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So You Want to Sell a New Product…
As marketers, we field a lot of phone calls from clients and potential clients (and even family and friends) who are looking to market a “great new product” that is going to set the world on fire.
The products we’re presented with are mostly good ideas - and good products - but they’re often inviable. Whether they are ahead of their time, behind the times, or entering an already saturated market, a great product or idea is not always going to be a practical one.
Things to consider when bringing a product to market
Cost: You can have the greatest idea in the world, but if the cost of producing the product means that the retail price will be more than the market will bear, the product will likely fail. When pricing your product (for more information on how to price your product), it’s important to make sure that your cost allows you to structure your pricing so that you’re competitive, while still making a profit.
Market: You need to do your research. If yours is a product that already has a lot of competition, you need to be realistic about what your product offers that others do not. Sometimes, it’s just a matter of positioning your product correctly. Other times, research may indicate that there is simply no room for your product to succeed in an already crowded market.
Timing: Sometimes, a great product will fail, when only a year later, a similar product will become wildly successful. There is almost no way to predict with certainty when is a good time to launch a particular product. But it is good to keep an eye on the trends.
Some Consumer Product Trends for 2013-2014
“Green” Products: From solar panels and solar-powered cell phone chargers to recycled office supplies, many people are choosing to make environmentally-conscious purchases. Even with the higher costs of some of these products, consumers are drawn to the idea that they are making a difference by purchasing a product that is better for the environment. Even better if the product is both environmentally friendly, and more cost-effective in the long term.
Personal Electronics: Just look around and it’s easy to see that electronics are prevalent. Everywhere you look, there are smart phones, tablets, e-readers, etc. And along with the products come accessories. Cases, covers, “skins”, peel-and-stick decorations, charging stations – most people want to personalize their devices, and make sure they have the necessary accessories when at home or on the go. And with the devices changing rapidly, there are always new customers for these accessories.
Health and Wellness Products: This category of products seems to just keep growing. Gluten-Free, Lactose-Free, Organic, Stress-reducing, Anti-Aging, Antioxidant, Weight loss - the list goes on. People are encountering more health-related issues – especially the baby boomers – and are always looking for products to help them be healthier, look younger, and improve their physical selves. But remember that, while these products are part of a growth industry, foods, vitamins, cosmetics, etc. are well-regulated - it will require more time, effort, research, and resources to bring a product like this to market.
Video Games: Game Consoles, software, and applications for cell phones and tablets are all experiencing growth. Hard-core and casual gamers can now play just about anywhere. There are gaming apps for every age group, and smartphones have increased the market.
The Bottom Line
All new products start with a good idea – that’s half the battle. The other half requires research and resources. Be willing to listen to experts, and to make adjustments where necessary. With a good idea, research, the proper timing, and good business decisions, you could be well on your way to bringing a successful product to the marketplace.
May 30, 2013
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We work with large and small companies, but sometimes budgets, schedules, or differences get in the way. There's always the next one.
We're not miracle workers, but we've been known to perform a little magic and help your businesses take off. And we keep working hard.
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