I suggested recently that one way to make extra money was to develop and sell a product. A reader left this comment/question on that post:
I have a great idea I want to sell. Now, I'm thinking online but primarily on television. I have marketing skills, I can handle alone the business side of things. Where do I start to get my product out there?
Anyone have any advice for her?
It really depends on the product and the market. The best way for her to figure this out is to set-up a business plan. She will need to explore the market, the competition, funding, etc. While the business plan can change through the existence of the company, it should be used as a map.
Posted by: Steve | April 09, 2009 at 05:16 PM
I am a huge fan of Michael Masterson at EarlyToRise.com. I am currently reading his book Raeady, Aim, Fire. I suggest you pick it up and check it out.
In it, he says that once you have your product in place, you need to find your OSS (optimum Selling Strategy). That is, discover where the best outlet to sell, at what price, etc. is.
To do that, he recommends that you look first to where your competitors are marketing, so if your product is gold releated, you want to look at gold magazines, tv channels and programs, name lists, etc. that are selling products like yours. See what your competitors are doing price wise and see where they are marketing. Chances are, that is where the customers are.
Now, you may say, "But then I am competing in a flooded market." Not if you have a USP (Unique Selling Proposition). That is, make your marketing message something that sets you apart. What is your niche? What sets your golf instruction manual apart from others, if that were what your selling.
Just some thoughts, but I would recommend the book.
Posted by: Trey | April 09, 2009 at 07:26 PM
Is it a Snuggle or Slanket? ;-)
Find niche blogs your item fits into and pitch them. If it's a good product it will trickle up from there. If it's a gadget of any sort, there are endless sites that would cover your item if it's good.
Posted by: cb | April 09, 2009 at 08:04 PM
It is very easy to describe, although harder to do. You sell. Start by contacting one person who might buy and ask. Then rinse and repeat.
Good luck.
Posted by: Craig | April 09, 2009 at 10:04 PM
It seems a lot more information would be necessary to answer this question. Just remember most businesses fail.
Posted by: My Life ROI | April 10, 2009 at 01:11 PM
Not sure what the product is, but the best way to see if an "ever-day" item will sell is try a flee-market or fair
-Low marketing overhead
-Lots of walk-bye
-Weekend gig that allows you to keep the day job and the bills paid
-See what the interest is before spending big money on marketing
... try several locations ... it may take several trail & error attempts to make the "perfect" product and marketing campaign ... ask the people you see what they think and how to improve the product/marketing to make it more appealing ... after generated "weekend" sales, take your sales numbers to retailers selling similar products ... selling the product to retail may take even more trail & error, but don't give-up
Posted by: Mark | April 10, 2009 at 02:52 PM