There’s no such thing as a perfect product. But through product research, you will be able to validate a product idea and determine whether it stands a chance in the market. It is a very crucial stage in the product development process because it is where you will know whether your idea can meet the needs and demands of customers. At this point, you will already know whether you will have a return on investment from your product.
These product research tips will help you better understand how to avoid pitfalls and increase your overall success rate:
Go to consumer trend publications
Day by day, countless new products and industries rise without you knowing. Given this fact, one easy and effective way to cope and become updated is through consumer trend publications. It is where the latest trends and new product opportunities are sourced out.
Lots of available platforms exist online offering large trend communities composed of thousands of people persistent in finding the latest trends. So whether it is about beauty, fashion, culture, and more, these are the right places that you won’t want to miss.
Search from the bestsellers lists of popular websites
Thousands of products can be found on popular online consumer marketplaces around the world. You just have to find some of the best and look into their bestsellers list. Rest assured that you will get lots and lots of product ideas in many different categories. Not only that, but you can also see the exact performance of each item through their reviews and number of purchases.
All these products will be based on sales and are being updated every hour. So you’ll never run out of product ideas to apply in your business.
Aside from websites, you can also gather detailed information using a product research tool. By searching with its product database, you will be able to access the data of millions of products through a keyword or category.
You can further evaluate the product ideas instantly with an extension. So the best product ideas will be filtered.
Look on B2B wholesale marketplaces
If you want another way to have access to thousands of potential product ideas that you can sell, B2B wholesale marketplace sites are the best way to go. Since the product ideas are collected straight from the source, you can buy a product right away.
What you must remember is to check various marketplaces and after finding out what’s hot and trending, do a cross-referencing to put a twist on successful product ideas.
Monitor niche forums
Active online communities also offer an alternative way not only to discover sellable products but it is also a place to engage with potential customers based on relevant topics or common experiences.
Since these communities offer people a platform to come together and discuss different topics that matter to them, it also won’t be hard to offer products especially if you know that it solves the issues they are talking about or it will be seen as interesting based on the trends.
Ask for customer feedback
Nothing beats your customers when talking about product idea recommendations. Since they already have experience with you and are already aware of your identity, it can be useful to ask them about their feedback about your product ideas through email.
These feedbacks, when joined together can be mixed to make a unique product that will because you already have the approval of people who recommended them. It is on the premise that a person won’t recommend something that he/she himself/herself wouldn’t buy.