Webinar Overview: Your Product’s Commercial Viability
Whether you call it product viability or product-market fit, understanding the likely demand for your food or drink product is crucial. Whether launching a new brand or extending your range with a new variant, you need to explore and establish the likely demand.
This webinar focuses on the process of determining the market need for a new product or a brand extension. It explores the dynamics and trends which might shape how your product goes to market. It will help you avoid costly mistakes and leverage market research to fine-tune your product and branding. Hear how to position your product for success, provide evidence to get partners and retailers on board, and, of course, build confidence that your investment of time, money and effort is worthwhile.
Key Insights for Product-Market Fit
- Market Research: Dive into category trends and consumer behaviours to ensure your product fits and stands out.
- Competitor Analysis: Uncover direct and indirect competitors and give yourself the best chance of finding a suitable position or gap in the market.
- Pricing Strategy: Develop a balanced pricing model that considers consumer willingness while maximising profitability.
- Consumer Testing: Gain honest, invaluable feedback to refine your product before investing heavily in production.
- Strategic Positioning: Define your brand’s identity and USP, preparing you to captivate retailers or investors.
By learning how to validate your product’s commercial viability, you’ll boost your confidence and clarity in launching your product. You’ll also equip yourself with the tools to secure investments, optimise design and marketing strategies, and increase your chances of long-term success.
Key Takeaways
- Understanding the Landscape: Delve into market research to understand current and emerging trends within your product category.
- Identifying Market Gaps: Evaluate both direct and indirect competition to determine where unique opportunities exist for your product.
- Consumer Feedback is Crucial: Test your product with target consumers to refine and validate your offering before launching.
FAQs
- What is the primary purpose of understanding a product’s commercial viability?
The main reason to conduct an analysis is to establish whether a product is commercially viable. By validating its market fit, identifying potential competition, and ensuring cost models are sustainable, you will avoid wasted resources, increase the likelihood of success, support investment decisions, and better guide effective branding and marketing strategies.
- Why is it important to analyse market trends for a new product?
Analysing market trends provides valuable insight into consumer preferences, emerging ingredients, and potential challenges, such as shifting eating habits or new health regulations. By understanding these trends, a business can better position its product, ensuring it meets current and future market demands.
- How can identifying competition benefit your product strategy?
Identifying direct and indirect competition helps position your product uniquely in the market. Understanding your competition enables you to identify gaps or opportunities within the category, ensuring your brand offers something new and appealing to consumers and retailers. Establishing commercial viability also aids in setting appropriate pricing strategies.
Additional Resources
- Webinar on Cost Modelling: This webinar looks at developing pricing and cost structures for startups aiming to create commercially viable products.
- Consumer Research Webinar: Offers budget-friendly strategies for conducting consumer research to validate product and pricing.
