HOW TO MAKE AN EFFECTIVE MARKET RESEARCH part 2

Effective Market Research: Numerical Calculations.

Mathematics is global language so we are going to apply simple numerical calculations to accurately know what will perfectly sell online...

Applying a simple numeric 0 through 5 rating system to each Point of Failure is the best way to Qualify a product overall. 0 (zero) would be no impact at all, and 5 would be maximum impact, and an automatic disqualification of the product.

Read: HOW TO MAKE AN EFFECTIVE MARKET RESEARCH part 1

The “CIP (Cumulative Impact Point) Score”

Use the following system to apply a “CIP Score” to each of the Points of Failure when Qualifying your product:

Market Segment: 

Consumer = 0 points.

Consumer products reach the widest possible consumer base. The fact that a product is a general Consumer product has no negative impact on its likely sales online.

Prosumer = 2 points.

Prosumer products reach a narrower consumer base and require specialized knowledge to sell, which makes them a less likely candidate for the widest possible consumer audience and creates a higher level of difficulty in sales.

Professional = 4 points

Professional products reach a MUCH narrower consumer base. These products require professional handling and expertise to use or install. Professionals who use them most likely already have their own physical-world suppliers, and they're much more difficult to sell online. 

Size: 

0 Points if the product is under 150 pounds and the shipping dimensions are within UPS, FedEx and USPS limits. 

5 Points if the product is over 150 pounds or over any of the UPS, FedEx and USPS limits on shipping dimensions (size of box, etc.) This is an automatic disqualification. 

Integration: 

0 points if the product is stand-alone and no integration is necessary.

1 – 5 points if the product has to be built into or integrated into something else in order to function, with 1 point being simple integration and 5 points being something that has to be built into another type of product or enclosure in order to function. 5 points is automatic disqualification.

Visualization:

0 points if consumers regularly buy the product online and there is no need to “see and touch” the product.

I – 5 points if the product is something that consumers may feel a need to see and touch before buying, with 1 point being the slightest need, and 5 points being an absolute need. 5 points is automatic disqualification.

Urgency:

0 points if there is no urgent need to have the product in hand right away.

1–5 points depending on the potential need of the consumer to want to have the product in hand with some sense of urgency. 5 points is automatic disqualification. 

Ideally, the product line you choose would have 0 (zero) CIP Score, which means it scores 0 on all Points of Failure. 

Let’s go through a couple of examples of Qualification.

Read: HOW TO MAKE AN EFFECTIVE MARKET RESEARCH  part 3

Credit to worldwidebrands.com