People think of the pet store market as primarily Petco and PetSmart and then a large number of small stores, but pet products are actually sold in many other locations including convenience stores, big box retailers like Wal-Mart and Target, and even grocery stores. So the market is wide open, and the interest in pet products is sky high as people are spending more and more money on pet accessories. So now is a great time to proceed with a pet product. Read the rest of this entry »
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Most inventors need to sell their product through sales reps primarily because they don’t have the market contacts they need to sell the product on their own. Reps are always interested in finding new lines, but that doesn’t mean it is easy to sign them up. Reps are only interested in your line if they will make money from it and your product will add to their reputation. So don’t take it for granted that you will easily land reps. Instead be prepared to create your best opportunity for success. Read the rest of this entry »
Identifying the right target market can often be the difference between success and failure for new products. The right market will be more willing to accept, and ready to pay more for, the right product, and the wrong market will be slower to accept your product and will require more marketing efforts, cutting down on your profits. So choose your target market carefully. There are many factors that determine the right target market, and this part will cover two important factors: market size and pricing.
When you determine your market you need to answer these questions:
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The Christian retail market is large, with over $4.5 billion in sales. Books and Bibles make up 41% of the market but that still leaves a large percentage for gifts, greeting cards, children products, music, videos and other items of interest. This is an ideal market for inventors and new product developers to approach because retailers are innovative, always looking for new products and because the market has a lower number of suppliers compared to other markets like kitchen stores and gift shops. Read the rest of this entry »
Conducting research on your product helps you sell your idea to investors, licensors, or marketing partners, more importantly it helps sell yourself to manufacturers, reps and others as it shows you have done your homework and know what you are doing, and research also helps you develop a winning product. The three types of research inventors use most often are observational, comparative and price point research. Read the rest of this entry »
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Inventors frequently have multiple ideas. The question is which one to pursue. Other inventors feel like they are creative and can solve many problems and wonder which ones to attack. Even in winning categories there are some products that are better than others. Recognizing winning categories and then the wining products in that category will greatly help you succeed. This article will help you recognize which ideas have the best chance of success. Read the rest of this entry »
The Women’s Information Network. Theme: “Product Safety and Manufacturing in China for Mom-Invented Products”. Turn up the volume!
http://thewinonline.com/