When Finding a Market for Your New Product, Remember That a Shotgun Approach May Not Always Be Best.
By James F. Riordan
Once you know who will buy your new product and where they will buy it, you have what is known as a "target audience." For the purposes of this article, I am assuming that you know:
1. Who the end users of the product will be.2. Who will buy the product for the end user.
3. Where they will purchase the product.
Remember that reaching and educating the "target audience" is the hardest step of all in developing and marketing any new product. Winning products are those that can be tested and marketed in your own neighborhood and then gradually marketed in other areas.
From an "ability to reach your market" standpoint, a GREAT product is one that is immediately recognizable and perceived as a need by your target audience, can be made from raw materials available right under your nose, weighs less than air, and can be initially sold to, and hand-carried to buyers located within walking distance of your office.
A GOOD product is one which can be explained to, and build a desire in, the target audience through point-of-purchase displays, can be made from raw materials that can be shipped in from locations in your state, weighs next to nothing and can be shipped inexpensively to large, regional distribution points, in bulk.
A BAD product is one that must be explained in person to the target audience in order for them to understand and desire it, must be made from heavy raw materials that are available only on the opposite coast, is heavy, inexpensive and must be shipped directly to "mom & pop" shops, one at a time, back on the opposite coast from your headquarters, in individual shipping cartons.
It's extremely unwise to attempt a "shotgun" approach to marketing a new product and far better to be able to focus on and service a sampling of your target market that is located at your doorstep. For this reason, a product that has broad appeal to consumers everywhere is far more appealing to the evaluator than one which has a select target audience located many miles from the product developer's door.
The above article was taken from James F. Riordan's classic book, HOW TO EVALUATE THE POTENTIAL FOR SUCCESS OF A NEW PRODUCT OR TECHNOLOGY. Riordan's highly-acclaimed, 36-point system is a valuable tool for inventors, product evaluators or anyone interested in the invention process. Each section is followed by a comprehensive questionnaire that can be used to evaluate your product.
The highly-recommended book can be ordered through, Dream Merchant, 2309 Torrance Blvd., Suite 104, Torrance, CA 90501. The phone number is (310) 328-1925.
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