Product Marketing and Innovations
6 Key Activities for Introducing New Products to the Market
by David Goodwin on 05/29/12
Studies have indicated that anywhere form 80-95% of all new product introductions fail – A staggering statistic… But why do so many new product introductions fail to attain success in the marketplace or even in the initial product launch stage?
At a high-level product launched can fail to succeed because companies or inventors are so enamored with their new product idea that they fail to do competitive research or may even ignore the findings of such research. In other cases, they may fail to develop a competitive pricing strategy, or are unable to develop an appropriate distribution plan. Sometimes the issue is a lack of capital or planning, and of course there is always the case where the product is simply a bad idea.
Create a Planning and Product Launch Strategy
In virtually all cases, however, a successful new product launch will result from the planning and execution of an integrated planning, product development, and marketing process that is focused on identifying and solving for potential obstacles up front. While you will need to make dozens of decisions and coordinate a hundred or more activities around your new product introduction, let's review a number high level areas related to effectively launching a new product.
1.) Market Research is Critical: Many entrepreneurs and companies justifiably get excited about their ideas – after all that is how innovations happen… But without making even a small investment in market research you may end up wasting time and valuable capital. Market research around your product launch it provides critical information about consumer needs and the needs of potential distribution partners. It helps to define your feature set and pricing strategy and, potentially most critically, helps you to understand the competitive landscape.
2.) Developing a Product Launch Project Plan: Capital – both human and financial are scarce resources. But you can spend less and earn more by developing a detailed project plan that outlines the timing coordination required for each aspect of your new product introduction. This includes: branding, packaging, prototyping, testing, manufacture, shipping, promotion and more. Many products need to be timed to critical points in the business cycle, and if you miss those milestones you will invite failure, lose credibility, and lose sales!
3.) Manufacturing Capacity and Product Sourcing: Your strategy with regard to product sourcing could very well determine whether you can produce your product on your own or whether you will need to license it to another company. If you have limited resources, the former may require you to have a “go-slow” approach to distribution so that you do not have challenges with fulfilling orders. A licensed approach can get you to market faster and more broadly, but your income will be restricted to a small royalty and you will lose control of your new product line.
4.) Establishing Your Distribution Plan: Have you thought about who is going to sell the product? While large companies may already have existing distribution and sales departments, many entrepreneurs, inventors, or small companies do not have these resources. Additionally, they may be great at inventing product, but not good at selling them. Finally, they need to make sure they are able to put their products into the right sales channels – retail, web, direct-to-consumer, etc. at the right time and in the right amount. There are many companies that can assist you with your product sales plan.
5.) Marketing and Promotion Programs: Finally, you need the product marketing program to support the introduction of your product. This includes things like advertising, trade shows, promotional literature, technical literature, samples, incentives, market development funds, web site development, seminars, and press releases/public relations. This needs to be coordinated with your production, shipments, marketing, and training programs. Without an effective marketing plan your new product will simply sit in your warehouse or you will be forced to take returns from distribution partners.
6.) Managing the Product Lifecycle: Do you have one new product or a complete product line? Most distribution partners including major retailers and distributors will want more than one item, so you will need to consider creating line extensions. Plus, since your competitors are not standing still, you will need to consider what next season’s product line looks like. You will also need to think about how you will handle things like product returns and warranties.
Take Advantage of Other’s Expertise in Product Marketing and Product Launches
These are some of the myriad issues entrepreneurs, inventors, and companies face when launching a new product or service. Your ability to anticipate and plan for the various contingencies regarding your product launch will increase the probability of success. The good news is that if you are not experienced in these matters there are product launch consultants who can provide assistance at reasonable rates. Investing in even a half-day conversation with these specialists can save you time, money, and many false starts as you introduce your new product to market.
- David Goodwin is the SVP of operations for Jasbr, LLC. Jasbr is a firm that specializes in helping companies and entrepreneurs with virtually every aspect of their product launch planning. You can learn more about Jasbr at www.Jasbr.com
Take Charge Power Saver wins 2 Awards at National Hardware Show
by David Goodwin on 05/14/12
CONTACT:
Jim
Kersten
FOR IMMEDIATE RELEASE
563/940-4356/
Jkers10jr@q.com
Take
Charge Power Saver wins 2 Awards at National Hardware Show
(Local
resident Denny Miller’s Take Charge Power Saver invention receives awards)
Bettendorf, IA – The
Take Charge Power Saver, invented by Bettendorf, IA resident Dennis Miller,
captured Best in Class for the New Product World Award and received Honorable
Mention – Best in Class – Housewares from Home Business World at the National
Hardware Show in Las Vegas, NV earlier this month.
The timed charge docking bay (takecharge-us.com)
extends the life of your batteries by shutting off the electricity to chargers
and products after 3 hours, saving consumers an average of $50 per year off
your electric bill.
The Take Charge Power Saver’s are surge protected
and are currently available in 3 models (wall mount, power strip and master
slave units). The Pro Series models, with digital charging from 1 – 4
hours and 20 min trickle features, are scheduled to hit the market in 90 days.
# # #
Why Should You Consider Outsourcing Your Product Marketing and Sales Efforts
by David Goodwin on 09/28/11
Whether you are an inventor who is looking to bring a new product to market or an established company that is seeking to introduce a new line of products you may be considering outsourcing your sales and marketing efforts. As companies continue innovate, downsize, reprioritize, or shift focus, outsourcing has become an essential aspect of their business strategy. And this includes outsourcing their sales and marketing efforts.
