I have a new product idea for the hair industry that would solve a problem most women who use clip-on hair extensions have.
Now that i have the conceptual idea of the product and how it should work should my 1st priority be market research or building a prototype?
If I find that there is not enough market share in this industry should I not bother with a prototype or can my prototype create a need?
I feel like I am stuck in information overload.
Thank you in advanced for your time.
I would say that doing market research before spending too much money on prototypes and other expenses is a great place to start.
Might I plug the company I'm consulting for, and suggest QuestionMoms.com? It is a site where you pay a small fee (compared to other survey sites) to get responses from 100 different moms (you can specify your target market). You can write your own questions or follow an online template. These template surveys are designed to help you identify market need, set the proper price point, obtain reaction to marketing descriptions, test product images and packaging, etc.
In return, you get a huge report of answers. You can see a sample of this type of report at http://theiqmom.files.wordpress.com/2011/12/diaperbuds_results.pdf. If you have any questions, you can email me at IQLead@gmail.com . I'd be happy to help if you decide to check that out!
Good luck with your invention!
Products do not create a need, so I would strongly recommend that you first identify whether one exists.
My approach would be to clearly define the "problem' that your product will solve. Then see how it is being "solved" now and at what "cost". I would then do some research to determine how many people have this problem. With this initial information, one can decide whether this product is worth pursuing -at at what "level".
Acquiring enough of the above information to do a first cut feasibility analysis shouldn't be very expensive- but can take some time, so you'll have patience.
If you need help or would like to discuss your situation in detail, feel free to drop me a PM or contact me directly.