January 20, 2010

Wildly New Invention or Improved Product Introduction

The safest strategy and generally fastest success comes from products that already have a widespread market and established customers purchasing for some need. Your job is to find that unique and superior benefit of your product. Deliver it faster, make it a better or higher quality, or lower the cost of the product or service in some manner. Instead of trying to invent a new industry, category, or totally new kind of business, start with a product or service that people are already using and find some way to improve it in the view of consumers.

Why would I suggest avoiding the marketing of your wildly new and unorthodox or completely revolutionary product? Well, there are many reasons but time and money are central themes in this area. If you create something wildly new - realize that companies will generally have to figure out who would even buy the item before even taking an appointment. "well...we dont know who would buy your new widget or item?" "I will check with management and let you know." "which aisle would we place your item?" "where in the store do we merchandise?" Once in the store, how will you communicate to consumers that item is available since they would not know it exists?

One reason that entrepreneurs are often 'lucky' when a much larger company introduces a new technology or similar product is that the introduction opens the floodgates to your revolutionary new product. Also, they generally advertise like crazy and bring traffic to the new category searching for the product. But, you do not generally get the benefit of having a monster introduce your un-proven but new concept and invention onto the market at the time you are in need of this to happen. Do you want to bet your companies future on whether or not a giant opens doors for you? And, there may exist opportunities for your wildly new product to enter into a relationship with a larger organization to bring it to market.

Start with small innovations and grow your business and concept with future introductions. Revolutionize your industry over time and not with a single product introduction.

What actions are you taking to grow your business? Send a note or comments to Tim also, follow him on Twitter  I want to hear about your success!

© Tim Forrest 2010. All rights reserved
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