to your ideal prospect. Once you have formed your tribe,

your product or service is bound to be successful.

Thanks to Berit Brogaard of University Of Missouri, Saint Louis

6. Find The Keys To Satisfaction

The best way to know that your service or product will be successful

before you launch it is to talk to as many potential customers as possible.

Find out where their needs are and what aspects of similar products or

services have thrilled them. For example, when I recently launched a

triathlon I found out that goodie bags worth more than the registration,

glass trophies, and a cold bottle of water at the finish are key to high

levels of satisfaction.

Thanks to John Paul Engel of Knowledge Capital Consulting

7. Ask Your Customers!

I design a line of gifts & some of my best

sellers have been suggested by my

customers and wholesale buyers. Twice a

year I send out surveys listing my new design ideas. I ask them to let me know which they would buy &

if there is anything else they suggest. If anyone submits an idea that is not already on the list and I use


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it, they get the first one free. They love being part of the process and I get a great response when I

announce & send pics of the new additions.

Thanks to Pamela Corwin of Paper Scissors Rock

8. Share It For Free!

Get your product to your customers early, so you get some real genuine

feedback from them, and if you aren't selling yet, give the product away

to consumers who would be willing to exchange the free product for

some real feedback.

Thanks to Danny Wong of Custom Men's Dress Shirts | BL

9. SELL IT!

Seriously...The only way to do business

is to do business. Start calling people

who you want to sell your product/service

to and ask them if they would actually buy

it, were you to sell it. Market

Research/Shmarket Research ; )

Thanks to Mo Nariani of Mass Energy Lab, Inc.

10. Call On Your Honest Friends

Share your idea, especially at the prototype stage, with your close

friends who will give you truthful answers about the possible success of

your product. Invite a group over to your home or office to have a test

session and ask them to share any positives or negatives they notice.

While you can make corrections down the road, it is much easier to fix

problems before the product goes to market.

Thanks to Barbara Schantz of Baby Dipper, LLC

11. Feedback From Your TargetMarket

Show your product to your target market and

get their feedback. If you have targeted the

correct consumer and it can competitively

compete with the competition then you need

to make sure people will buy it. You could

create a focus group and have people

sample your prototype or pitch your idea to

the targeted retail outlets. All this information

will help you evaluate how your product will

do in the market.

Thanks to Sheena Edwards of Lizzie Lou Shoes

12. MOVE FORWARD

I don't think there is a good way to know for sure.

Do your basics...who is my target audience...make sure there is one and

move forward.

The darn snuggy, shamwow, pedi-egg & croc's -- how would these have

done in a test market? I think they are all silly, silly producst AND 2 of those


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items have been given to me as gifts and live in my home. Someone had an

idea and chose to move forward - cheers to them!

Thanks to ALIA MARIE HAZEN of REMAX PORTLAND OREGON

13. Willing Customers!

To properly evaluate the saleability of your product or service, ask

prospective customers if they will open their wallet now. Don't ask:

"Would you purchase xyz product or service?", as it's purely hypothetical and people almost always

respond positively. Instead, ask: "Will you purchase xyz product or service right now?" As Dan Rao,

former CEO of Chadwicks of Boston always says: "The single most important thing in a business is

having willing customers!"

Thanks to David Sears of YouFloral.com

14. Dip Your Toe Before You Jump In!

Try a test. Not a big focus group - affordable, informal research. Get a hold

of some folks in your target market. Run the idea by them. Gauge their

honest response. If they believe your product / service fills a need, at your

price point, move forward. Listen to their feedback for ways you might be

able to improve your offering. Their feedback may help you turn what would

have been a mediocre launch into something stellar. And if nobody wants it,

move on.

Thanks to Denise McVey of S3 » Advertising, Marketing & PR

15. Test It Live!

The biggest thing I have found in my products

has been taking it to a group as a speaking

gig and seeing the response. Recently spoke

to a Mom's Making Money group and it was a

hit, I was booked for 1 hour and we went 1.5

hours because they were loving the content.

That was then turned into a audio product!

Which in turn they are purchasing as well. If

they love you live from the heart it will sell!

Thanks to Robin Hardy of Integrity VA Serviices

16. Do Your Research!

It may sound too simple, but the only way to know if your product will

sell well is to do your research correctly!

