When I think of marketing, it is more than a field that I like or work within; it is a passion that developed over the years of practice, education, and experience. It doesn’t stop at just contributing at my work, as I do very much like writing about marketing and appreciate co-authoring papers with various prestigious individuals around the world.
Recently however, I was contacted by a business owner residing in the US regarding a product he kept on developing for about 5 or more years. He just wanted my review regarding that product – it is an educational game that kids buy, but he is having a difficulty in promoting and selling the product and he asked for advice.
After reviewing the website and getting an understanding about the product, it was very much vigilant that it did not provide the fun element that as I termed it the “kids of today” want in their games. My suggestion was to go to the market, create a focus group, and try to understand the customers and what the “kids” would like to see in the game.
All of what has been mentioned is not of an issue, it is the attachment I have noticed during our conversation by the business owner towards the product and having a difficulty to promote and market the product for about 5 or more years. I immediately remembered the show programs “Shark Tank” which features a group of ruthless investors – and remembered this episode of the guy who invested so much effort, energy and money into his product which he believed in so much – but the reviews were against him.
Watch the program @ this link Quirky products on Shark Tank Season 3
It is estimated that about 90% of the new products in the market place fail, due to elements such as the lack of innovation, the lack of a want by the customers, and/or the abundance of competition. It is crucial to understand the following when trying developing your product and want to market it:
1. Don’t Get Attached:
Getting attached to your product doesn’t only deny you the ability to be creative about your product but also denies you the ability to make the changes that your product must have in order to be better, in order to be promotable, and in order to create sales. If you treat the product as a living being as some term it “their baby” you will never be able to go above and beyond accepting that it doesn’t sell; you will not realize your ability that you can create other products like the one that you have believed so much about.
2. Create a Timeline:
Your product as any other products in the market has a timeline, and the product life-cycle is similar to the marketing life-cycle. If you are working on a product for a long time without results, try creating changes in the product. If these changes did not work, try creating another product. It is again the fear element of be creative and having to go over the process of creating and marketing another product, but for sure it would be better than putting lots of effort and energy in a product that will not sell.
3. Think like an Investor
Don’t look at the product that you have created as a product of your own, if you would be an investor would you buy your own product or would you invest in it? Of course you will say “yes” but just try asking other investors in the market early enough when you develop your product if they would do. They might be even interested to have a share in the product and promote it for you, at that time you will have the capital for your marketing and product development.
Your product is not your “baby”, it is a project that you will work on for a time and then come up with another project; detach from your product as much, try to have a different perspective of whether others would buy your product or even invest in it.
Where to find Dr. Islam Gouda,