Defining who might benefit from your product is key to marketing it in an effective way. Make My Persona is a proprietary tool that allows you to create a buyer persona for your potential new product. Another helpful tool is the Census Bureau Business and Economy data, where you can also target premade tables depending on your industry. Easily find out where your target industry is most popular - or where the market has been oversaturated. One of the best ways to use this tool is by finding the NAICS code for your business, then accessing the Tables tool, then clicking Filter on the sidebar and searching for your industry. You can also use some of its shortcuts to access visualizations of the data, allowing you to see potential target markets across the country.
You can filter by age, income, year, and location. The Census Bureau offers a free resource for searching U.S. If you’d like to market your product through YouTube, the Find My Audience tool allows you to investigate what your potential viewers are interested in and what you should discuss in your brand’s YouTube channel. Wish you had information on your product’s likelihood of success? Think With Google's marketing research tools offer interesting insights on whether anyone is looking for your product ( Google Trends), which markets to launch to ( Market Finder), and what retail categories rise as the months and seasons pass ( Rising Retail Categories). Featured Resource: Market Research Kitĭownload the Kit Now Helpful Market Research Tools & Resources 1. If you're sensitive to the high costs of failure and need to gather facts and opinions to predict whether your new product, feature, or location will be successful, start by investing in market research using these tools and resources. With market research, you determine whether the opportunity exists, how to position the product or service, or what consumers' opinions are after the launch. (It was this instinct that led Clairol to release Touch of Yogurt Shampoo, which some people thought was a breakfast food option.)įinding out if a product will be successful beyond the initial curiosity is just good business. Founders and brand managers "know" it will be successful - they run on their instincts, not the facts.
In part, we can blame lack of research for why there are so many unsuccessful product launches and ill-conceived new feature additions. It’s commonly known that most product launches are destined to fail - and that’s because they do. When a client wants to launch a new product, get into a different market, or open a new store location, the odds are stacked against them.
It's a battle to get someone to switch to an unknown brand, especially during times of crisis.
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