Getting to Market: A Reality Check

• 156,000 new products launched worldwide in 2008
  
  • 27k personal care
  • 6k beauty
  • 80% will not last two years
  • Less than 1% will earn $1M

• Promising ideas and innovative products are not a guarantee of success
  Does the idea fill a void or represent a real breakthrough?
• Keep reinventing yourself and your brand or you'll fall behind.
• Spending money on a business/financial 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 yourself: is there a critical mass of people to whom I can sell this product? Is there an unmet need or can I create one?
• Make sure your message, your pricing, your target audience and your distribution channel are all aligned.
• Don't let functionality/technology overtake aspirations and emotions.
• 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.
• Without a positive reason for success, failure is inevitable.
  
• Decide on your distribution channel upfront, before you do 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 retail 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.
• Keep the momentum going. There's no time to waste.
• Brand your product maniacally
• Make sure you have a buzz factor
• Be able to clearly, succinctly articulate your goal:
  
  • make money
  • become famous
  • share the concept with the world
  • sell the company
  • build a legacy for the next generation
• Keep your energy level up and enjoy the process……
  

For more information, call us in New York at (212) 662 2623   or