Preferably, finding a similar product is your best bet. It's generally much

harder to jump into a niche that you've basically created.

Finding out similar product demographics, and checking trends are two

key factors to make sure you have a sustainable, profitable niche to

work in.

Thanks to Bradley Barks of Sprained Ankle

17. Samples And Sales And Surveys - Oh My!

We created about 2,000 prototypes in a variety of colors and themes,

sold them at events at different price points (all successfully) to gauge

price breaks for singles, sets and quantities, as well as with free bottles


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of water included with product, etc.

We also continue to give samples to very happy recipients (prospects)

in exchange for their feedback and are still in the process of creating both simple written and online

surveys to better tally replies and results

Thanks to Leslie Haas Clanton of Beverage Solutions

18. You Can Be Successful With Any Product

Anything people consume can be a successful product. There are

people making money selling everything from soup to nuts. So, the

question isn't "How do I determine a successful product?" but "What can

I do to make sure I can sell it successfully?"

The best way to do that is to LEARN ALL you can ABOUT IT, use

available tools to LEARN WHAT TO CALL IT when you promote it,

GAIN CREDIBILITY in the marketplace by freely helping others, and

PERSEVERE WITH A CAN-DO ATTITUDE.

Thanks to Jan Blue of BlueJays Landing

19. Do Your Research!

One approach is to talk to the audience that you expect to target for

your product or service. To make market research effective you want to

have the idea well flushed out, suggested pricing and the problem it

solves all clearly identified. You can do a web survey, talk to industry

experts, set up informational in person interviews or interviews by

phone. Once selling, use the words your market uses to describe the

problem when offering your solution.

Thanks to Beverly Flaxington of The Collaborative

20. Ask Your Target Audience

Our demographic is New Drivers and their Parents. Soooo, before we

'went into business' we built some prototypes, went to a local DMV, sat

down, and started talking with New Drivers and their Parents. We

showed them the prototypes to get their opinion. After hearing

'WOW-what a great idea!' for the nth time, we thought 'Okay, maybe we

have something, NOW we can test market.' We also got great input from

Truck Drivers. Thanks visitors to the Dublin, PA DMV April 2008!

Thanks to Alan Klayman of STUDENT At The Wheel®

21. Prototype, Feedback, Sell, Repeat

We began a new product line: leather handbags featuring my art. After

much prototyping to meet our personal expectations, we wore it out to

get feedback. Once we realized we had an array of decent products, we

began to submit to gallery/boutiques to sell. Now that we're selling to

these galleries, we ask for more ideas and feedback on a new handbag

styles. Owners submit their ideas based on their customers needs and

we build a beautiful new sellable product! We all win!

Thanks to Lisa Stewart of ECStewart Designs, Inc

22. Announce It Before YouCreate It

I choose a date to hold a teleclass series.


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Then I write up a short blurb about my proposed teleclass with a few

bullet points describing the benefits participants will receive and then

send it out to my list and post it on other sites. If enough people register

for the teleclass, I get busy creating it!

Thanks to Ann Ronan of Authentic Life Institute

23. Sell The Idea First, Not The Product!

Do not spend too much time & money on building the product & then try to

sell; sell the idea first instead or the MVP(minimum viable product), build a

market then the product & then sell it to the market you just built.

I post an Ad on Craigslist & based on responses I get, I either build & sell it or

totally drop the idea & change directions. Running a beta if you're a software

or service based product is also a great idea to test the sell-ability.

Thanks to Devesh Dwivedi of Entrepreneur In Making

24. It's All Speculation Until Somebody Spends Money

Sorry to say - you can increase your odds of success with things like

surveys, focus groups, etc. - but until someone has to remove cash from

one's wallet, there's no way to tell whether a product will be successful.

All market research and polling showed the Edsel to be one of the great

success stories! Want to know if it'll work? Try selling it and then try

servicing it.

Thanks to Troy Harrison of SalesForce Solutions

25. Sell Them What They Want

The best way to ensure that a product will be successful BEFORE you

sell it, is to let your customers tell you what they want. Too often,

business owners will create a product first and then look for a buying

audience later. This is product suicide and there are graveyards of

discount stores just waiting for those things. Instead, listen to the needs

of your customers. Find their most burning problem and then give them a

simple solution. Feed the starving crowd.

