3 Ways to Research a Potential New Business Idea

So, you’ve got this amazing new business idea.

Now what?

Regardless of whether you’re a current business owner that’s exploring offering a new service or product—or you’re looking to start your very first business—you first need to perform in-depth research into the viability and profitability of your new business idea.

Success or failure will be dependent upon how well the market receives it. Market research seeks to provide qualified answers to various questions, such as:

  • Is there a need?
  • Who are the other players in the market?
  • What features do people value most?
  • How should I approach pricing?

If you’re looking to vet out your new business idea a bit more before you hire a professional market research agency, such as the Witmer Group, read on to learn more about three ways you can validate your new business idea.

Research Amazon Book Reviews

Amazon Book Reviews will allow you to get into the minds of those who are most likely to purchase your new product or service. For example, let’s pretend you want to sell a new weight loss product.

A quick search for “weight loss” on Amazon Books provides us with this #1 result:

Feel Great, Lose Weight: Simple Habits for Lasting and Sustainable Weight Loss

Click the above link to be taken to the Amazon Books page and then scroll down to the bottom to where it says, “See All Reviews.”

Once there, you’ll be taken to the dedicated review page for this book. Look in the upper left-hand corner, and you’ll see a search box. You can type various keywords that will provide you with more insights into what people looking to lose weight want out of a weight loss product.

Google Trends

Google Trends is a free tool that you can use to show you trending topics in Google search. You can search for competing brands, compare the features of your intended product or service, and identify precisely what your target audience is looking for.

In addition to learning more about trending topics, the information you pull from Google Trends will also allow you to create highly targeted paid ads and capture the immediate attention of people who are most likely to buy.

Ask Quora and Reddit

Websites such as Quora and Reddit are treasure troves of information. Both are free to join, and you can post various questions that will give you a clear indicator of whether or not your new business idea has wings.

Quora is set up in a question-and-answer type of format. Users can ask new questions and vote whether or not they agree with the given answers. This provides you with more social proof that the response(s) that you’re getting are indeed valid.

Reddit, on the other hand, is a massive social media site. It has communities for almost anything imaginable. In addition to creating a new thread that seeks answers to your questions, you can also browse previous posts made by other people. Chances are you’ll find some valuable information.

Market Research and Consulting in Dallas

The above three tips will provide you with a wealth of information about your target audience and help you refine your business idea. The next step in the process is to reach out to Witmer Group and let us perform customized and in-depth market research that will allow you to bring your new product or service to market with extreme confidence.

The Witmer Group has been helping Dallas businesses with market research for well over ten years. We offer a wide range of SEO and digital marketing solutions and create a customized marketing strategy to help your business remain competitive.

Give us a call today at (214) 865-9484, or contact us via our website to learn more about the various marketing and data analytics services we offer our Dallas clients.