How to Market a New Product
- Published on Tuesday, 03 September 2013 17:56
- Bob Cannon
- 1,071 Comments
“How to market a new product” is a common search phrase on search engines. While it is a common search, it is the wrong search. It will not answer the question that is really at the heart of the matter. The real question should be, “how can I maximize my return on my idea given what I am willing to do to make my idea a commercial success”.
The truth is that there are millions of ideas and they grow in value as they approach commercial success. An idea that never gets exposed and promoted it has a very small chance of success. Marketing a new product takes: time, money, effort and knowledge. The person who asks How to market a new product doesn’t possess time, money, effort and knowledge then they are going to have to hire the talent to fill in their shortcomings or find alternative ways (See Three Options for Inventors) to market like selling the idea or licensing the idea to an organization with all the prerequisites to successfully market the new product.
The person seeking the answer as to How to Market a New Product is critical to the success of the effort to market the product. Before seeking the answer, that person needs to be able to answer what they are willing to put into the process. Whether or not they are willing to put in the time, money, effort and gain the knowledge necessary will, to a large extent, determine how to market a new product.