Thanks to Joshua Black of The Underdog Millionaire

26. Who Gives A S#*t?

No- really! Who gives a sh#*t? is the number one question I ask any

time we\'re considering a new product, title, service or marketing piece.

Get some good minds in the room and focus all new ideas through the

lens of this simple, but powerful question.

The answers to this question are going to give you a good idea of who

your target market will be, where they live and whether or not they\'ll be

motivated to buy.

Plus, what better for a Toilet Paper Entrepreneur?

Thanks to Jim Bouchard of Think Like A Black Belt

27. Hear, See, And Do: 3 Keys To Creating The RightProduct

One way that I have been able to create successful products is by


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staying involved with what's happening in my target market. I make it a

part of my regular routine to be in the places where my market can be

found. It makes a big difference when you are able to collect primary

data by being in situations where you can observe clients directly. This

has helped me to see things from their perspective and create solutions

that speak directly to their wants and needs.

Thanks to Benita Tyler of TBS USA Accounting And Tax Advisors

28. Try It Out

This seems like a simple question but there are so many variables. Will

it have a market? Will the market be large or will it be a small niche

market? What price will the market support and will it make a profit? Are

you making it or are you buying it to sell?

What I would start off doing is asking a diverse group of people whether

they would use such a product. Then, I'd pass it around to let them try it

out and get feedback before I started buying or manufacturing.

Thanks to Jeff Stewart of Night Sky Murals

29. If There's A Buzz, Get Busy!

If you had asked me this question years ago when I first started, I would

have replied "Quite difficult on a small budget." Today with the WEB and

most especially with Social Media, you can check the buzz on your idea

without giving your idea away. Free survey software, webinar registrations

and follow-ups, SKYPE focus groups -- all help you to see "If There's a

Buzz, Get Busy!"

Thanks to Kate Nasser of The People-Skills Coach

30. Call Your Best Customers ToDiscuss The Offering

Most customers stick with you because they get

lots of value from what you provide. They will

usually be the ones who will be most interested

in any new offering. Just pick up the telephone

and call them to tell what you are about to offer.

Indicate what the benefits are, how you use the

offering, and its price. Your customer will either

give you a quick reaction or send you along to

the right person. If your existing customers don't

love it, the offering may need work.

Thanks to Donald Mitchell of The 400 Year Project

31. Personal Recommendations

How I determine a successful product before I sell it is usually through

using it myself or getting a personal recommendation by someone I trust

(or several people).

If I am unsure, I'll try the product out myself to see if I think it is

something of value to my clients and then make a decision to sell it or

not.

But, I'll often ask friends to try it as well and give me their honest

feedback.


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To your success,

Dr. Laura

Thanks to Laura Aridgides of OrganizeNOW

32. A Little From Column A, A Little From Column B

The best way I have found to get an indication about a products sales

potential is to do split testing. This can come in a variety of forms. Using

direct mail to get a potential client to submit their information to learn

more about the product in question is one way (and definitely legal).

The most accurate way is to promote it on a web based advertising

medium and have the prospect put down a deposit. This method can be

frowned upon depending on where you live though.

Thanks to Aaron Jones of AJones Co.

33. Successful Products FromThe Beginning

We asked over 25 people what they

thought about our ideas for our book. We

made sure we chose different ages,

males and females, and different interests

to get a true opinion of the possibility of

success of this book and consulting

services for saving money for consumers

and businesses.

Thanks to Carol Coots of Practical Cost Reduction

34. JUST ASK!

I believe in keeping things as simple as possible. If you want to find out

whether or not people will like your new product, ask them. A company

is a lot like a family, and a family can't survive unless people learn to

communicate. Another word for communicating with your customers, is

Marketing. Ask your customers, ask your (unbiased) friends, ask your

mentors, ask Mike. And actually listen to your feedback make some

changes if necessary.

-Bryant Jaquez

Thanks to Bryant Jaquez of Genius Business Consulting

35. How To Be A Seer

Whatever people have been asking questions about, should give you a

good indication of something that is needed. When they ask those

questions, you need to ask what they would pay for something like that.

Then you will know if it will be desirable, profitable and actually have

some impact.

