How to determine the demand for a product

Before you start mass production of a product or service, you need to study consumer demand. There are several methods for determining the demand for a product before launching it on the consumer market.

Instruction manual

1

Perform initial product testing. To do this, distribute prototypes to your dealers, potential customers or participate in a specialized exhibition. Summarize the data obtained, analyze all the pros and cons, this will come in handy when further developing the product before starting production.

2

If your product is intended for mass consumption, conduct customer surveys. To do this, use the questionnaires that are distributed in the places of possible sale of this type of goods. Compose the questions in such a way that in the answers you can find out how the buyer would like to see this product, what functions the product should have, and how much it should cost. The more consumer needs you have for this product, the more you will have the opportunity to produce a high-quality and highly consumed product.

3

Conduct a consumer demand market analysis. To do this, research similar products of competitors, and then compare with the data on demand for your product. This will give you new ideas for improving your product and help you learn about the general development trend of this product market. In addition, you will avoid repetition of existing and embodied ideas.

4

Define a target market. It should be as specialized as possible, that is, when analyzing the possible demand for your product, you should focus on a specific audience. For example, it makes no sense to study the demand for your product from the category of spare parts for cars in grocery stores, etc. In order to understand the situation “from the inside”, put yourself in the place of the buyer and look at your product with his eyes. What is attractive in it, what is fundamentally new and whether the ratio of price and quality is optimal in it.