New Product Ideas
- Published on Monday, 15 July 2013 18:03
- Bob Cannon
- 133 Comments
Frequently in dealing with inventors, I find that they have multiple new product ideas. They think all of these new products are wonderful. They have a difficult time focusing on just one new product idea to market. Focus is critical. It is like shooting a gun at a target. If you don’t focus on the bullseye, it is unlikely that you will hit your target or successfully market your new product.
Deciding on a single product and doing everything that is required to be successful will require all of your time, money and effort. It is highly unlikely that an individual inventor will have enough of these three resources to pursue more than one product idea at a time.
Second, by focusing and getting one new product off the ground as quickly as possible will provide the resources necessary to to develop another one of your new product ideas. Rather than limit your resources per idea and slow your progress, it makes sense to focus on one at a time and build the resources that will allow you to pursue your other ideas.
Third, what you learn in the process of bringing your first new product to market will help you to expedite future new product marketing efforts.
Limit your new product ideas to one at a time to allow you the time, money and effort to build on your successes.