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The Importance of Market Testing

 

Marketing Testing is a term use in Business and Startup, market testing works on the principle of Knowing who are those people in interested in the product you want to launch or where are those people that will buy your product located.

Market testing is  like testing what the water be will like before diving into it, you don’t just start a business base on you have a great idea, You need to test what the market feels like by making use of Survey.

    • The Importance of Market Testing
    • Where to perform a Market Testing

The Importance of Market Testing

Below is a Story of a Man whose wife want to start a Business.

The wife has a desire to start a Bakery Business in Nigeria the idea which she got from a reality show. What caught her Interest was how popular the bakery was and from that moment she decided to open a bakery of hers.

She told her husband about the idea and He decided to help her in establishing the business idea but he decided to Consult Google to learn more about how the business feasibility is, what is needed to establish a successful business and Market Testing.

In the course of Searching Google for information, he was able to gather the Following information

1.       They live in a small town which means there is no enough audience for the business

2.       The average expense on Tax is high which can consume half of the budget

3.       The rate of standard of living in the community is Low, they can’t afford buying high cost product

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4.       Most of the Citizen are retiree and they cook in the house

5.       There aren’t lots of foot traffic

From the observation above, do you think it is advisable to open the Business?

I guess you will say No and my point are:

·          Large percentage of the Community are retiree who will buy the Products?

·         There is no Foot traffic ,who will buy the product

·         Most of citizen are people living below normal standard of living

Firstly, the importance of Market Testing is that you can know if your idea is valid in your area of residence, what things to put into place and make some changes on your idea using Market Research

Secondly, Market Testing helps to know those that need your product/service

Thirdly, through market testing you can know the demand for a product or service in your market

            Lastly, with Market Testing You can know the Sales figure market for a Particular Product

Read: Earn money Today with this Affiliate marketing Tips

Where to Perform Market Testing

Where to carry out Market Testing is one of the Problem use to face when they want to create a Startup/Business.  I will try to address that in this Section

Market Testing depends on the Audience your Business /Products want to target.

You should ask yourself this question:

·         What Age are my Product for?

·         What am I selling e.g. Bag, School  Materials, Make-Up Kits, Cloth, Shoes and so on

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1.       If your business base on  selling of Stationery  materials Probably Schools should be your target

2.       If you are Into Production of Shoes for Children then you should  go to schools in your community have a deal with them so you can produce for them at a discount rate

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3.       If Your target Audience are Age 3-10 then you should go to Amusement parks, Mall and others

4.       You can Make use of Social Media to Perform Market Testing if Your Business is B2C (Business to Customer) but LinkedIn is preferable if it is B2B (Business to Business)

Conclusion

Market Testing is one the most Crucial and stage that every Business idea should pass through, this will go a long way to prevent unexpected failure, gives one chance to prepare for Possibility and come up with a new idea

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