Cody Dalton
manufacturemaster
|
Is it good or bad to blend markets when presenting to investors or product champions?
For example, in your prospectus, if you have an invention that appeals to 2 or more markets (Such as the product could be both a tooth brush and a facial scrubber) therefore you are targeting more than a specific single market.
At first thought, it might sound obvious. But then, the way I’ve heard it, investors and other product champions want highly defined specific market niches and demographics of who might buy such a product.
Is this just old school marketing theory? I’m obviously not a marketing genius, but it just seems to me that there are products that obviously appeal to everybody or nearly everybody. For example, the i-phone. But, before they introduced the i-phone did they say: “Well, we’ll target geeky guys aged 25-35, but then if it catches on and spreads to all other demographics… great!”
I honestly do not know, understand, or get it…
|
Phillip Avery
plavery85
259,750
Insider Points
|
Good question.
Marketing and finding your target audience can be tricky and confusing.
You need to start with a good idea that really solves a problem that people will want. With that said I personally believe it is okay to target multiple audiences with the same item. You need to be smart about how you do that though. Using your example, if you have a tooth brush that can also be a facial scrubber. (Seems kind of gross to me) You want to target each market the toothbrush people and the Facial scrubber people but not waffle between the two.
For the Toothbrush people you need to really push why it’s the best toothbrush on the market, tout all its benefits and how it’s good for your gums, gets tough to reach plaque, yada yada yada…
Then as a bonus mention that it also works as a facial scrubber and quickly list or bullet point those benefits but the facial scrubber part is not the emphasis, it’s like the free item you get with ASOTV stuff. You are buying a shoe skirt but they throw in a closet purse organizer as a bonus.
Now for the Facial Scrubber people you do the opposite.
When selling the idea to investors you want to convince them how wonderful this product is for both but that you will target them individually and that the fact that it works for both is this huge benefit because you’ve doubled the number of people who will want to buy it. You can even add that there are a certain percentage of people who want both a tooth brush and facial scrubber and for them this is the perfect item. If the market for them is big enough you then make a 3rd campaign that touts all the benefits and goes for them directly.
To diversify the product you can actually make a slightly different version for each of these markets. More women use the facial scrubber so you make it pink and gear the ads to women. Everyone uses a toothbrush but you found more kids like yours from the market research so you make it in neon colors and add a cool mascot to the packaging.
Marketing can really change how people see your product and you can take a so so idea and make it sell like crazy if you have top notch marketing. It just won’t last long if the product is bad because once people buy it and see how bad it is they will spread the word and your sales will drop so whatever your idea is make it a good one and really think about how to sell it the most people for the highest profit.
|
Criterion Dynamics
criteriond
|
Good subject and I like Philip’s addition as well. It really depends on the markets you are trying to blend. Even if you have already decided to go after two separate markets or market segments, that doesn’t mean that you have to blend the two markets.
Often, it is vital to have a well defined brand image, and the ideal image is often going to be different as it relates to attracting one market than it is as it relates to attracting another market. And ideally, everything you or your company does should be consistent with an image. There are definitely situations where one image can appeal to multiple markets, but you want to prioritize based on defined market opportunities and you want to be careful not to get too greedy for your own good.
Of course, you can always create separate brands, or create an under-the-radar “department” geared to a specific market niche, etcetera.
|
Criterion Dynamics
criteriond
|
|
Ron Komorowski
rjlinnovations
|
It’s very hard to nail down or predict what markets your invention will “take to” I was surprised at all the markets I was entering. I had no control over who buys or which markets the product floats into on it’s own. Turns out I sell alot to seniors and certain types of handicapped much more than expected. Also, a woman beekeeper, a telescope hobbyist, a guy who bought for his wife for Hannuka, musicians so their arms are not strained then they can’t play right after they move in their amps.
The extra markets ofcoarse are a GREAT welcomed surprise and do not effect the main markets I choose to enter.
Last, 50% of inventions the public uses for other uses than the inventor intended…I’ve heard it said many times. Users teach me all the time!
The more markets the better…but you pick which ones you want to spend the most time marketing to…the rest that you pick up…always…it’s all good.
Ron Komorowski
Inventor of Handi-Straps
www.handi-straps.com
|
