Things to Consider in a Product Viability Analysis


Product viability requires you to focus on profit, demand, market size, and competitors. However, to perform product viability analysis, you need to consider the following factors.

What's the Need for the Product?

Before launching your product, see if your product needs it. For instance, do you need to offer personal protective equipment products or entertainment products? Think, do people know about this need, and is it a need for which audiences are searching? Remember, non-essential and less solution-based products will not convert visitors into viable consumers.

Does Your Product Idea Exist Already?

Do a little research on your product idea and determine if it already exists or not? It doesn't mean you have to look for the same product, but research products that offer the same purpose and serve your target consumers. Also, you can do an online survey to identify how you can improve the existing product idea and serve better.

How Many People Will Get The Benefit?

What is the maximum potential number of sales, and how many consumers will purchase this product? Conduct market research and think of ways that show how you can make your product more appealing in front of an audience to increase its reach.

Consider Your Competitors

Who are your competitors, and where they are lacking in providing the benefits to your customers? How can you introduce a new element of a product to increase sales and get maximum market share? Understanding these queries will help you to enhance your market share.

How You Will Make Your Product Profitable?

Think of how much you will charge your customers, and will they be willing to pay you to this extent? Also, consider your business revenue model and crowdfunding and think of generating recurring revenue.

Dataczar Connect is an all-in-one marketing solution allowing you to build a beautiful website with ease, create campaigns in a few clicks, and make branded marketing materials in a matter of minutes. There’s no coding or hidden costs. In just 5 easy steps, you’ll have your own domain for your business or brand and begin connecting with prospects through omnichannel marketing and content creation.