An Unwanted Product for a Non-Existing Market

Introduction

One of the main points taught at WA is that you must target your market. That is why we dig deep for niche markets where people are looking for something that we can supply at a profit.

After we find that group of people wanting something and having money to spend, we must reach them. That can be a problem but we are taught here how to solve that problem.

An Unwanted Product for a Non-Existing Market

I was an executive for a Fortune 500 company for many years. I was in charge of research and development and certain engineering areas. I worked closely with design and marketing personal when dealing with new product introductions.

We made prototypes of product and they were submitted to focus groups in the marketplace and received high accolades. Then we introduced the product and it was a total bust–a disaster.

The precept was:

1. There was a group of upcoming individuals, young executives, who liked to entertain but were not ready to invest in fine china.

2. The lower-cost product was attractive and would be an intermediary step toward buying fine china at a later date when these young executives would be more affluent.

The fact was:

1. These folks wanted fine china, not some interim product.

The bottom line was that the product was not wanted and the market did not exist.
So what went wrong?

I don’t remember the results of the focus groups other than that they were very favorable. But what questions were asked? Maybe the question, “Would you buy this product or fine china?” was not asked. That was certainly the defining question.

I also do not know who were in the focus groups. I would think our marketing people would be focused on the market they were after, the niche, and not on the broad market of dinnerware buyers.

Mistakes Many of Us Make

If this seems far fetched to you in regard to what we do, it is not. I see too often folks here focusing on markets that are not true niche markets. Yet true niche markets are not difficult to find simply by digging down through keyword research. Simply probing down into Google Suggest, eBay, Amazon and UberSuggest can lead to good niche markets that are not difficult to reach.

Niche Marketing Areas

Good areas to look for niche markets are Health and Beauty, Make Money (very competitive), Expensive Hobbies and Relationships. There are others.

Dig!

A Final Point

One final point, you should be a member of your niche market. How else can you learn what folks are doing and want? Forums can get you in contact. Niche markets have magazines that service them. Subscribe and look at the classifieds. What adds are repeated in the classifieds month after month? People are buying those products.

John

Note: Thank you to those of you who have offered condolences to me on the life of my wife, Pat, of 64 years. Pat passed peacefully on 19 September.