Getting to Market: A Reality Check
- 156,000 new products launched worldwide in 2011
- 27k personal care
- 6k beauty
- 80% will not last 2 years
- Less than 1% will earn $1M
- Success involves more than promising ideas and innovative products. Does the idea fill a void or represent a real breakthrough?
- A business plan is a worthwhile investment. Launching a brand will cost at least twice as much as you think.
- It will also take at least twice as long as you think.
- Ask: is there a critical mass of people to whom I can sell this product? Is there an unmet need or can I create one?
- Aspirations and emotions must trump functionality and technology.
- What is your USP? (Unique selling proposition) Can you clearly communicate this in 25 words or less? Star products build lines. Make sure there's a hero.
- Decide on your distribution channel upfront, before anything else. Make your distributor a partner. Bring them into the decision process on packaging, pricing and positioning.
- Surround yourself with a talented, experienced, committed, passionate team. Don't scrimp here.
- Do your homework. Understand your market, your distribution channel, your customer and your competition.
- Control what you can: product, package, website, education. Everything else is in someone else's control.
- Make your product the highest quality and completely unique.
- Brand your product maniacally.
- Keep the momentum going. There's no time to waste
- Keep reinventing yourself and your brand or you'll fall behind.
- Make sure you have a buzz factor.
- Without a positive reason for success, failure is inevitable.
- Keep your sense of humor. Keep your energy level up and enjoy the process……
Above all, remember: it’s not design, packaging, service, or even product that sells.... it’s Marketing.