Product and Service Test-Marketing

Launching a new product or service can be a heart-wrenching chore when you do not make the necessary preparations before the start of your project and conduct proper test-marketing. There are a number of ways in which you can find out if people are really going to buy or use your particular service or product.
First, get a prototype or a sample of the product which you intend to market. Whether it be a service or product, let people touch it, feel it, see it and get an opinion on it. Get your close friends to critique on its usage, standards or even possible short-comings which they foresee with your invention. Similarly, you can even show your creation to potential buyers. After giving your invention a 'test-drive' they would probably be the ones to give you a frank opinion of how your product or service fit into their needs.
Next in line when you do your test-marketing is to determine the prices and delivery dates from your suppliers. You don't want to mess this part up as it will show your inadequacies in fulfilling your customers' demands. A good way to do this is again to get your buyer's opinion on pricing. You might want to check out your competitors' prices and quality build with yours before you attempt to set a particular price or rate for your product or service. At what price would you be willing to pay for a product or service of this quality? The person who will be making the buying decision would be able to give you an answer, so always call on your prospective buyers for an opinion.
Thirdly, do an extensive comparison of your invention with your competitors in the marketplace. Test it on build, quality, ease of usage, convenience etc. Would someone buy from you or from another competitor with a similar product or service range? You might also want to test your product out with a local store and see if they can carry a limited stock for you. From there, you will be able to see how your customers respond to your creation.
One of the most effective ways to do a test-market is to bring your product or service to a trade-show and have your idea displayed to thousands of prospective buyers. There are many sophisticated buyers during these trade shows, most of whom are industry players themselves, and they would be the ones to tell you if you have a winner.
What are some of the things which you can do immediately?
1. Have a product or service prototype created and show it to as many potential buyers as possible, and have them give you their opinion and feedback on it.
2. Check out all your major competitors in the marketplace and answer for yourself why someone would buy from you rather than continue with their local retailer.