While may inventors and companies first reaction is to “do it myself”, the truth is that outsourcing can often be more efficient and cost effective in both the short and long term. That is because outsourcing the product marketing, product management, and product sales process often allows an individual or company to put more focus on the things that they do well – namely conceiving of new products, securing financing, and back-end operations.
Speed to market is critical when introducing a new product to the retail market and outsourcing eliminates the delay that is incurred when you have to recruit, hire, and train a full-time team. In fact, many marketing and retail sales consulting companies can provide the same services as an in-house staff for half of the cost of an in-house team.
The truth is that whether it is assistance with retail strategy, packaging and display; developing retail marketing levers; or selling your product into regional or national retailers; outsourced teams come prepared with the expertise and the connections to get your product on shelf and creating cash flow quickly.
By outsourcing you gain the following:
- Faster speed to market
- Specialized skills and expertise
- Established contacts with retailers and distributors
- Lower costs compared to hiring a full team with salaries, benefits, and taxes
- The ability to purchase customized services on an a la-carte basis
- An impartial perspective and view point with regard to the best way to sell your product to consumers
Outsourcing can be intimidating at first, but is offers many distinct benefits for inventors and companies who are looking for assistance with taking their product from conception through production to the retail store shelves.
- David Goodwin is the VP of Sales Operations for Jasbr and formerly directed sales organizations for companies such as Sprint, Vonage, Best Buy, and RadioShack. Specializing in the consumer electronics, hardware, housewares, and wireless categories, Jasbr provides outsourced product marketing, product management, and manufacturer’s representation services for inventors and companies who wish to sell their products in retail and other consumer sales channels. www.Jasbr.com
Customers who upgrade to iPhone 5 take advantage of trade-in programs for old cell phonesash!
by David Goodwin on 09/27/11
The rumors are swirling about the launch of the new iPhone
5. Apple has scheduled a press event for Tuesday, October 4th and lots of
people have questions. These include:
- What will the new iPhone's features be?
- Will Sprint finally have the iPhone and will they make it available on their unlimited plan?
- Will there be a "Nano" version of the iPhone?
- What will be the release date?
But one of the biggest questions is what should you do with your old iPhone or other handset when you upgrade?
The best answer is to recycle it and get trade-in value in exchange. The EPA estimates that there are over 300 million unused wireless devices sitting in consumers homes right now! That is equal to 3 per household. Ultimately, many of these handsets - including old iPhone 3, iPhone 3GS, and iPhone4 end up in landfills where they end up polluting our water.
But American consumers have other options. Many companies and retailers offer the ability to trade in their iPhone or to recycle cell phones and earn cash at the same time!
Typically, the consumer will log-in to a wireless phone trade in website, rate their device, and then take advantage of free shipping supplied by the recycling company to get their cash rebate for trading in their iPhone. The iPhone trade in or other mobile phone trade in rebate is processed and the customer will receive their check within less than a week. The mobile phone then has all of the customer's data securely removed and is then refurbished and/or recycled in an environmentally responsible manner.
So everybody wins! The customer gets a new iPhone5, the cell phone recycler gets to refurbish and resell an old device, and the planet is protected!
100 Million Reasons to Recycle and Trade in your old cell phone.
by David Goodwin on 08/19/11
100 Million Reasons to Recycle and Trade in your old cell phone.
More than 100 million cell phones
are no longer used annually. If we recycled all of them, we would save enough energy
to power 18,500 U.S. homes for a year
Use this site to generate CASH for your used electronics by following the simple directions below. You can trade in the following categories
Cell Phones MP3 Players GPS Units Digital Cameras HDTV Monitors Computers Car Audio
Don’t trash or stash them— Click Here to to Get
New Value and Recycle for Cash!
Did you just get a new cell phone and are wondering what to do with the old
one? Rather than adding it to your growing collection of unwanted mobile
phones, recycle it! Recycling or donating unwanted cell phones, PDAs, chargers,
and batteries has never been easier.
Why Trade in and Recycle your Mobile Phone?
Protect Your Environment: Recycling or donating cell phones helps the
environment by saving energy and keeping usable materials out of landfills.
Cell phones and PDAs are made of precious metals, copper, and plastics—all of
which require energy to mine and manufacture. Recycling not only conserves
these materials, but prevents air and water pollution and greenhouse gas
emissions.
You Can Recycle or Trade
in Your GPS, Digital or Cell Phone for Cash and Help the Environment
CEX is a certified E-stewards recycling service that helps you sell and recycle your used electronics. Whether you want to sell a cell phone, laptop, or any other device, simply check out the trade in value below with the link.
Prepare for Recycling
Three things to remember:
• Terminate your service.
• Clear the phone’s memory of stored information.
• Conduct a factory hard reset by following instructions from your wireless carrier
or the product manual; or • Use data erasing tools that are available on the
Web.
• Remove your SIM card.
Where to Recycle
Mail your cell phone in for free, it’s easy visit the web site below and print
a free postage paid label to return your phone to an authorized recycler. You
will not only be helping the environment, you will also receive a check if your
cell phone has any remaining value and keep it our of a landfill.
