New products flood the market daily. You can’t help but turn on late-night TV and be confronted by one infomercial after another as you click through the channels.
Millions
of dollars are spent yearly developing and launching new products. But did you
know that only one in 10 will prove successful? And even fewer will enjoy a
long shelf life.
That’s
the cold reality. But you can greatly enhance your chances for business success
if your “new and improved” product shares a series of 10 important qualities.
I’ve
helped launch more than 500 products, but I too have suffered a few clunkers
along the way. Here is the proven checklist that I’ve developed during my 30
years as an entrepreneur and investor.
Ask
yourself these 10 questions before going public with your “revolutionary” or
“must have” product or service.
The
sizzle won’t last if it doesn’t stand up to this test.
The 10
Questions
1.
Does it have unique features? You
can’t roll out the “same-old, same-old.” Your product has got to have a cool
new look that’ll make the consumer sit up and take notice.
2.
Does it have mass appeal? In
other words, is it something that will sell to the stay-at-home mother of four
as well as the seasoned fisherman?
3.
Does it solve a problem? Think
of something around the house that’s troublesome and invent a solution. If your
product doesn’t solve a problem, you’ve got a potential problem – consumers
aren’t as likely to buy it.
4.
Is there a powerful offer with a supportive cost
of goods? The time-tested pitch– But wait, there’s more! – is a proven
winner. The key is great value at the right price. In today’s world, people
immediately check the Internet for the same product at a cheaper price.
5.
Can you easily explain how it works? There
has to be an easy-to-understand explanation of how and why your product works.
Get your elevator pitch ready. If it takes a college degree to understand the
pitch, it’s too complicated. You only grab people for a couple of seconds – so
you have to tease, please and seize the consumer.
6.
Is there a magical transformation or demo? Before-and-after
spots – showing easily noticeable differences – are powerful marketing tools.
7.
Is it multifunctional? Think
like your competitor. If you come out with a product that has just one
function, your competitor can steal your thunder – and your sales – with a
similar product that offers more functions.
8.
Is it credible; are there testimonials? An
“actual customer” promo is ten times better than any “actor portrayal.” Real
people offer real results. But you should also seek out professional testimonials
from industry associations, doctors and other “experts” in your industry to
further build your product’s credibility.
9.
Are there proven results? Be
prepared to back up your claims with unshakeable success stories or scientific
studies, including third-party clinical studies or reviews from product-testing
labs that support your claims.
10. Can you
answer the questions the viewer is thinking? You must be prepared
for any and all questions that could arise over your product. Put yourself in
the shoes of consumers, and think of all the questions they could ask.
If you
answered YES to all 10 of these questions, you’ve got yourself a product that’s
so solid you won’t even need a celebrity endorser to make it fly off the
shelves.
A final
bit of advice on how you can roll out a product that will quickly become a
winner: It starts with a KISS, as in Keep It Simple, Salesman! Always remember
the three-pronged approach of “Tease, Please and Seize.”
Your
product should be intuitive to use and extremely simple to understand. Let’s
face it, most of us are just too lazy to pore over the small print in a thick
instructions manual.
Now that
you’re ready to churn out the next memorable marketing campaign, make it easy
for people to learn more about your product. This can be done via free trials,
downloads, product videos, and demonstrations.
It can’t
hurt to listen to this advice from a very smart man: “Strive not to be a
success, but rather to be of value.” If your product is indeed a value, you’ll
have a far better chance of being a success.
Make sure
your product scores big on the “10 Qualities Of A Successful Product” checklist
and there’s a good chance it won’t land on the trash heap like the nine in 10
that fail to catch on with consumers.
Source: www.forbes.com
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