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.
Source by Bob Cannon