This is one big question that ponders the mind of most of the entrepreneurs before they plan to invest in a new product.
As per a study from Harvard Business, every year a minimum of 30000 new products are introduced to the market, with 95% of them, failing to make the cut. Certainly, there are few exceptions, what we call as the breakout product success such as Absolut Juice, Snapchat, Zoom, Uber to name a few. But such success rate is still low.
Considering this success-failure rate, it becomes absolutely imperative that entrepreneurs ensure that their product meets the needs, desires and pain points of large number of prospective customers.
Here are the three key ways that as an entrepreneur you can employ to determine your product achieves acceptance in market before you invest in the idea.
- Make use of your customers to develop your product
New product development can be costly and time consuming, so it is always wise to leverage your customers before investing, and then finding out whether your product will achieve market acceptance. At the end of the day, your whole business revolves around solving your customer’s pain points and making their lives easier. So, ask your customers to gain a better insight of what products they feel you should offer. Take the case of Crystal Pepsi, a clear cola introduced by Pepsi. After spending millions of dollars on development, it realized that there was no requirement of carbonated drink with atypical color by their customers, and the new product failed miserably
- Identifying and understanding your early adopters
It is essential to identify your “early adopters” as these actually tend to be an extremely valuable resource within any market space. After all this segment are the risk-takers and trendsetters, thereby having a strong influence on the success or failure of a new product. Once you have identified them, you can pursue feedback from them for your upcoming product; thereby getting the much-valued insights on how the product will function.
- Find out your actual market acceptance & adoption
The success of your product in the long run will be based on its acceptance & adoption by your targeted market. So, before coming out with your product you need to define your target customers, determine market size and undertake the viability and valuation of your offering to get a better determination of your market acceptance. If your product meet the needs of a large number of customers, know that you can go ahead with its development.
Final Thoughts
There is no fixed way to know whether your product will be successful or not. But by using these practices you can definitely improve your odds radically!
So, which method do you find to be the most useful for achieving market acceptance? Comment Below.
