How do you measure demand for your product?
I want to launch a new line of knit goods but don't know what I should be specifically focus on. How do you measure demand in a market?
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May 23, 2019
What I do is check the demand on Google trends, check Amazon best sellers list, Aliexpress best sellers list and cross-check the demand with Google trends.
Dec 1, 2016
As you can envision, there are many approaches to do this, and they all rely on upon how much cash, time, or quality you hope to be locked in to find your solution. It additionally relies on upon your item, and what you mean by "request." Do you mean what amount of cash purchasers will spend? What rate of the market would state they're "intrigued" in you?
I'll begin by saying the strategies to explicitly accumulate the information are fluctuated too, yet it's by and large a smart thought to ensure the members aren't mindful of what information you're truly after, to minimize predisposition. I believe it's likewise critical to gage their attention to the item or administration in the first place, in accordance with their enthusiasm for it.
You ought to likewise attempt to randomize the study's parameters and inquiries, so you aren't presenting a Cognitive Bias. Likewise attempt to direct it over numerous members with loads of segmentable qualities, so you can without much of a stretch answer the unavoidable follow up inquiries to your reply of "yes, there is request."
At the high end of this Quality-Money-Time range, you can:
1.) Draw in a think-tank to encourage and provide details regarding an exhaustive subjective and quantitative study including a large number of members, approaching basic inquiries to take into consideration reliable, aggregatable reactions.
2.) Arrange a system of reviews to be led on locales that offer the item or administration, and lead subjective concentration gatherings to rank their enthusiasm for the administration.
At the low end, you can:
1.) Hit the avenues of your topographical focuses with a clipboard and attempt to accumulate a few information yourself.
2.) Mortar a connection to a free Google shape with some overview inquiries in the greatest number of spots as you can discover.
Attempt to gather premium in view of social notices (seek these destinations) and internet searcher questions, a procedure driving many securities exchange choices today.
Not knowing the vast majority of the points of interest expected to give a particular reply, the best value for your money may be something like a Google Consumer Survey, which is an altogether self-benefit stage that submits to a (maybe to some degree faulty) board of willing respondents. In spite of the fact that probably not going to be very precise, it is factually critical, so this will give you some better than average course, and you can even timetable it to be directed on a repeating premise to gauge your advance.
Apr 1, 2014
Thank you everyone for all of the great responses! I would love to give out a survey, but need to find a group of people to survey first... maybe I'll be able to find some in online knitting groups.
Mar 27, 2014
Hi Lynn,
Two ideas.
1. Visit stores that sell similar products and ask them about their biggest challenge with the knit goods they already sell. Solving that challenge is a good initial market focus, and may also create an eager sales channel.
2. Find online discussions (i.e. search for "knit" on twitter) and see what people are talking / complaining about. The community that already uses these goods are a great place to look for ways to improve it.
Good luck!
Nov 14, 2016
I like idea #1. It seems more precise to measure interests and potential buyers, or partners. Solving a challenge is a nice way to start a business, and I believe by proving you can target and respond to a small market segment needs will give better insights on how hard reaching bigger markets (bigger stores, other state's stores, international buyers online, etc) could be.
Mar 26, 2014
Hi Lynn.!
Gauging demand is the be the best place to start.
You need to know if people want the knits, AND are willing to pay for it.
You could either start with selling to people around the community. You can get a better idea about a reasonable price for them too [hopefully without upsetting your neighbors by selling it to different people at different prices].
If you're planning to do it online, you'll need to post some Qs about that here separately. And create a PayPal account to receive payments.
Have a look at the 'Resources' tab on the link below. You might find some useful tips there. All the best with your venture.!
http://100startup.com/
Mar 21, 2014
I measure demand by measuring prior demand and trends. A good linear regression model can project future demand with rather good accuracy. Know your market, your customers and top selling items.
Mar 20, 2014
Echoing what others have said, it is important to understand your target market as well as possible. Understanding their buying power relative to the potential price of your goods will play a big role. Also, understand what your business can bring to the market that others cannot or do not do as well will help better shape who your target market is as well. Good luck!
Mar 20, 2014
Lynn you need a Strategic Plan. Without a Strategic Plan you will start making moves that will put you into a reaction mode. Meaning you will start reacting to things that come up.
Once you have a Strategic Plan in place, all of the great answers you received on this thread will make a lot of sense. A lot of small businesses jump right in due to lack of funds, but it always put them on the reaction side of the business which can slow up the growth process due to always fixing or working on this that just 'pop' up.
This question you asked is a great question and you can get all of your answers, goals, and plans with a Strategic Plan. It's not a business plan, it is a plan of goals stringed together to reach a specific goal.
Mar 20, 2014
When you're creating a new line, or wholly new product 'demand' may not even exist yet. So it can't be measured in the existing world. What you have to do is to ask your potential customers (like when they bought similar items to yours) -- what would you like to see in a product like this, what changes could be made to make it better, more attractive ... outside of that, you could make a small number and get people to look at it, evaluate it ... and probe them to give you feedback on the unique parts that you added. Once they understand the new features etc, this will create the demand.
Mar 20, 2014
The best approach is to look at your products and say to yourself is this something that I would buy for myself, and look around to see what others are buying. I know when there is something out there that I like and use, and it is very hard to find then use that as a sounding board for your future items and products.
The survey is a great idea. You can even create a survey for retailers and store owners, or store' buyers, asking questions that you really need from them - starting a template letter saying you're running a market test on a couple of your products and that you'd love their support, will do great. - I receive this kind of letter frequently and always tell them to send me their final insights. Success to you.