In your head, you are more than ready to launch your new product. You have a website, great branding and you audience has shown great interest in your product. Even though you think you’re ready, there are still plenty of steps you need to take before your launch. Before you start thinking about delivering your product, you need to carry out several tried and tested research strategies. As soon as you have completed these, you will be ready for the official release of your new product.
1. Delve Deep Into Your Industry and Keep an Open Mind
Before you hit the launch button you need to delve deep into your industry and keep your mind open to every possibility. You need to become well informed on how the wholesale market operates, especially in popular areas in China. If you really want to immerse yourself in this world you could actually pay a visit to one of the reputable markets. You can find every product imaginable from toys, shoes, stationary and accessories. Although the language barrier might be difficult to navigate, it is definitely worth considering.
2. Create Your Ideal Client Avatar
If you haven’t already gone through this type of exercise it is definitely worth doing for your own peace of mind and clarity. You need to know exactly who you are speaking to when you put out marketing campaigns and website copy. Give them a name, know their age, job, geographic location and what their interests are. As soon as you have all of this information you will become so much clearer on what you’re selling and why.
3. Test Your Product on a Beta Audience
It is so important to test your products on people who fit into your ideal demographic. Whether you give them away for free or offer them at a discounted rate, you can gain some valuable feedback from this type of exercise.
4. Research Your Competitors for Price Point Ideas
It is so important to know exactly who you’re competing with when you want to launch a product based business. You might feel worried entering into a market that seems saturated, but if there is demand for your product that is actually a good thing. All you need to do is be one step ahead of your competition, have a unique selling point and be competitively priced too. Having a strong awareness of who your direct competitors are will work in your favor as you can use them as a model for your strategies.
When you conduct this research you will learn things about your industry that you had no idea about. Even when you think your launch is ready to go, there may still be areas that you need to focus on. Don’t rush the process of launching your new product idea; be thorough in your research so that you know exactly what you’re selling. You will gain so much clarity from conducting this market research, so make sure you don’t skip this step!