95% of new products fail. Let’s improve the odds.
Is your new product idea a good one?
As an entrepreneur, how do you know if your great idea for a product could lead to a successful business? Inc Magazine tells us that 95% of new products fail. According to research from Oxford College, a lack of market research is a top cause of new products failing. Developing a new product is a big investment. It makes sense to do some market research to see if people are likely to buy your product when it launches.
Idea Tester gives you a fast and low-cost way to test your product idea.
Successful products solve a problem that matters for customers. They also do it with a meaningfully unique solution that people are willing to pay for. Our system tests the four things that can indicate whether a product can be successful in the market.
Is the problem real?
Good products solve problems for the people that use them. Our system tests to see if the problem that your idea solves matters to buyers.
Is the problem frequent?
People are more likely to buy a product if the problem that it solves happens often. Our system tests for the frequency of the problem that buyers experience.
Is the solution good?
For a user to buy your product, they need to feel like your solution is a good one. We are able to test whether buyers feel the idea is a good solution to the problem.
Is your solution unique?
Successful products solve a frequent problem. They are also unique in the eyes of customers. We test the uniqueness of your idea with buyers.
How It Works
Describe the Problem
- Our team will work with you to put the problem that your idea solves into words.
Define the Idea
- Together, we will create wording that describes your idea without exposing your valuable IP.
Define the Target Buyers
- Our specialists will help choose what types of people we want opinions from.
- Testing surveys go out to targeted groups. The results are analyzed and provided to you, with a recommendation.
What You Get
The output of this work is the Insight Mining Report. The report gives you hard data showing how buyers feel about the problem your product solves, and about the solution itself. Take a look at this example report (password is 12345678). Our team will summarize the results with you via phone or video call. We will also recommend next steps for you. Next steps could include a full development project, or pivoting to a different idea.