There are many steps required to bring a product to market, but ultimately, it all starts with the product idea itself.
If you have the wrong product idea, then all the other steps, no matter how well you perform them, won’t really matter.
It’s really critical that you select the very best product idea to bring to market.
This article, therefore, seeks to review ways that you can determine if you are focusing on bringing the best product idea to the market.
Read Everything you can find
Read all the magazines in your industry and in business in general:
- Business magazines, newspapers and publications,
- Newsletters in your area of interest
- Subscribe to everything that you can find.
- Don’t be cheap or lazy in this area
Sometimes, one idea in one specialty publication in your field of business can save or make you a fortune if you recognize it and act quickly.
Moreover, in reading newspapers and magazines, you will learn of trade shows being held all over the country in your areas of specialization.
Beyond that, the people who attend these trade shows are there to demonstrate the latest break through in products or services.
Furthermore, they are seeking to make direct sales to professional buyers and to find licenses for their products in the market.
You can, therefore, learn more about what is going on in your industry by walking around the floors of a trade show for a few hours than you could if you read, reviewed and asked questions for an entire year.
Read the business press
Look for new products or service ideas that are being featured as new stories.
You can read the business and business opportunities sections in your local newspapers.
Look at a dozen of business opportunities and new products or services to enable you find the right one for you.
But if you keep looking and exploring, the law of probability says that you must eventually find something that fits into your plans and budget.
New Product to sell: keep your eyes open while you are traveling
Many new products or service ideas are never sold outside of their home markets, local, national or even international.
A lot of people have become wealthy by seeing a product for sale while travelling, inquiring and getting the rights to distribute it exclusively in the market area and starting a successful business as a result.
Furthermore, you can often find a tremendous product opportunity by simply phoning or going online to contact the foreign services of countries like China, Taiwan, Korea, Germany, the Netherlands, France, Britain and Italy.
There are dozens, maybe hundreds of products, that are well made, attractive and selling well in their home markets.
Consequently, you can get the exclusive rights to distribute these products simply for the asking.
New Product to sell: watch out for trends
You should keep your eyes open for trending news in consumer tastes of all ages and incomes.
For example, there are trends in health and fitness that you can capitalize on.
There are trends in aging and senior citizen requirements.
Consequently, this is creating unlimited opportunities and a variety of other products and services.
Could there be an opportunity in these demographic trends for you?
New Product to sell: look into your own field or skills
Remember the ‘acres of diamonds’ concept what you are looking for may be under your feed.
It may be within your own knowledge, education, experience, interest or current job. You may have a million Naira/Dollar idea staring you in the face.
In conclusion you should ensure that the product you are selecting is one that:
- will attract potential leads
- you can market at good profit margin
- your prices at set at appropriate level
- you always keep in mind your cost prices
By Samuel Ijenhi
B. Sc. Accounting [University of Benin]
Benin City, Nigeria