Page 39 - 597 Business Ideas You can Start from Home - doing what you LOVE! (Beginner Internet Marketing Series)

28 Your Idea, Inc.

Compile Wh at You've learned

After your patent hunt, online search, and store visits, you will know
a vast amount about your product's potential. However, if you find
that your search has raised more questions, continue both online and
physical research until you are an expert on your product and how it
differs from every other item that could be considered its competitor.

You 're Not Done Yet

This is not a one-stop-and-you're-done process-keep research­
ing until you have a clear understanding of the industry as a whole.
Even after your product is released, you should stay aware of new
competition and changes in the industry. At all times, you should
know the following:

1. One or two main benefits of your product. This could be
the solution it offers or the effect it has on customers.

2. What the consumer expects from the type of products in
this arena. For example, if your product is a new makeup
line for teen girls, you would need to know that they are
interested in products that don't clog their pores or make
their skin feel oily. You would know that they want to look
clean and fresh, as opposed to a woman in her forties, who
is probably more concerned about the anti-aging properties
of her makeup.

3. The main lingo of products within that genre . For example,
take cars. The common lingo associated with selling cars
has to do with (in today's market) value, gas mileage, and
the feeling that the driver gets when behind the wheel.

4. The price range for similar products. If your price range is
very different, you need to be able to clearly explain in your
marketing materials why yours is worth more or is much
more affordable.

5. That you feel 100 percent confident that you have put
together the best possible version of your product (for now).