Thanks to Gayle Carson of Carson Research Center

36. FREE Is A Four Letter Word!

The very best way to test market your product before you sell it is to give

it away for FREE - or almost free as the catch is you ask for feedback!

Spend time in your geographic area giving your product away for free in

return for information about what "test marketers" like or dislike about your


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product. Think of this as your focus group of experts!

Thanks to Vicki Donlan of VickiDonlan

37. Adwords Is The Key

Thanks to the internet, there is a surefire way

to test a product before taking it to market. As

Tim Ferriss says, you can ask 100 of your

friends if they would buy your product and

they can all say yes. But when you tell them

that you have one ready for them to buy in

your trunk, most of them will back out.

Create an ad on Google Adwords and make

it lead to your site. Use Wufoo.com to create

testing pages. (4HWW).

Thanks to Jaime Cevallos of The Swing Mechanic

38. Determining A Successful Product.

You will determine that a product will be successful, if for example you

wear the product or display the product, and you get many many

inquiries about it. If you start to get emails or calls about the product,

you will know you have a product ready to be sold.

Thanks to Tracy Wright of Executees, Inc.

39. Let Them Buy Before You Try

When I have a new product idea I draft it out, decide on a price point

and then offer it for pre-launch sale to my lists and networks.

If people purchase then I create the product, if they don't I do more

research into why they are not interested, what people are looking for, if

it is the price point or other part of the idea that is not right.

Then I either tweak the idea or scrap it - this way I do not spend my time

and energy on products no-one wants to buy

Thanks to Carol Dodsley of Choose Changes

40. If You Listen, They Will Come

I offer new products or services based on what I hear our client and target

market asking for or complaining they don't have. When I repeatedly hear

about a need, then I know there's a niche to be filled. So instead of "If You

Build It, They Will Come", I subscribe to "If You Listen, and Then Build It,

They Will Come". In fact, we have a product in development right now that

is based on a need I heard a number of clients express. They'll be the first I

market to!

Thanks to Debbie Rosemont of Simply Placed - Organization And

Productivity Consulting

41. Become A Student

Taking the time to do your research to become an expert in what it is

you want to produce and studying your market niche that you want to

introduce it into, is at the heart of every successful business. To not do


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your due diligence is at best, lazy and at worst, setting yourself up for

failure. But the mere act of doing your homework puts you at a

tremendous advantage when starting a new venture and further ensures

the chances that you will in fact succeed.

Thanks to Craig Wolfe of CelebriDucks

42. Do A 360 Product Review!

GETAWAY Media 360 Product Review:

1)Does it look/perform like a quality product, no defects or apparent issues?

2)Use the product. Put yourself in the customers' shoes. Are you happy with the product? Does it

meet/exceed your expectations?

3)Ask someone outside your company to give an opinion on the product overall + answer questions 1

and 2.

4)Does it meet brand standards? Is it shelf-ready? Is there demand?

If your product passes the review, then it will sell!

Thanks to Diane Hansen of GETAWAY Media

43. Target Market

Know your target market before you attempt to sell anything. Once you

identify your target market then determine if your product solves the

pain. Make any adjustments from your research and then go and sell,

sell, sell.

Thanks to Bonnie Ausfeld of Beacon Resources

44. Test It Before You Sell It

I've worked with tons of inventors on new

product launches handling their PR and

from what I've seen is be prepared to

invest in giving away product to generate

excitement and demand. By having

friends test your product you will also get

invaluable feedback AND if its that great

of a product- you create plenty of word of

mouth referrals!

Thanks to Stephanie Krol of Stephanie Krol Public Relations (SKPR)

45. Use The Audience To Get Great Feedback

I use Twitter and Facebook to test market new products and services

before i launch them. Many times the feedback i receive via Twitter and

Facebook improve the products/service i launch. Since the potential

customers have already contributed to the improvement of the very

product/service they are more receptive to purchasing the

product/service.

Thanks to Martin Pratt of InfiniteMMS

46. Research Sucks -- -but Someone Has To Do It!

One thing that many people don't do -- that is ESSENTIAL for success

is RESEARCH! You determine your target market -- and you reach them

by any means possible -- research is vital -- although sometimes tedious


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and boring -- to the success of your service.

