Determining whether to move forward with a new idea takes time, research, and money.
As an entrepreneur or small business, how you handle what to go to market with, when, and at what price can mean the difference between having a successful new launch or having it go bust.
With the business landscape evolving so quickly, getting the information you need to make an informed decision and to create a winning marketing strategy is mission critical.
Outsourcing can be your secret market research weapon.
For less than $100 and in under a week you can get instant market research for almost any niche, for any product, in any market.
Here’s an example of exactly how I did it…
A few years ago, my father made custom wood kitchens for my nieces. They were sturdy, well-built, handcrafted – top quality kitchens that you would see sold at a luxury children’s furniture store. My sister posted pictures of the kitchen on her social media pages and the comments and requests started pouring in.
Unbeknownst to us, there seemed to be a small, yet lucrative market for my father’s play kitchens.
My entrepreneurial wheels started turning thinking of all the ways we could market his work and all the moving parts we needed to consider.
I hired a data scraper to do market research.
They pulled all of the play kitchens available, including links to the website, pictures of each, even pricing and shipping costs. Within 3 days, I had a complete spreadsheet with over a thousand competitors.
I could see what the price point of my father’s play kitchens should be, how much to anticipate for shipping, even how other companies were marketing their products.
To take it a step further…
I hired an SEO expert to pull keywords for the market.
I wanted to be sure there was a high enough search frequency to warrant moving forward with the idea.
My freelance SEO expert researched exactly what keywords people were searching for, which had the highest search frequency and what competitors ranked the highest on search engine queries.
For under $30, I got a complete list of the top 50 keywords and how frequently they were searched.
Literally within a week, I had all the information I needed to analyze the market and validate if there was a need for the play kitchens and how to best position them to sell – almost immediately.
This is just one example of how outsourcing can get you the market intelligence you need to determine the viability of a new product or service.
With a host of free tools online like Survey Monkey, you can also hire a virtual assistant for as low as $4 an hour and have them post the survey link in open social media groups. This is an excellent way to have prospective customers give you direct feedback about your product concept and provide an in-depth view of what they are looking for or what they would be willing to pay.
Do you have a new idea, but want to see if there is demand before investing resources and time? Then I’ll show you specifically how you can leverage outsourcing, for under $100, to do it.