You have a stellar idea for a new supplement. Great! What’s driving your strategy? Who would use the product? Athletes? Women? Boomers? All of the above?
Every great new product starts with a perceived need in the market. And although “going with your gut” can be a solid course of action, when it comes to launching a large-scale product development effort, we understand it helps to have proof points to back up your intuition.
Know Before You Press Go
A good place to start is to gain a clear understanding of forecasted financials within the category you are considering launching a product in. Assess if there is real need for an entirely new product with unique positioning, based on category whitespace and directional insights.
What are consumers missing from other products in this category? In other words, research, research, research.
Amazon reviews for products within your chosen category are an excellent (& free!) research source to use. In fact, there is a lot to be learned from C&A, a company that built a business out of assessing amazon reviews to create products solely around product complaints on Amazon.
Close the Gap
By following a complete research process that’s clearly driven by your target market’s needs and behaviors, you’ll enjoy greater confidence in both your strategy and outcomes. And your product becomes better poised to:
- successfully meet current and evolving consumer demand
- connect with your target buyer’s mindset
- distinctly stand apart from your competitors’ products.
When you intimately understand the “who” on the other side of the shelf, other steps of your process naturally fall into place—from the ingredients you’ll choose to the formulations you’ll create—for faster time to market and a product launch that hits the bullseye.
Download this quick and valuable read to make sure you launch a Product with Purpose.