Thanks to Jillian Zavitz of TalktoCanada.com

47. Hunt And Gather

As entrepreneurs we're always looking at how to do something better or

different. On a product launch research the basics then dive into everything

related to your product. There is data available on trends, demographics,

industries and buying habits. The take away is research based on some

specific data then turn the volume up on your entrepreneurial gut instinct!

Thanks to Jerry Pollio of CMT Creative Marketing

48. Social Media Research

You can simply ask your friends and followers on your preferred social

networks. If you feel like taking things further to better analyze results,

create a survey asking key important questions about your

product/service and share it through various social networks.

Thanks to Jimi Olaghere of Bag A Writer

49. Market Validation

We ran a six month market validation with surveys and an alpha

product. Once we updated the product with the alpha customer

feedback, we ran one month campaign where customers could only sign

up if they paid. After people paid for an alpha product we knew we had

a winner!

Thanks to Joanne Lang of AboutOne.com

50. Need Vs Want

For me, the decision to market discount dental and health plans was based

on the fact that people actually NEED the service! These days, needs are

winning out over wants for the average person. Offer something people

need.

Thanks to Jocelyn Wiebe of AmeriPlan

51. Use A Buyers Group

My child safety & baby gear store sells

products for young children. So I use a small

new moms group that I work with. I discuss

new ideas with them before deciding what to

sell in my store. And I bring fabric choices to

them for a vote before selecting. They have

picked several winners. I trust their instincts

because they are my niche market of moms

with young children.

Thanks to Kay Green of My Precious Kid - Child Safety Store

52. Launch It In Beta

The best way to determine the success of product before launch is to a

launch a workable model in Beta form for a selected section of your

target audience (power users) and to take feedback from them. Improve


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the final product on the basis of the feedback and suggestions you get

and then launch it in market.

Thanks to David Smith of Invesp

53. Be The Model

I have found products that I like, I purchase for myself and begin using. If

satisfied with the results,I order a few...sell them...then I talk it up BIG to

select clients you know will want to try it.They are the clients who get

excited about sharing results...soon afterward you will need to start a

waiting list, and keep it visible... for those who want to try it too. The list

draws attention to it and people ask questions, before you know it, they

HAVE to have it!

Thanks to LeeAnn Hopkins of Just Hair

54. Perceived Value And Benefit To Customers In A CrowdedMarketplace

Assuming that one conducted formal or informal research before launching a

product or service, a key component to determine a successful product before

you sell it has a lot to do with the perceived value that it will have to potential

customers in the marketplace. And the product or service has to be able to cut

through advertising clutter and fill a niche, void or demand in an already crowded

marketplace.

Thanks to Greg Jenkins of Bravo Productions

55. Live Presentations & Pre-selling

My friend, Kathleen, & I are publishing a series of children's books: she

writes, we hire an illustrator, I do everything else (for now). With the first

book, we launched & THEN promoted. It's had good response, but gave

us a real education in publishing, marketing & sales! With our second

book, we already have a platform & have been working it. Live readings

BEFORE print are key for us. Also, blog, Twitter, Facebook &

PRE-SELLING.

Thanks to Colleen Taylor of Siretona Creative

56. The Personal Touch

With travel, the best way to know if my niche market will like it is to take

the cruise, stay at the resort--take lots of pix and blog about my

experiences. I can see if women respond (and they usually do)simply

because I am a part of my target market. I also heavily utilize the blogs

and experiences of other travel professionals that I trust, I do have to

come home some time! There's just no real substitute for first hand

knowledge in my field. Wanna go with me?

Thanks to Sandy Wheeler of Sandy Wheeler Travel Specialties

57. Market Research Is King SoJust Ask

If you have a product you think the world is

waiting for, the best thing you can possibly

do is survey your friends, family,

acquaintances, and total strangers.


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Ask what they think and FEEL about your product. Ask them to list three top benefits about your

product they can relate to. Ask them to tell you any drawbacks they see at first sight. Ask them if they

would recommend your product to their own friends and family.

Thanks to Michelle Hill of Winning Proof

58. Go To A Movie Theatre

Every type of target market goes to movie theatres. Bring your idea, and

plant yourself before or after the 7:30 movie. You'll get YGens, retired

people, people on dates, company executives, moms, kids, teenagers.

