Keys to a Successful Direct Marketing Product Development
Anatomy of a Winning Product - Use the following list of questions to help you develop products that are going to be extremely successful wihen direct marketed. It doesn't matter which channel or media is used. The more of these questions you can answer "Yes" to regarding the product's characteristics, the greater your chances for success...generating the most revenue and profits. Not all questions apply to all product or service types, but those that are relevant should have "Yes" answers.
- Does the product fill a perceived need?
- Can the product be personalized?
- Is the product a consumable?
- Is the product practical?
- Are there any legal problems related to selling the product that have to be overcome?
- Is the product trendy, faddy or short lived?
- Is the product unique?
- Is the product safe to use?
- Is the product too seasonal?
- Is the product priced right?
- Is the product supplier reputable?
- Does the product lend itself to add-on sales of other products?
- Is the product a good value?
- Are backup products available in case yours sell out?
- Does the product have too many stock keeping units that could result in inventory problems?
- Is the market for the product the right size for you to sell the product and achieve your revenue and profit objectives?
- Is the product subject to high returns?
- Does the product lend itself to multiple pricing?
- Is the product in a narrow niche that you can dominate?
- Does the product have high refurbishing costs if it has to be returned to the manufacturer? Low is better than high.
- Is the product too new or too old for the market?
- Does the product have attractive packaging?
- Is the product easily found at retail or your e-commerce competitors?
- Will the product photograph well?
- Does the product have clear and easy to read and understand usage instructions?
- Have you tried to sell similar products that have failed?
- Will the product illustrate well?
- Does the product compare favorably with other products – is it better, the same or worse?
- Does the product have unusual selling features?
- Is the product an exclusive? Are you the only one selling it?
- Is the product economical to ship?
- Does the product lead itself to repeat sales?
- And, to add a little humor, “If my family likes it, forget it.” Select products that your target audience likes and wants, and not what you like or want, unless you and your family are your target market.