This is one of the most common questions in the world of New Product Development and is often asked after the developer has spent thousands of dollars in development costs.

Here are some possible answers:-

1) Who says your product is “great” ?  many  companies develop new products because they think it’s a great idea – unfortunately no one else does. It may seem obvious but New Products have to meet a market demand in order to sell. Just because your design engineer thinks its a great idea doesn’t mean anyone else does.

2) Does anyone know about your great new product ?  What is your Marketing and Advertising strategy. Unless your Innovation is publicised how will anybody find out about it ?

3) Is your product overpriced ?  What is the nearest competitor selling at ?

4)  Is it priced too low and perceived as cheap ? Ask yourself this question – When you buy a car do you buy the cheapest model available ?

5) What level of service and support do you offer with your product ? – Is the competition offering a better warranty or service.

All common sense but sense aint that common.

chris@projectsguru.co.uk

www.projectsguru.co.uk