2018-05-11 15:12:18 Expenses English Improve your chances of a successful product launch by performing product testing beforehand. Learn easy ways to get feedback on your... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Business-professional-evaluates-product-testing-to-save-money.jpg https://quickbooks.intuit.com/ca/resources/expenses/small-business-investing-product-testing/ Small Business Tip: Invest in Product Testing to Save Money

Small Business Tip: Invest in Product Testing to Save Money

1 min read

If you’re gearing up for a product launch, it might be time to do some product testing. Performing market research is a way to gain valuable insight into how your customers are going to react, helping you to make informed decisions that save you money. Fortunately, product testing is easier than ever.

Researching your industry is a great starting point. Before you launch a product, you should be aware of any existing competition. If the market is already highly competitive, you may want to focus on a narrower niche to differentiate your product. Additionally, you may want to research industry statistics to see how your industry is performing in the Canadian economy. If it’s not doing so hot, you may want to delay the launch or switch directions entirely.

Creating product prototypes and samples is a fantastic way to gain some feedback. You can ask your friends and family for their honest opinions, and then once they give their approval, see how the general public reacts. If you’re struggling to find people to try your samples and/or prototypes, you can reach out on social media or connect with bloggers who may be interested in spotlighting your product.

Another way to test your products and connect with your local community is to hand out product samples at a public event like a flea market; just be clear that you’re only looking for opinions. You can ask for volunteers to participate in a quick focus group, or simply give away freebies in exchange for feedback. You may want to bring questionnaires for people to fill out so you can review the data at a later point. Although you may have to spend a little bit of time and money up front, the small cost of product testing is worth the big potential savings.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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