10 Steps to Bring a Product to Market
Find a target market
Develop a specific group of people who are your target market. You want this to be the group most likely to buy your product. For instance, if you have a new kind of fly fishing pole, which is expensive, your target market could be wealthy fly fishermen. You might want further narrow this market to fishermen who fish for a certain fish in a certain kind of creek. Some people want to avoid a narrow market because they think they will sell fewer products, but usually the opposite is true. With a narrow target market you can more effectively market your idea and can have more effective market research. Once you have a target market, you want to then target a type of distribution channel and find the corresponding trade shows, magazines and associations to be a part of.
Targeting the right market at this point is crucial since all of the rest of your steps will be geared toward creating the perfect product, packaging, marketing, image, etc. for that target market.
The most important step in determining a target market is know what all the markets are. Trade magazines and trade shows are the best source. Trade magazines will often have articles on different markets, and at trade shows you can learn about all types of markets from other small companies. These are sites where you can find the trade magazine for your industry
- Google search for industry trade magazine – i.e bicycle trade magazine
Some ideas to look at in finding and determining a target market
1. Smaller outlets are often easier for inventors starting out, sell through local scrapbook stores versus Walmart, you have a much better chance of success
2. Very market focused on ideal users, scrapbook stores, model airplane or radio controlled airplane stores are another example of an ideal market.
3. Look for alternative networks, sell to clubs, end user groups or even through fundraising groups
4. Internet sites are helpful, especially sites related to your customer group
Check out the article on Bob Evans – Force Fins, and Deborah Dolman voice activated video system for examples of inventors who targeted an ideal market for inventors. Just enter the inventors name in the search box on OneStopInventioShop,net to get the article