New
Product Success Article
By: Bob Cannon
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
called 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.
Byline
Bob Cannon helps inventors, imagineers, importers and
manufacturers successfully introduce new products to
the Hardware / Hardlines Marketplace. Check out his
blog at 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.
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