4 SIMPLE WAYS TO MARKET INNOVATIVE PRODUCTS

In my last article, we discussed how business ideas can be converted into new products. Today, we will look at how small businesses can effectively market their new innovative products. This became necessary following an encounter I had with a vendor who came to present an electronic ‘Invitation Card’ that is tied to invitees’ social media platform. After the presentation to the panel, I asked a simple question, “What am I going to do with the card after the event?”

The product was innovative and great, but if we are paying so much for it, we should receive something greater than what the vendor was offering. Unfortunately, the panel didn’t get a convincing response in terms of values he wanted them to pay for. Offering a new product at the right value and price can be very challenging especially when technology is involved, but you can get consumers to consider your product, if you:

1.      Tie your innovation to an ‘important value’

Each feature in a product is valued from very important to not so important. If consumers must pay certain amount for a product, that amount must commensurate with the value they are getting. Consumers will not pay you because you introduced technology into your product. The technology is good, but the most important benefit consumers will get from your product should be your main concern. Don’t push benefits you cannot easily point out its worth to consumers.

2.      Show why your innovation is better

This vendor showed us how his product is different, but failed to point out why it is better than what we were already used to. Differentiating your idea is great, but if consumers cannot figure out what makes it better than existing ideas, you will have problem convincing them to buy. Don’t show us how your innovation is different; show us why it is better.

3.      Make the price ridiculously irresistible

Every new innovation is meant to give more value at a lower price all things being equal. There is a reason every mother would prefer to use diapers than use cloth napkins for their babies even though diapers are more expensive. Innovative ideas must be priced such that the total benefits derived surpass the amount the consumer wants to pay. Don’t give consumers a price tag that will force them to have a rethink about your product.

4.      Present your product features logically

Selling is like learning. When selling, you are trying to teach your customers about your product. You take it step by step, ensuring that they understand every step before you make the next move. Good information help consumers make purchase decisions about a product. The more information you give them about your product, the earlier they reach a decision. Don’t be in a hurry to present your product features, consumers need time to process information provided.

Embedding technology into products/ideas is the commonest means to innovation, however there is no guarantee consumers will buy into it. The first lesson I learnt in Marketing is that a ‘Product is a bundle of benefits’ and consumers are paying for these benefits, not the product. As an entrepreneur, always think in terms of benefits consumers will derive from your products when using it, not the technology that you have embedded into it. Don’t sell technology, sell benefits.

3 Challenges of converting your Ideas to New Product Development

Businesses are always in constant search for new ideas that will sustain them in the market, and deciding on a particular idea is usually very challenging for entrepreneurs. As an entrepreneur, various things can slow down the rate at which you convert your ideas to eventual new product.

For every successful new product development, dozens of promising ideas have been considered by an organisation. The essence of the consideration is to determine which of the ideas is good enough to be introduced into the market at the right time. Timing is key in business decisions, and every idea must be considered along this line. Businesses prefer a business idea that can move into the market faster before that of the competitors.

However, there are delays entrepreneurs will likely encounter before they make that decision to create a new product.

Too many disjointed ideas:

It is good to have a pool of ideas on the table before making a decision, but the more ideas you have for consideration, the slower you will be at picking one. When you have a large number of promising ideas that you are considering at a time, it becomes more difficult to pay attention to any particular one. Each business idea is a process with its own chain of activities, so it is important to consider early which of the ideas is more promising/important, at what cost, and what experience do I have to execute it? The fewer the promising ideas you have, the better your chances of converting one into a finished product.

Capacity of resources:

Every business idea requires resources to make it achievable. Resources help bring ideas to fruition however; when these resources are shared among various promising ideas, it weakens the speed at which you come up with new products. You must understand the capacity of your resources to sustain an idea or group of ideas per time. Taking all ideas with your limited resources will only lead to a crash even before you develop any product

Lack of Experience:

When exploring ideas, it’s important we focus on ideas around our areas of competence. It’s easier to develop ideas around website/App design if you have knowledge in programming than if you don’t have at all. We have alot of aspiring entrepreneurs who go into an industry where they don’t have the needed experience and capacity to breed ideas that can lead to new products hence; they remain stuck in existing products. If you want to convert ideas into new products, begin by considering ideas in your field of experience.

When selecting business ideas, focus on the ones with technical and commercial values, and that has the capacity to keep you motivated into a new product development. New product development is all about speed – getting into the market faster. No business wants to introduce an obsolete product into the market; they make effort on minimizing delays from ideas to new products.