DO YOUR RESEARCH
You May Have a Great Product Idea, but You Still Have Questions You'll Need to Answer.
Okay--so you've got this great idea for a product ad you've asked a few people about it and they think it's great. And you're starting to see the dollar signs flashing. Great!
You're pretty sure you've never seen anything like your idea before, but how do you know that no one's producing it and you just haven't seen it? Or maybe someone invented it already and patented it but it never made it into the marketplace.
There are two major ways to find out the answers to these questions. The first is to do store research. Go to a store where your product would be sold, if there was such a product. Ask the sales person if they have a product that performs the task that yours would (remember to be discreet and somewhat vague). See what they come up with. You might then say, "I'm doing research on this product category, would you know the name of the buyer who purchases this product category for your store?" If the sales person doesn't know, ask him/her who would know.
After you get the name, find out where their office is located. Call the buyer and say "My name is......from ____ company (make up a name here). We are considering developing a product in your buying category and we (always use "we") would like to know if you've ever seen anything like it?"
At this point, you need to give a description of the way the product works. This is a calculated risk in that you haven't asked them to sign a confidentiality agreement, so keep it as general as possible. However, I have found that store buyers are so busy that they have no desire to run off and make your product.
These buyers stake their careers on knowing all the products in their category that are good, which are bad, which one were tried and flopped, which one were brought out ten years ago and have come and gone, etc.
They will usually give you a few minutes of their time, but don't abuse it. Make it brief, thank them for their help and ask them if they would be kind enough to evaluate your product once it's more fully developed. Also, ask which industry journals you should be reading to keep up in this product area.
If you want to be really thorough, do this process with two or three stores. You can do this on the phone without spending a lot of time running around town. You're going to expert sources of information--people who spend their lives studying your product category. "Do less and accomplish more"--that's my motto.
Make sure you subscribe to the industry journals that have been recommended to you. These journals are on the pulse of activity in your product area. Many times the journal does market surveys about your product category. You can call the editor of the journal and ask if a market survey has been done. You can also ask if there is an annual directory that tells who's who in the industry. If so, order that annual directory.
Keep an eye on mail order catalogs that would carry your type of product. Mail order catalogs are always looking for the newest interesting products.
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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