|Why is it that so many new wholesale products fail on the market? Usually many reasons. Companies often are so in love with their new product they fail to do their research, or worse, they ignore what the research tells them. Pricing or distribution channels are wrong. Maybe the advertising doesn’t communicate. Successful new product launches result from a long process of research and solving problems before the launch date. NOTE: I finally gathered my buyers contact information where you can present your product yourself. Get hold of me for the list and it includeds most of the major retailers. This way you can get straight to thr right buyer and not be transfered to the automated system like everyone else!
Preparing for Market
Other than the actual quality of the product, many other factors can determine market success. You can also add perceived value by packaging your product differently, or bundling a service and presenting it in a glossy brochure . How the product is packaged can have a big effect on who buys the product, and how it is perceived after purchase. Product packaging is the box that the product is enclosed in.
Depending on where the product will be sold, packaging importance can vary greatly. If the invention is sitting on a shelf among many competing products, a cool or professional appearance could be needed to gain attention. On the other hand, if most sales are made on the Internet, the box the product comes in doesn’t matter as much. The customer has already been sold on buying the merchandise and doesn’t need to be persuaded any further. The web site is the key marketing tool and “packaging” that sells online products.
It is important to consider whom the target market is, who is buying the product off the shelves or from the web site? If the product is marketed to teenagers, the packaging might have explosive colors and designs to make it “cool” to buy. The same goes for the web site; it must appeal to teenagers so they will want to buy the product. If the target market is older people ages 60 to 90, maybe the web isn’t a great packing tool and the product packaging should be plain with big writing.
Product packaging is an important element to consider before going to market. It can alter the way a product is perceived by customers. For more information on product design or if you simply need to ask questions you can go
Determine your market
Nothing spells disaster like the lack of not having your target market identified. Market research does more than confirm your “gut feeling” to many new entrepreneurs rely to much on their gut feelings. Just because ” you think” your product is the best thing since the light bulb, does not mean anyone else will have the same feelings.
Take for example a man I knew a few years ago. He was an investor, you would think he would know all about launching new products. After all he had made millions of dollars investing in inventors and startup companies. One day he had an idea for a new educational game. He applied for a patent and produced a prototype. Instead of doing his homework…he sent overseas to have his game manufactured. A few months later he received his bright shiny new games all packaged up and ready to hit the store shelves of retailers like WALMART. He called a few buyers and asked to make appointments. Walmart was one of the first that hit him with the bomb shell of ‘not knowing’ his target market. You can’t just walk in the doors to present new products to buyers and not know these things. This is were you have to know what your talking about and get that message over in a hurry. They (buyers) don’t have time to sit down with you and figure out your game plan. Sad to say, he failed. Before he finally gave up on his idea he had spent thousands of dollars. His number one problem was not doing proper research and another was thinking “his way” is always right!
Are all the elements of the process coordinated? Is production on the same time schedule as the promotion? Will your product be ready when you announce it? Set a time frame for the roll out and stick with it. Miss it, and invite failure. There are marketing tales a mile long about companies who announce a new product only having to re announce when the product lags behind in manufacturing. The result is loss of credibility, loss of sales, and another failure.