BHR Global Associates, Inc. is dedicated to helping companies bring their products to market successfully. We can help with finalization your design, to helping find the right source at the right price, help you maintain a solid on going supply chain and help you sell the product through our team of sales professionals. Our blog will supply information and details on successes, failures, and road blocks to avoid in bringing products to their full potential.

Sunday, January 27, 2013

Why most new products fail

Most products that fail (90% fail) lack sufficient existing demand for the solution. Most products are born of the "wouldn't it be nice if...." thinking. Most inventors think that educating the public about their product will create a market. Trouble is that is terribly expensive and manufacturers aren't that interested in the cost and risk. Unless an invention is five to ten times better than the existing solution, it will likely be ignored. My research indicates that all most all products based only on an IDEA fail, but those based on a large enough market demand, succeed. Notice I said DEMAND and not need. I need lots of things, but demand few. It is the difference between CAN'T live without and WON'T live without. Intensity of demand. Look for demand, first, and then figure out how to meet the demand, not the other way around. Successful inventors may have to do that 1000 times before they have a winner. Be quick to eliminate ideas and quick to notice unmet demand. By Larry MacDonald


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