© 2006 Dream Merchant Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com
When You Take a Look at Winning Products, You'll Find They Have a Lot in Common.
By Ken Tarlow
PART TWO
What makes a product successful? You can never narrow it down to a single factor. Instead, products that do well share many common traits. In the last issue, we looked at several traits that successful products have in common. Now let's take a look at a few more:
1. THEY BORROW SOPHISTICATED PARTS FROM ALREADY EXISTING TECHNOLOGY TO FILL A NEW NEED--The Piezo Electric Transducer was developed originally to act as a simple signal device or buzzer. There's one in every electric alarm clock and some smoke alarms. Someone took this new piece of technology and applied an ultra high frequency to the transducer and discovered that it drove away rodents and other unwanted pests. So...an exciting technology, when used in a new way, gave birth to a new product--The Ultra Sonic Pest Eliminator.2. THEY BUILD TRAFFIC IN A STORE--Store buyers are always looking for new products to attract people to their store. A new housewares product may get the consumer to go into the housewares department where they will not only see the new product, but other standard products which they may also decide to purchase.
3. THEY HAVE NO MAJOR SAFETY PROBLEMS--The whole country has become "lawsuit crazy." And these days, lawsuits are filed for the most remote reasons. If your product has the potential to hurt someone or--even worse--kill someone if not used properly, then you should get legal council about the consequences of making such a product and follow all the safety rules governing the manufacture of such a product. And last but not least, you may want to check out the cost of product liability insurance.
4. THEY HAVE A GREAT PRICE-TO-VALUE RATIO--The second thing consumers do after looking at a product and say, "Hey, that's neat," is to look at the price. The price should be equal to the value that the consumer sees in the product. If the price is higher than the perceived value, they will put the product down (sometimes, in more ways than one). If the price is lower than the perceived value, that person may feel suspicious and think the product was cheaply made and will not last.
5. THEY MAKE GREAT GIFTS--Fifty percent of retail sales take place around the Christmas season. Your product should be appealing and glamorous enough to be given as a gift. Attractive packaging can make all the difference in the world.
6. THEY MAKE GREAT DEMONSTRATION PRODUCTS--More and more products are being sold on T.V. through one, two or even thirty-minute "spots." It's a plus if your product produces some dramatic results or has an interesting action and, at the same time, can be appealing to a segment of the television viewing population.
The above article was excerpted from Ken Tarlow's MIND TO MONEY, a cassette tape/workbook package that can help you develop a new product from the idea stage to the marketplace. MIND TO MONEY may be ordered from the Dream Merchant at $59.95 plus $4.95 CA sales tax and $5 shipping and handling ($69.90 total). Send orders to the Dream Merchant, 2309 Torrance Blvd., Suite 104, Torrance, CA 90501.
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