Strategies In Evaluating The Viability Of A new Product Idea
Are you a product brand looking to launch a new product? When exploring new product ideas, you’ll need solid strategies to help you succeed with product placement. As you’re choosing a retail sales consultant, think about how your product will help others meet their needs.
At Red Brick Retail, we know the importance of having the right evaluation strategies to ensure new product viability. Today, we’ll go over a few strategies that’ll help your new product idea succeed.
Conduct Market Research To Understand Your Product’s Market Depth
First, you’ll need to conduct market research via a SWOT analysis. This helps you evaluate your brand’s strengths, weaknesses, opportunities, and threats. It’ll also help you understand your product’s market depth.
Identify Your Brand’s Strengths
This might include things like solid marketing strategies. Work to figure out the areas where you outperform your competition.
Zoom In On Your Brand’s Weaknesses
You could be dealing with drawbacks like a fragile supply chain. Ask yourself, “Where does my brand fall behind its competitors?”
Check For Opportunities For Your Brand
Look for new ways to grow your profit margins and improve product quality. At Red Brick, we are always seeking for new growth opportunities.
Keep An Eye Out For Threats To Your Brand
It’s vital to be informed about threats to your brand. An example of a threat could be emerging technologies.
By assessing your brand’s situation, you’ll be able to create a solid strategy that delivers results.
Research Who Your Ideal Consumers Are
You also want to research who your target audience is. It would help if you analyzed them by demographics as well as by their values and desires.
Afterward, assess if they make sense as customers. These questions below will help you address that.
- Are their pain points big enough to warrant a new product?
- Will they be willing to pay the cost of your product to address their needs?
- Have they bought similar products before?
If they meet this criterion, then they’re a great fit to be your ideal buyer.
Set Up A Product Criteria That Brings You Results
Lastly, you want to ensure your products meet consumer needs. Here are some things to keep in mind as you evaluate your product.
Product Size
With free and fast shipping being key for online sales, you must have a product that’s the right size. Shipping large items fast and free can be tough. That’s why it’s better that you go with smaller items. They’re easier and less costly to move through the supply chain.
Product Pricing
It’s crucial to strike the right balance between fair pricing and healthy profits. If your product is seen as a commodity, it’ll be tough to charge a lot for it. With that in mind, you can command higher prices by presenting your product as a unique good that resonates with your consumers’ values.
Product Lifespan
Think about how long customers can expect to use your products. You might want to go with products like lotion that bring you a source of repeat business. That said, you could also succeed with products that last a lifetime. That’s also a potential selling point.
Select A Retail Sales Consultant That Will Help Your Product Placement Succeed
A solid plan is crucial in helping you succeed with product placement. By following these strategies, you’ll help set your brand up for long-term growth.
Looking for high-quality results like these? Then get in touch with a retail sales consultant at Red Brick Retail today. We’ll make sure you have all you need to make your product that next big story.