Introducing a new product or service without first testing the market is like jumping off a cliff into the sea, blindfolded–unthinkable, life threatening, treacherous and unnecessarily risky. Many new ideas and products are successful because their creators identified an unmet need in the market and verified the viability of that concept.

 

Your time and money are extremely valuable to you–you can’t afford to waste them by investing them in producing a product or service that fails in the marketplace. The more you test your product before you produce and sell it, the more likely you are to earn the sales and profits that you desire. Just remember, every Dirham you spend in market testing will save you many Dirhams of losses later on in the marketing process.

Through correct and vigorous market research, you’ll uncover the following vital information:

  • Demand for a product or service in your market
  • Sales figures within a market for a particular product or service
  • Who your customers are
  • What those customers think about your product or service and what they think about your competitors’, so you can capitalize on your strengths
  • Where and how customers buy your product or service, so you can establish the most effective distribution and marketing channels
  • How much customers are willing to pay, so you can figure out a competitive price for them and realistic profits for you
  • Who your direct and indirect competition is
  • How to position your product or service so that you take advantage of its unique selling proposition
  • Which governmental regulations your product or service will be subject to on a local, state, and federal level
  • Which sales, advertising, display, and promotion method(s) are most effective