Before implementing or applying any business idea, it is always better to test it in the market. Most of the ideas demand a major investment risk to be taken if we directly implement them on a large scale, but if we instead get the intellectual property protected with copyright and then we first market test the idea and its success, the chances of its success can be noted down. Actually, this acts as a kind of market survey where we are testing how far a business idea can make people attracted towards a particular business and in order to market test your business idea, you can bring in use the following tips:-
How to Market Test Your Business Idea
1. Create a Temporary Team:-
First of all, you should create a temporary “test team” to establish a small workshop at proprietor level in market and you should pick up only the most trusted people for this team. The objective of this team will be to test and implement the product at a small level in the market and for this purpose; you can decide a prerequisite amount of product/services to be kept in stock for sales or business.
2. Bind Them with Perks:-
Just bind each of these people with a perk that if company finds the test business successful, they will be given a permanent position in the company. This is done in order to ensure that all the members of your test team work with equal enthusiasm and zeal. Our motive here is to observe the level of sales/business that this test team makes depending on the crowds and its response. The average will be calculated then and this average will tell us if business idea is perfect or not.
3. Ask them to sit In the Market Demonstrating the Product:-
The test team members chosen by you should be made to sit in the market for product demonstration. If you are planning the sales of a product, just ask a few marketing representatives to sit along with the hoardings and pamphlets of your product along the roadside and ask them to give demonstration of your product to each person who passes asking them to try your product once.
4. Put Forward a Board for People to Share Their Experience:-
Now, per every ten marketing representatives making marketing for your product in a specific area, you should have a provision for a board team to prepare report or to share their experience of sales, response of people towards your product or service and possible ways to improve the sales.
5. You Can Even Distribute Free Samples:-
You can even distribute free samples of your product to let people try it. Hand over the free sample along with the pamphlet carrying web link and contact details of your firm so that people may be able to contact you again in future if they wish to purchase your product. If you are selling a specific service, you can distribute visiting cards to people awaiting response from their side while sitting in your office.
6. Identify the Market, Customers and Customer Demands:-
Our main approach with all these steps is to identify the market, customers and customer response. For example, if 100 people come in contact with your representatives and seventy amongst them show interest in hearing the demonstration or taking the pamphlet or free sample from you, this never means that your business market test was successful, but instead the calls that you get back in response from people taken as an average will decide if you should further expand your business or not.