- 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 inventors tell me their target market is “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.
There are three options for inventors with new product ideas. Your success will depend on matching your skills, your financial situation, your time constraints, and your goals with your approach to marketing your idea. Sadly, most inventors spend a great deal of time, money and effort without a complete picture of what options are available to them for capitalizing on their idea.
Option 1. You can sell the invention. This is where you assign your rights to the patent to someone else. Once you have sold the patent and assigned your rights, you have given up total control. The invention and the patent are no longer yours. This approach requires the least amount of investment of time and money and generally offers the least economic reward.
Bob, the marketing new product coach, knows what you are up against, when it comes to understanding the inventor and the daunting task of marketing a new product,. He is a patent holder. He has researched and evaluated new product ideas from both the inventor perspective and the corporate perspective. He has successfully marketed new products into the hardware / hardlines marketplace. He knows the options, the pitfalls and what it will take to be successful. He has been there and done that.
Perspectives Optimize Innovation when marketing a new product, yet all too frequently, I encounter inventors with the next greatest innovation who are not having the success they hoped for in marketing their new product. They know what the product costs to produce. They know what they want to sell it for. They know how they want to go to market and how they are going to promote the product. They have a perspective based on what it took to get the product developed, but they haven’t tried to look at the product from the potential customers perspective. It is sad to say, but I have seen many examples where these folks have anywhere from tens of thousands to hundreds of thousands of product on the shelf but still haven’t looked at their innovation from the perspective of the potential customer.