4. How would you start marketing a product or idea you have?

a) If you truly have an invention--something that has not been created before--there is no set way to get it to market and there is no right way. Finding out how to get your product to market is often more relevant to your success than the features and benefits of your invention.

The first step should be to research how others have gotten their products to market, understand the tools available including sell sheets, intellectual property such as trademarks, copyrights and various patents, and the potential market for your product. There are several good books, courses, columns and online communities available for aid in your research, but as the inventor, you are the best person to decide which market is best for your product.

If you are not willing to invest energy and time into gaining information, studying your opportunity and even drafting a basic business plan, even if you have plenty of money to invest in the project, it may not be something you really want to pursue.

Six steps to take your product to market:

• Conduct market research. Identify products on the market, both online and in stores that are similar to your product idea, and note which companies make them and where they are sold.

• Find the information about patenting your product.

• Develop as good a prototype as possible with your available resources. This can be as basic as a drawing or as evolved as a professionally made product.

• Connect with other entrepreneurs in your local area or online to share information, resources & offer support.

• Draft a simple business plan; starting with the fundamentals.

b) There is plenty to think about when you come up with that great idea: - Is there a need? The bigger companies usually try to find out what the consumer wants and then develop a product to meet that requirement. The entrepreneur, more often than not, dreams up the idea and then tries to sell it. His emotions can affect his judgment of product suitability and later of marketing strategy. He should be objective, to evaluate properly and to research thoroughly in his product marketing. Testing the market Larger companies, in particular, conduct market testing for a product before commencing full-scale production. The product is produced in limited quantities and introduced to a “typical” segment of the proposed market. The small businessman should also consider such a test before committing too much time or money to a product that may not sell. If response to the test is good, then the entrepreneur is ready for full scale production- on his own or through someone else. Selling the idea or Going it alone So you have got two ways: to sell your idea to someone else and to earn money by percentage from their sales or to sell the product by yourself (but in this case you will face many questions such as: • Can the raw materials be brought in and the finished product shipped out economically? • Can labour costs be kept within budget? • If local costs are too high, can the product be manufactured elsewhere? • Are there government regulations concerning the manufacture of this type of product? Making it sell Distribution and sales are a vital part of marketing any product. In the case of consumer products, the entrepreneur has a number of options open to him. He can sell direct to the users, to retailers or to middlemen who sell to retailers.