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.
Malaysia’s entrepreneurs are rolling out new ideas and new items.
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.
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
- 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.
- 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?
- 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.
- 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.
- 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.
- Is there a magical transformation or demo? Before-and-after spots – showing easily noticeable differences – are powerful marketing tools.
- 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.
- 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.
- 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.
- 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.