Bringing a product to market

[Instrument 41]

How do you know if there is viable market for an idea that I have before I go into manufacturing and in depth product development? Idea is to add to an additional product thats in the market now that almost every movie goer takes advantage of.

[stealthn]

Pee-wee Herman trench coats?

[Instrument 41]

Not every one that goes to the movies likes wack- a- vision!

[MRM]

My wife is a marketing manager for a Fortune 500 Company. I found out through her that there is off the shelf marketing research for almost any product you can imagine. Taking a new product to market is not impossible, but it does take a little experience and savvy in ways that are hard to understand until you see a real marketing professional work their magic.

I would recommend contacting your local colleges and asking if they have a small business consulting service through their business school. Most business schools do and have students run projects for local business people for credit. The cost to you is nominal or minimal. They can turn you on to the right research, show you how to draft a business plan, find manufacturers for you, tweek your product specs and set up distribution.

And to keep this thread on a not so serious level, Smell-O-Vision was done by John Watters in the 70s. It was gross. Don't try it again.

[M.D. Holloway]

Do a proof of concept to see if it is viable or just a mindfart. I wouldn't be afraid of too many folks stealing your idea. That would take energy and focus and trust me, you won't find much of that these days!

Make a bunch and try them out. Ask the users what they liked about it and what they would like see changed and why. Make the mods and do it again. Keep track of who you talk too and who gives you their opinion. You may just want to market it to a particular demographic or maybe you want to go across the spectrum.

One other idea is that if you want exposure and the item is cheap enough the pitch it to your local Scout troop or marching band for use as a fund raiser. If theybite it will provide you with a lead into the market as well as seed money to produce a zillion over in China for next to nothing.

[island911]

Originally Posted by Instrument 41

How do you know if there is viable market for an idea that I have before I go into manufacturing and in depth product development? ....

"viable" is the key. People buy rubber dog crap after all. You need market analysis, as Lube sez. That generally means finding out what the decision-makers think . .. what they need, cost, quantity, features and performance. Then you need to get some cost estimates for product development, production, marketing....distribution...

You can usually set something up with a product development firm, to review your idea. We get a few 'idea guys' that come thru our (product development) studio. It often is a good free sanity check for the client. If you're planning on using a product development group, definitely ask to here about their successes, and how far they take the process.

[Don Plumley]

Originally Posted by Instrument 41

How do you know if there is viable market for an idea that I have before I go into manufacturing and in depth product development?

Fundamental consumer market research. Surveys, Interviews, Focus Groups.

At the most simple level - ask a theater owner if you can talk to patrons before they enter the theater. Offer to buy them a movie ticket for a 10 minute survey after the movie (probably too much time pressure before the movie). Tell them that after the movie and after they answer your questions, you'll pay for their ticket in cash. Then craft the right kind of questions (that's not trivial) to determine level of interest, intent and action at various price points.

The reason the market research firms are paid a lot of money to do this is a) finding a representative audience for surveys, etc.; b) developing questions that give you actionable results; and c) it takes a lot of hours.

Good Luck with your idea!

[LeeH]

Check out The Big Idea on CNBC... lots of info and at the very least hearing others successes could be motivational.
http://www.cnbc.com/id/15838512/

[Instrument 41]

Thanks for all the info guys. I was reading the other day that when times get hard the masses like to go to the movies to get an escape. Thinking of this idea for a while but it may be time to try and make a go of it. I think a issue that I will run into is that theater owners buy all of their food and supply items from, generally , one supplier. So wonder if my customer is really the owner or the supplier?

[island911]

Originally Posted by Instrument 41

... So wonder if my customer is really the owner or the supplier?

finding the right decision maker is very important. One of our recent customers had a major retailer commit to moving (buying) x-number of units. (before the design was flushed out) That in-turn got him a manufacturer to commit to price and schedule. ...it really snowballed for him.

[onewhippedpuppy]

Market research. Finding out your idea is stupid from a focus group is far cheaper than finding it out after it's on the shelf.

Not to say you have a bad idea, but you get the point. A good market research company will not only help you determine if people will buy your product, but also provide you with constructive criticism to possibly improve it.

[M.D. Holloway]