Ask them how much they would pay for it. If they say they'd only take it

for free, well, then you've got your first challenge to work on: You need

to define your value more.

As an entrepreneur, you need some downtime too. Be sure to catch that

movie!

Thanks to Pamela Hawley of UniversalGiving

59. Research - Test - Sample - Repeat

If this was easy, we'd all have products and services in demand. You

have to research (is there an itch to scratch?), Test (Hey, Dude...would

you buy/try this if it was on the market?), and Sample (Dude, what did

you think?)

I know that sounds too easy, yet how many times have you tried a new

place to eat, only to find they close in 6 months due to lack of customers? If you have a great idea,

then go out and reseachj ==>test ==> sample, and REPEAT this. Thanks

Thanks to Curt Tueffert of Brick Wall Motivation

60. "It Sell Itself"

I Know That My Products Would Sell Before I Started The Company

Because They Sell Themselves. The Company Is Well Known And Has

Been Around For 124 Years. Before I Started Working As A Self

Employed Employee For This Company I Checked Them Out And They

Passed With Flying Colors. I Now Work For That Company And My

Sales Are Super Duper!

Thanks to Sheila A Caruso of AVON

61. Surveys Are Key

Surveys are a powerful way to gather information and get a sense of

what may or may not work. Run a survey both on line and off line with

key questions. Offer something free in return to incfease the response

rate to your survey. Once you gather the information, you will have a

better idea of what direction to take.

Thanks to Edwin Soler of Libreria Berea

62. Talk To Your Target Audience

If you want to know if your target audience will buy your service, just ask them.

When my company, a private investigation agency that specializes in locating

missing heirs, wanted to know if probate attorneys would use us to find people,


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we asked the probate attorneys we knew. When they told us that they would, we proceeded to launch.

They were right and our business has flourished, even in this economy.

Thanks to Michael Zwick of Assets International, LLC

63. Knowing Success Before Launch?

There is nothing equal to actual customers. What I have done in the

past was give samples and have people fill out an easy questionnaire. I

asked for feedback on feature changes and how much more they would

be willing to pay? Keep in mind my products are on the cutting edge and

have Added Value over the competition.

Large companies do the same and only roll out small areas because it is

cheaper and more accurate then multi-million dollar customer focus

groups.

Thanks to Tommy Stern of DoTheRightThingAmerica.com

64. Ask Your Customer!

When introducing a new potential product to your current line, send a

prototype, or good quality photos and a description of the product, to

your top 5-10 customers to get their feedback. Customers feel valued

when you ask for their input, and you will be confident the product will

move before spending the money on production.

New companies should ask their target customers. If you are worried

about copy cats, ask to have a simple confidentiality agreement signed

first.

Thanks to Lisa Assenza of HuePhoria

65. The Three Tools Of Financial ViabilityTM

To determine if a product or business model will be successful, use

what I call the Three Tools of Financial ViabilityTM. After reviewing the

market, competition and marketing plan, project an income statement,

cash flow report and a break-even. If the product or model generates

enough income over a reasonable period of time to meet your goals and

the cash flow makes sense and the break-even analysis seems

reasonable, go for it. If not, better tweak your model.

Thanks to Chris Gattis of Blue Point Strategies, LLC

Compiled by Mike Michalowicz, Author of The Toilet Paper Entrepreneur


14 of 15 9/15/2010 7:10 PM

Tags: entrepreneur focus, market research, merchandising, mike michalowicz, successful product,

toilet paper entrepreneur, tpe

Posted September 14th, 2010

2 Responses to “How To Determine A Successful Product Before You Sell It”

Bryant Says:

September 14th, 2010

I like # 34. JUST ASK! He’s the best.

1.

Mike Michalowicz Says:

September 15th, 2010

@Bryant – I hear ya… BUT… I thinking asking alone is not enough. I can think of countless

times when I have asked friends, customers, prospects, etc. if my new product was

something they wanted and the answer was “hell yes”, but when I asked them to buy it the

story changed. I believe people lie through their teeth and speak the truth through their

wallets.

2.

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15 of 15 9/15/2010 7:10 PM

how to determine if your product will be successful before you start selling it

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