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Seven Reasons Why New Products Fail
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 call 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. Bob Cannon helps inventors, imagineers, importers and manufacturers successfully introduce new products to the Hardware / Hardlines Marketplace. Check out his blog at http: 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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RELATED ARTICLES The Most Important Marketing Tool As an online marketer, there are many tools available to help you succeed. Some are free, while some will cost you money. Don't Let Legitimate Email Marketing Campaigns Suffer A Junk Mail Fate Volume-based filtering may be pre-sorting your marketing messages to the bulk folder or worse.You've got a great product, fantastic customer service, and a loyal base of customers that opt-in to your email list. If you Sell a Product, Use Online Marketing, Part 1 When you offer your products via an email campaign to get people to visit your Web site, you reap many rewards-you create more profit, spend a lot less time promoting and marketing, and get to be known as the leader in your field. 1. A Tip to the Beginning Entrepreneur: Know What Marketing Means Internet Marketing has been a buzzword for over a decade now, a short time by ordinary measure. And yet in terms of Internet reckoning, this is a very long time. 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You only need to be equipped with your own web site and an unlimited product or service to sell. How To Increase Your Web Profits by Cutting the Hype 'Hype' is now an often used slang word which is short for 'Hyperbole', pronounced 'Hy - per - bul - ee', with the accent on the 'per' (not 'hyperbole' as in 'super- bowl').The dictionary definition of hyperbole is: Poetic or rhetorical overstatement; exaggeration', but it has now taken on a definite negative meaning, especially when used in marketing and advertising. Scared Of Creating Your Own Info Product? Don't be scare off when you hear about product creation or the term 'product'. Basically a product can be almost anything you put together that pass on quality information, and contrary to what you may think, it can be created very easily once you know how. Is FREE Killing Your Sales? "FREE" what a great word.We all like getting something for "FREE" don't we? Especially when it's something really good that we actually need and can use. Time is Money in Online Marketing We all do it.Spend time and money sourcing those vital pieces of kit to get the best from our endeavors. The Internet Marketing Pie: Slice It Up Right or Lose The number one concern for Internet sales is your marketing list -- in other words, your audience. But. How to Make Money Online...Driving your Car. Here's an alluring income generating strategy, that's widely adopted by top MLM Agents, Small Firms, Entrepreneurs and Marketers in virtually any field of industry. It still amazes me how most Internet entrepreneurs overlook this 'no-cost', powerful, free-advertising system, which is. Silver Surfers: Successful Online Marketing to Seniors If you are marketing to an older audience, don't discount the value of a website. People over 50 account for more than 50% of discretionary spending in the United States, and they are going online to buy. The Secret Of Focused Responsive List Once you have decided on your ideal business to create and have research the feasibility of it, you will then need to figure out what your target market is.I have seen many people fight this area and want to skip it. Become an Affiliate Later Rather Than Sooner I attended a presentation a couple of weeks ago given by Internet marketer, Michael Green. Michael runs the 'How To Corp' and has created numerous information products covering a wide range of topics. The Long Sales Letter: Should You Use it In Your Advertising? If you're a web marketer and you've done your homework, you've probably come across the Long Sales Letter in your internet travels. Top web marketing experts like Yanik Silver, "The Copy Doctor" Michel Fortin and countless others use it to pitch their comprehensive instructional kits. 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Beware the Click Without the Conversion Why is this funny?Because in essence, a "click-through" places money in the pocket of the pay-per-click search engine --- only a "conversion" like a sale or sales lead creates money for the marketer.Under a practical perspective, a "click-through rate" is the percentage of times your "FREE LISTING" (called an "impression") is clicked on to generate a "PAID" visitor. Click here to return to the Internet
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