3 Ways to Know if Your Product is a Winner!
Cost & Acquisition Test
The cost of producing a product doesn't just apply to the materials, it also applies to the time you spend on creating it. It wouldn't make much sense to create a product that takes 100 hours to make unless you are only going to create one. If all your products took that long to make you wouldn't make any money on them since most likely the price you would have to sell them for would be very high.
On the flip side, if you have a product that takes you relatively little time to make but the materials are extremely rare - the same rule would apply. If there was only one or a few made, it would make it a rare commodity. However, if you are considering production of something using a rare material, you might want to think twice about access and cost associated with that material.
Wear & Tear Test
If you product passes the Cost and Acquisition Test, the next thing you should ask yourself is, "How will this product be used and will it withstand the wear and tear of that use?"There are a lot of sellers out there who do not take the time to do a wear and tear test to see how their product will hold up and for those of you who fore go this, you are doing yourself and your customers a huge disservice.
Knowing how your product works, what kind of wear and tear it can withstand and how it should be cared for are good bits of information to know when you are developing a product. In fact, I'd stretch to say they are foundational to creating a quality and trustworthy company and product line.
If you don't do this test what is the worst that could happen? Just asking...
The final test for launching a new product is marketability. I think it's best said like this...
You might enjoy making ashtrays out of glass. In fact, your trays may be the most amazing and beautiful ashtrays around but if you live in an area where people only smoke outside and rarely buy decorative ashtrays for their home, then you might be idealistic in the shadow of a lost cause.
If people don't use it and aren't buying it, it isn't worth your time to make it.
Martiel Beatty specializes in helping artists build thriving online businesses and blogs. Find out how I can help you build your business today, Read this Now!