EGP Business Solutions
We are enhancing business operations in a big way
Use publicly available market data
One App - Many possibilities for seamless customer experienceAt some point while building your business you will feel the need to start selling a new product or service. It can be difficult to determine how it will be received by the marketplace. The question becomes how you can estimate demand for new product ideas and improve your odds of a successful product launch. If you want to make money, you need to sell something with good product–market fit. There is no way around this. It is an essential truth of business.
Here are several resources that you can use to investigate an industry:
- The Small Business Administration
- The Bureau of Labor Statistics
- Pew Research Center
- City Town Info
- Google Trends
- Social Mention
Research tools can tell you how products that resemble yours are doing in the marketplace right now. JungleScout is a tool that can help with this.
Ask your current customers what they think and of course survey your staff.
Launching a new product or service is always a step into the unkown but the risk can be limited by careful reseach before you take the plunge.