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how to figure out market and if product will sell

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  • 30-06-2014 1:12am
    #1
    neutralvu
    Registered Users Posts: 85 ✭✭


    Hey all. Any one got advice on resources i could use to calculate the possible market out there for an e commerce website idea i have in ireland? And if it will then sell? The area is education. All tips welcome.


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    If something is original its going to be very hard to put an accurate number on the market size. You could contact a number of places you think would be interested and see what the response is like and then use that as a rough idea of how many of the total market may be interested. Have you had any places trial the product to show proof of concept?


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    #3
    neutralvu
    Registered Users Posts: 85 ✭✭neutralvu


    No i have not. Expand on this trial idea u have?


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Getting proof of concept for something original is pretty important it will show perspective clients that the product you are selling actually works. Approach a few people who you think would benefit from the product and let them use it for free for a period of time so you (and them) can work out the benefits of it that way when you are talking to other potential customers you can show them that when it went in to this real life situation this is the benefit that got from the product. People are much more likely to buy if you can show them it actually working well in real life.


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    #5
    KingMambo26
    Registered Users Posts: 91 ✭✭KingMambo26


    If you can, look at the statistics of similar products in the market. You will have to do this when you're looking at potential competitors anyway. If exact stats are not available per product, look at industry trends. Read specialised articles in your particular area for analysis that others have already done for you. You probably want to do this before you go down the route of spending money and time building a full scale website.


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    #6
    djburchgrove
    Closed Accounts Posts: 473 ✭✭djburchgrove


    Is it a physical product? Run tests on ebay, paying for listing of your intended products and monitor interest levels.

    Mess around with listing titles Run 1 product with 2 or 3 different versions of the listing description/wording and see what works best.

    Monitor stock levels and rate of selling on similar products, both on Amazon, e-bay etc. A lot of e-bay stores, or some electronic stores like expansys even tell you exactly how much are in stock. You can check these daily and see how stock is moving.

    Monitor search results of this product and related terms on Google Keyword Planner (you'll need a Google account). Test different locations for the search of the product related keywords, and see where you may be better targeting marketing/advertising spend.


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    #7
    damiensw
    Registered Users Posts: 14 ✭damiensw


    jimmii wrote: »
    Getting proof of concept for something original is pretty important it will show perspective clients that the product you are selling actually works. Approach a few people who you think would benefit from the product and let them use it for free for a period of time so you (and them) can work out the benefits of it that way when you are talking to other potential customers you can show them that when it went in to this real life situation this is the benefit that got from the product. People are much more likely to buy if you can show them it actually working well in real life.

    I agree 100% with this message. Research will be the must important part off your business. This will save you time and money in the long run.


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