The most optimistic success rate I have run across for new product ideas is about 3%. In other words, 97% of product ideas never successfully enter the market. There are lots of reasons for this low level of performance, but there is a consistency around a few common mistakes that routinely present themselves with inventors and new product marketers. These are not the only reasons, but if you can avoid these mistakes, you can greatly improve your chances for success.
The Product: The single biggest shortcoming in new product introductions is not fully understanding the product, its usage and the target market. A dead give away to this problem is when I ask inventors to define the target market and they tell me, "Everybody." If your target market is everybody, you are doomed to failure. It is like shooting a gun at a bull's eye. You will most likely never hit the bull's eye if you are aiming at the whole target.
The Opportunity: One of the most difficult questions to answer in preparing a new product for market is defining the opportunity. Sadly, there is not enough information available about most product categories and if you have something that is entirely new, there are no reference points, but this is critical information for the decision- makers you will be dealing with. You must have some verifiable estimate for the potential of this product.
The Channels: With most products, there are going to be intermediate steps between you and the end user of your product. What Channel or Channels will you choose? What are their expectations? Can you provide what they require? What do they require? Are there any trends that could affect your successful launch?
Your Circumstances: There are usually three factors that each inventor / marketer must understand about themselves before they go to market. Do you know what those 3 factors are and what options are available to best match your circumstances?
Research: Many people think they are marketing their new product idea or invention. The truth is you are also marketing actionable information and knowledge, but where do you go to get that information and knowledge? Once you do get it, how do you put it together?
The Fuzzy Front End: The people you are trying to sell your new product or invention to have a perspective that is different than yours. Do you understand their perspective and can you provide answers to their questions both asked and unasked?
Your Offering: Successful new product introductions require more than just the product. If we all just bought products, we would all be driving the same make and model of automobile. People don't just buy products, they buy features and benefits and image and status. How are you going to package your product for success?
These are examples of just a few of the issues that we talk about at our new website http://www.marketingnewproduct.com. We have even developed a collaborative consulting product call the Quickie Market Analysis to help inventors, and new product marketers avoid these pitfalls.
It doesn't really matter where you are in the process of introducing your product. The Quickie Market Analysis will pick you up where you stumbled and move you toward success. Visit the U.S. Hardware /Hardlines Resource Center to learn more.
Copyright Bob Cannon/the Cannon Advantage, 2005. All rights reserved.
Bob Cannon helps inventors, imagineers, importers and manufacturers successfully introduce new products to the Hardware / Hardlines Marketplace. Check out his blog at http: http://www.takingaim.blogspot.com Bob can be reached at (216) 408-9495 or mailto: bob@marketingnewproduct.com
This article courtesy of http://www.marketingnewproduct.com You may freely reprint this article on your website or in your newsletter provided this courtesy notice and the author name and URL remain intact.
Want to make an impact with your online business in... Read More
There are some smart and sneaky techniques that can help... Read More
Everybody makes mistakes, but nobody likes to talk about them.... Read More
Most people spend their entire lives working hard for someone... Read More
Most people looking to do business online have heard of... Read More
1. When you make your first sale, follow-up with the... Read More
The current climate on the internet is very unfavourable to... Read More
There's an old story about a guy who had a... Read More
What's happening to the personal touch on the World Wide... Read More
Do you want an amazingly simple trick to move far... Read More
For three years in Internet Marketing, I've tried to find... Read More
Have your product sales slowed down? Do you want to... Read More
Here are 10 killer website marketing tactics to boost your... Read More
Are you confused by what really works when marketing your... Read More
Establishing & maintaining rapport with your online audience is perhaps... Read More
With 95% of all Internet businesses failing, it is important... Read More
1. Utilize holidays to increase your visitors or sales. You... Read More
If you're looking for Internet marketing help you've come to... Read More
Remember that leaders spend more money on learning and growing,... Read More
Joint ventures are partnerships in which two or more businesses... Read More
If you're new to Internet Business, this might be hard... Read More
I recently noticed that my friend's two-year-old, Conor, is getting... Read More
Think about everything you can do in your business that... Read More
It's no secret interactive (web-based) marketing has arrived. The IDC... Read More
As we look at building our online businesses, many of... Read More
Knowing about the people who buy your products or use... Read More
Making money online is really easy to do because the... Read More
My wife laughs every time she sees me doing it.At... Read More
Where do I start if I want to be an... Read More
"Content is King" - that's a given, there's no debate.... Read More
Have you ever wanted to add new products to your... Read More
More and more people are realizing that the Internet offers... Read More
If you want to go far in business, and be... Read More
Since I sold my last business in 2004 I have... Read More
Have you ever attended a class where the instructor followed... Read More
Being successful at Internet marketing does require doing the right... Read More
With the creation of the Internet, it has become easier... Read More
Money may well make the world go round, but facts,... Read More
Do you want to open the floodgate of orders at... Read More
Creating a network -- meaning a community of users --... Read More
If you have zero budget then this is the article... Read More
Internet marketing by definition is "the use of the Internet... Read More
Find a niche; pick a niche, niche markets will make... Read More
Many firms underestimate the value of using their websites to... Read More
The web site marketing you use to promote your Internet... Read More
After running an online business (web site design) for a... Read More
When the economy is booming, you may do well in... Read More
Imagine never having to leave your home to work. Not... Read More
If you have ever wanted to know HOW the Internet... Read More
a) An internet marketing solutions company tells you that they're... Read More
Is internet marketing and the potential for it saturated? I... Read More
You can magnify and expand your business if you have... Read More
Yahoo! manages to utilize its huge network of websites and... Read More
Everyone knows the internet can be very useful for finding... Read More
Not long ago, industry pundits were touting B2B marketplaces or... Read More
Everybody wants quick profits. The phenomenon is more prevalent on... Read More
Despite any failures or slow starts you may be experiencing... Read More
Many people throughout the life of online marketing have utilized... Read More
If you're a web marketer and you've done your homework,... Read More
When you make the decision to start an Internet business... Read More
Writing and Submitting Articles is More about Psychology than Writing... Read More
When I started submitting Ezine articles, I never realized their... Read More
When forming a joint venture with another business, your most... Read More
Question: Can you guess the cheapest way to make a... Read More
What's happening to the personal touch on the World Wide... Read More
In the world of online busines something has gone wrong.... Read More
Internet Marketing |