Market Research Companies Regina SK

For your product to be a hit, you’ll want to develop the right product at the right price to meet your market need. The first steps of product development should include testing of early illustrations (or renderings) of the product with your target market.

The big question is, will the product sell at your intended price? Before launching a product, an established company will spend tens of thousands of dollars to conduct market studies and focus groups to confirm that the product is "right" and that the product will sell at the intended price. Obviously market research can provide vital help for small business owners, but startups don’t have that privilege due to limited funds.

According to Sam Zaidspiner at Slingshot Product Development Group, the best thing to do is create design renderings and product spec sheets/presentations so that you can obtain meaningful market feedback. “Armed with a professional presentation, you’ll be able to meet with a discreet group of clients and prospects to obtain market feedback. You’ll be surprised by how much you can learn – the feedback will be extremely valuable,” according to Sam.

Key elements Sam recommends for your product presentation

• Clear rendering of the product: Preferably this is a photo-realistic rendering that shows what the intended production design would look like. The idea here is not to fully engineer the product. Instead, the approach is to develop the product to the point.

Copyright 2009 StartupNation, LLC

Click here to read more from StartupNation