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Episode 92 – New Product Ideas – How to Decide If Your Idea is Good
Why should you validate your new products?
You should know if your new product meets a few standard criteria. You want to be able to: make money with it, understand the market, know the competition and understand the business of this new product. If you jump on something because it's an impulsive idea, you might find out it's not what you expected.
So HOW do you validate a new idea or product? The steps are simple and deliberate.
1. Who is the target market?
This is defining who will purchase this product from you. Is it new mothers, motorcycle crews, adult recreational sports players, etc
HOW: Attend events where these people go. Visit their stores. Get to know the industry. takes notes on everything you can learn. Age, gender, interests, style, income, etc
2. What are the problems, wants and needs in this market?
Understand the personality and lifestyle this market of people live in. Are they very busy or retired? Do they have a lot of disposable income? Do they prefer a certain style of apparel?
If you understand the market, you can bring things to them that will solve problems or fulfill desires.
HOW: Survey people, brainstorm with people who know the industry. Observe them.
3. How big is the potential for this market?
If you want to focus on a fishing market, and you live in the desert, you probably won't have a lot of customers.
So how many people would purchase your products, what is the potential for your business.
HOW: How many people are in this market? How many businesses, or leagues, or population. Try to get actual stats where you can. Ask people, look online, etc
4. Who are the competitors?
You should know your competition. This doesn’t mean be discouraged by them, but know what they offer and how they do it.
HOW: Ask people and search online. Shop them (or have a friend shop them). Get to know their offering
5. What are they missing
Do they not offer short runs or same-day delivery. Do they only offer cotton or only polyester. Do they only offer it in embroidery or screen printed or single colors?
HOW: See #4 and compare it to #2
6. How exciting is the solution and whats the demand?
Is offering what your competition does not going to lead to sales? profits?
Your competition might not offer cowboy hats with softball team logos on it… but how many people are going to play softball in a cowboy hat?
HOW: Survey, interview people, ask in FB groups.
Once you have gone through understanding these… you can make an educated decision and determine if your new idea is valid and worth your time, money and energy.
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By Custom Apparel Startups
4.7
2727 ratings
Why should you validate your new products?
You should know if your new product meets a few standard criteria. You want to be able to: make money with it, understand the market, know the competition and understand the business of this new product. If you jump on something because it's an impulsive idea, you might find out it's not what you expected.
So HOW do you validate a new idea or product? The steps are simple and deliberate.
1. Who is the target market?
This is defining who will purchase this product from you. Is it new mothers, motorcycle crews, adult recreational sports players, etc
HOW: Attend events where these people go. Visit their stores. Get to know the industry. takes notes on everything you can learn. Age, gender, interests, style, income, etc
2. What are the problems, wants and needs in this market?
Understand the personality and lifestyle this market of people live in. Are they very busy or retired? Do they have a lot of disposable income? Do they prefer a certain style of apparel?
If you understand the market, you can bring things to them that will solve problems or fulfill desires.
HOW: Survey people, brainstorm with people who know the industry. Observe them.
3. How big is the potential for this market?
If you want to focus on a fishing market, and you live in the desert, you probably won't have a lot of customers.
So how many people would purchase your products, what is the potential for your business.
HOW: How many people are in this market? How many businesses, or leagues, or population. Try to get actual stats where you can. Ask people, look online, etc
4. Who are the competitors?
You should know your competition. This doesn’t mean be discouraged by them, but know what they offer and how they do it.
HOW: Ask people and search online. Shop them (or have a friend shop them). Get to know their offering
5. What are they missing
Do they not offer short runs or same-day delivery. Do they only offer cotton or only polyester. Do they only offer it in embroidery or screen printed or single colors?
HOW: See #4 and compare it to #2
6. How exciting is the solution and whats the demand?
Is offering what your competition does not going to lead to sales? profits?
Your competition might not offer cowboy hats with softball team logos on it… but how many people are going to play softball in a cowboy hat?
HOW: Survey, interview people, ask in FB groups.
Once you have gone through understanding these… you can make an educated decision and determine if your new idea is valid and worth your time, money and energy.