Finding Markets for Your Product or Invention ~ B W C J AOMOLE

Tuesday, 25 July 2017

Finding Markets for Your Product or Invention

By BWC J A OMOLE July 25, 2017 No comments:

Have a new idea or new product? Here’s how to find the markets for your invention, and what to do when you find them.
But before I show you how easy it is, and the best tools available to find your markets, take a piece of paper and write down all the markets to which you think your product or invention would sell. A market is any group of people you can define that has the potential to buy your product. Narrow it down as tightly as you can. This is step one: Figure out exactly what group or groups are the most likely to need,want, and be able to purchase your product. You’ve got to define exactly who your market is before you’re able to figure out how to reach it.
The tighter the specifications to find your markets, the lower your marketing costs will be. If you are selling books to middle school teachers, most of your money will be wasted if you advertise to all teachers. Your market is teachers, grades 7 through 10. Any material you send to anyone else just shows up on the red side of your balance sheet under “expenses.”
Let’s take a few examples. Your task would be simple if you developed a new camera lens for Canon’s line of professional cameras. Find a list of all the owners of Canon professional cameras and you’ve done all the homework you need to do—you’ve just found your entire market. Your advertising would have no wasted expense when you mail to them, because every person in that list is a potential buyer for your lens. If this list isn’t available (and a list this tightly qualified usually isn’t), your market could be found in the readership of several magazines whose subscribers are a group of people defined as Professional Photographers. Although there is some wasted expense in advertising to this group, it is still pretty easy to find this target market.
Suppose you’ve invented a new tripod to hold any type or brand of camera. Here, your task of finding the specific markets—groups of prospects most likely to purchase your product—is more complex. Surely if your tripod is of good quality, the professional photographers market is a good place to start. But how about the consumer photographic market? more Details omoleja@gmail.com

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