Market Research
Once you have an idea for a new product or an improvement to an existing product it is important to do a thorough search to see if someone already has released a similar product to the marketplace. This may seem an obvious step but is often overlooked or not done to the extent needed. The web is the best place to conduct this search, however, don't be discouraged if you do find an existing item! Many times you might find someone with a product that is similar to you idea, but there are 2 main reasons why this can be helpful to you. First, even though they have a great idea many people think that their products will sell themselves, this is not true. Once you have a product produced it is important to back it with good marketing and create awareness for it. The second reason why it might be helpful to see other similar items is that you can see their approach to the product design and improve on it even further!
Sometimes it is helpful to classify your product or invention into one of two categories: a Niche Market Product (i.e. a new pet toy, sports product, or a customization accessory for an iPod), or a Main Stream Product (i.e. a newly designed women's shoe, purse, or food storage container). By classifying it you are helping to identify your target market and this will change your approach when trying to determine marketability of your product.
Niche-Market products:
Contrary to what one might think, sometimes niche market products are more profitable and successful than main-stream products. Niche market products are normally utilized by people that belong to tight knit communities or groups that normally form around common interests with hobbies or maybe their unique industry. For example, if you are thinking of making a new dog or cat toy, once your product is release and people see or read about it they are much more likely to tell their friends and spread the news whereas if they just bought a newly designed pot or pan they probably won't be writing about it in their blog. Sometimes products in this category can be an overnight success! In addition, marketing to a "niche community" can be very effective if done correctly.
Main-Stream products:
(improving or adding features to existing products)
This market has a much slower penetration rate but can also yield great business opportunities and endless growth. The upside of selling an everyday consumer product is that you already have tens of thousands of retailers already selling the existing product and you will soon be offering all of them your "new and improved" version. When you have a situation where a retailer already has a good product track record why wouldn't they want to sell your improved version which might be easier to use, or have more capabilities than older version? Products in this category are easily tested because you can do market research just by seeing how successful or popular the existing (or similar) products are in the marketplace. There is more competition, but you have a superior product that should find its place on more and more store shelves the more you market and target these retailers. HexCorp can help by working with both retailers and distributers on your behalf to first determine demand for a product, then again when it comes to marketing your new product.
