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So You Want to Launch a Product: Part 2

April 17, 2012 | Comments: 0 | Views: 133

The Product Feasibility Assessment Many times products fail due to a poor initial research. You may think that you have a great product but you must determine if there is a viable market for your product and a need. More specifically, your product should provide a solution to a true need or problem for its target market. You really need to be certain that the problem exists and that there are currently few solutions out there.

There are 4 parts to a feasibility assessment:

1. Product Quality Is your product truly a quality product? Does it provide valuable information or solution to the problem that you are attempting to solve? This is when you need to be completely honest with yourself. Your product will undoubtedly fail if it is not of high quality and perceived value. It is best that you test the product thoroughly with a focus group. This is a great way to establish social proof that can be used latter in your marketing strategy. Another important aspect to consider is the price. What price point did you decide on and why? Be careful not to price too low as low quality is sometimes perceived along with a low price. Alternatively you don't want to price your product too high as you risk pricing yourself out of the market.

2. Market Demand You need to clearly define your target audience. A strong practice is to create an avatar for your ideal client. What does he/she look like, what do they do for a living, how old are they, where do they hang out, etc. How does your product solve their specific needs? Do you know what their buying habits are and what their preferred product types are whether it be video tutorials, eBooks, DVD's, or online memberships? How is your product or industry perceived by your target market and is there an effective way that you can reach them? You will want to determine that your product suits all of their needs.

3. Competition This step is really important. You definitely need to know who your competition is, what they are selling, and their strategy. Watch them closely! Who are they? How are they perceived in the market? What share of the market do they "own"? What is your unique selling point (USP) and how do you differentiate yourself from the competition? You will want to assess their marketing activities and identify what works well for them and what doesn't and how you can either mirror some of their activities or do better. Most importantly, how have they priced their product? What kind of testimonials and social proof do they provide? What kind, if any, bonuses are they offering? What would make your target market buy from them and not you and what can you do to solve that problem?

4. Leadership Are you currently perceived as a leader in your industry? Does your target market know who you are and trust you? This is probably the most important aspect of a successful product launch. People buy from who they know and trust, especially in this day and age when there is so much available and it seems like every neighbor and their dog has the same product to sell. If this is your first product, you want to position yourself as an expert in your industry. You need to build a following and develop a relationship with that following. This is about building trust. Can you pull this off? Are you truly an expert in your field? If not, what can you do to become one? Are you ready to position yourself as a leader?

Completing an exhaustive product feasibility assessment provides a solid foundation from which your product can build upon. It is wise to complete this stage before investing too much time and resources into developing your product.

Kim Larocque is a certified Internet Marketing and Product Launch Support Specialist. She also provides virtual assistant services in the areas of virtual events, re purposing content, and video creation and editing. Visit for more information.

Source: EzineArticles
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