Prelaunch: Armenian platform helps you find out in advance whether your product will be successful

Are you excited about launching a new product? While friends and family may applaud your idea, their praise may not guarantee real success. Approximately 80% of products entering the market face the risk of not meeting consumer needs, leading to substantial losses for their producers. Before investing significant resources and time into production, it is crucial to assess the actual demand for your innovative product.

Armenian specialists have developed the Prelaunch platform to address this challenge. Narek Vardanyan, the founder and CEO of Prelaunch.com, explained to NEWS.am Tech that the platform aids companies and individuals in gauging the potential of their ideas and predicting market demand.

Prelaunch helps answer key questions: Who is the primary target audience for your products? In what quantities should you produce them? What color and features should they have?

How does it work?

Prelaunch employs a methodology originally used by The Crowdfunding Formula to assess the potential of products promoted on crowdfunding platforms. Unlike traditional approaches relying on opinions, Prelaunch focuses on user behavior. Potential customers are presented with a detailed product overview and are asked to make a nominal deposit (e.g., $1). In return, they become eligible for discounts, gifts, or other bonuses when the product hits the market.

Narek Vardanyan emphasized the flaw in traditional research methods, stating, "The problem with centuries of research is that people were merely asked whether they would buy the product or not. Some may say yes, while others say no. However, these responses often do not correlate with actual behavior."

Prelaunch's approach shifts from opinions to behavior, as Vardanyan explained, "If a person is genuinely willing to pay even a small amount, like $1, it proves they are serious and genuinely interested in the product."

Notably, individuals making a deposit face no risks; they can change their minds and receive a full refund at any time, even if the product is not produced.

Targeting the audience for product testing is achieved through precise social media advertising. Additionally, Prelaunch boasts a community of over a million enthusiasts who receive weekly updates about new products and can express their interest.

Operating for about a year, Prelaunch has garnered immense interest and engagement. The platform collaborates with private entrepreneurs and major companies, including Bosch, Haier, and Epson, all seeking to assess the potential success of their new products before launch. This knowledge, coupled with insights on product improvement, can translate into substantial cost savings, potentially reaching hundreds of thousands or even millions of dollars.

Products that surprised everyone

The Prelaunch platform serves as a crucial tool for gauging the potential success of products before they hit the market. Despite the platform's proficiency, the results often defy initial forecasts and opinions held by the Prelaunch team. 

A notable case involved an unconventional idea brought to TCF: the production of masks designed to conceal a person's face from street cameras. Although the concept seemed peculiar to the company's specialists, Prelaunch testing revealed significant demand, particularly in Asian countries. The subsequent release of these masks resulted in sales exceeding $0.5 million in the first few weeks.

Vardanyan reflected on such cases, stating, "We have long ceased to be surprised by anything. If I like or dislike something, it's just my subjective opinion, which does not indicate the product's real demand. Personal preferences may not align with the interests of people living in different countries and under different conditions."

To emphasize the unpredictability of consumer preferences, Prelaunch even created a game challenging people to guess the successful product between two options. Surprisingly, participants fail to guess correctly 90% of the time, underscoring the intricate nature of market dynamics.

Sometimes nuances are the key

The platform also reveals instances where seemingly promising products face unexpected challenges. Factors such as product pricing, specifications, features, or other nuances can significantly impact their reception among the target audience.

Vardanyan recalled a case involving an electric motorcycle designed by Erik Buell, a renowned figure in the motorcycle industry. Despite Buell's stature, Prelaunch research highlighted specific concerns, including the need for the electric motorcycle to sound like a traditional one and issues with the size of the trunk.

Vardanyan explained, "The target audience had specific needs, which the developers initially overlooked. After Prelaunch, they incorporated artificial sound into the motorcycle and adjusted the trunk design to align with buyer preferences. The result? A resounding success, with several million dollars in sales on the first day."

Empowering creative minds

Looking ahead, Prelaunch is set to introduce a groundbreaking feature in January 2024, enabling individuals to test their ideas swiftly. Users need only describe their product, and an AI-generated model will provide insights into its potential within a few days.

"This will be a highly popular feature, allowing all creative minds to bring their ideas to life. It aligns with our mission—to create tools and platforms that keep creativity alive and make its realization accessible to everyone with innovative ideas," noted Vardanyan.