The biggest fear every merchant out there selling custom products will have: Will shoppers like the products our brand sells?
While it is not wrong to have uncertainty and fair, the essential thing a merchant has to do is analyze the product beyond the fear – to validate and understand how the custom product would fare and to know if our product will fulfill customers dreams.
Many brands let their time, effort, and money go in vain without product validation. Make sure you don’t get featured in that list. Check out the factors saying how to validate the product, in the right way, presumably.
Is the custom product worth the price? Will customers pay the price we are selling? Price is the ultimate deciding factor for most customers. A very few can push the price to point two, as they’d want to buy the product irrespective of the cost. But not many.
Customers are a vital part of building your business. And until people pay, all you have left with is a list of assumptions. By doing market research, surveys, feedback forms, and competitor pricing, brands can validate the pricing. If your custom product (or brand) is new, make sure it is not too pricey.
Customized products are usually charged more compared to general products. Make it affordable without any compromise on quality.
2. Competitor Analysis
Next step is to evaluate the market for your product as it stands today to ensure there’s enough demand for building a viable business. One way to make sure there is a healthy market to sell is to look closely at your direct competition. Brands need to spend time to find out what competitors are doing and how it compares to what you are planning to do.
Understand the compelling custom options competitors are providing. The more options you offer, the more chances to make your customers feel delighted.
If there are competitors out there, you’ll at least confirm there’s existing demand for what you’re selling. Businesses that don’t make money don’t stay in business, so learning about how long your competitors have managed to stay in business can provide some rough validation that this is a market you can successfully sell in.
At the same time, make it a point your custom product is diverse from theirs with more stellar features to wow the customers.
3. Research About Demand
No doubt, there exists an immense demand for custom products. But we cannot make a move based entirely on facts, and need to do in-depth market research to understand the scope for the custom product ‘you’ are going to launch.
Now that you know more about your competitors and demand. Let’s take a closer look at interest from potential customers.
The most accessible place to start is Google Trends, which is a free tool that allows you to see how often people are searching for the product you’re selling. Knowing where the market is going can help you make a more informed decision and using Google Trends lets you see if your product idea is trending up, down, or if it’s stagnant. The last thing you want to do is jump into a declining market.
The other tool you can use is Google’s Keyword Planner Tool. This tool allows you to search for keywords and phrases related to your product and then displays the total number of searches for each of the terms you choose.
4. Start A Campaign
Of the multiple ways to validate your product, Campaign also makes the odds favor you. It is a practical, proven option to see if there’s demand for your product. One of the benefits of a campaign is that you have a firm timeline, and it requires all of your focus and effort to reach your goal.
There are a wide range of platforms (both online and offline) to run your campaign. Analyze and choose the platform where you’d want to run the campaign about the product. Ensure you have the right platform with the right community to launch your product, and talk with peers, or read about campaigns which have captivated customers in the past. Let those facts motivate you to strive further!
When the campaign ends, and the product is launched, let the sales soar like never before.
5. Feedback and Review
The sweet old way! The effective approach to know about your product is by talking to the end-users – customers, or with those who have heard your product. Ask them what they think or how they felt using the product. Ask them what all features they’d want to see to shower some extra love on their custom product. Well, products vary, so do questions. The feedback should be in line with your custom product and should be genuine to introspect.
Review and compare your product with your competitors. Keep things changing based on market conditions. Don’t be hard on your decisions. Allow change, adapt change! After all, nothing beats the feeling of seeing a happier customer with a happy (your) product.
Shoppers love customized products. Don’t fall back in the competition. Offer customized products right away to accelerate your business growth and customer retention!
From understanding your business to designing the right personalization options for your products by validating, Productimize executes your dream, and what your customers dream. Get in touch with us, and we help your brand offer fantastic customized products.
Nice read, I liked it.
I also feel buyer personas of end-users will also play an important role while developing custom products which can be a part of Research & Demand Section. Also once we develop custom products reaching out to the right audience at the right time at the right place is imperative and required before starting the campaign.
You have touched upon all required points which are imperative before the launch of custom products. Keep up the good work.
I also think that price is important before launching any custom product. Do your custom product really worth the price.
Great work telling about the things you have to do before launching your custom product. I found http://newproductslaunch.com/ quite interesting. You can also visit.
I found it interesting how you said that price is the ultimate deciding factor for a lot of customers. I think it would be a good idea to give away something promotional t all your guests as a way to get them to buy something. Imagine giving them a free pen and other goodies when they enter the store, they could feel more enticed to buy something that way.