Reduce your product research costs through micro-testing

Microtesting is marketing a product online before spending much on research and development or inventory. The idea is to develop something with the minimum amount of features or information needed to gauge the marketability of a product online. That might mean mocking up a website with potential features and seeing how many visitors click on the item. It might also involve buying pay-per-click ads to see how easy it is to gain potential customers. Or it might mean selling a few products on a site like bidorbuy to see how well they perform before ordering in bulk from a wholesaler.What sets this approach apart from practices like using focus groups is that companies base product development decisions not just on what customers say they want but on how they vote with their wallets.