Inventors: “Everyone” is not your target market.

Article in a sentence: Research & define your market relative to your invention for optimal sales.

Inventing, manufacturing or licensing marketing a product is like starting a small business. Besides financial needs, projections, costs, distribution factors and the like, many inventors seem to lack knowledge of their market. Just as any business, failure rates for inventing are in the high ninety-percentile and you can mitigate certain risks by using free information to help guide you through the process. Within this article, I will try to tackle an introduction to narrowing your target market to sell to specific demographics.

“Many times when I ask “who is your target market?” they will throw their arms real wide exclaiming “Well EVERYONE!” But this just is not smart business.” This is a quote from Rudy Ortiz of the Small Business Development Center in Sandy,Utah, which is a non-profit organization which assists with startup help for small businesses. Rudy and myself were having a conversation concerning targeting demographics and marketing strategies. What he means, and what many business professionals know, is that even if your product has a broad appeal to many different market groups, you cannot design a singular logo, branding scheme and advertising campaign for all of these different segments. Targeting “everyone” is a great way to include “no one” and alienating “most.” Everyone is NOT your target market.

When thinking about your product branding and advertising, you must keep in mind your goal. This is to convey the products function, meaning and benefits to your target consumer and affect a sale. Your target customer can be a full range of different backgrounds and income levels, but to garner the most sales you need to be able to target your “core” segment. By “core” I mean those who will give your product the most exposure, purchase the most of your product and become loyal longtime customers.

Take an example with Apples highly successful iPod. The iPod has a very broad appeal to many age groups and demographics, but does not design its ad campaigns around all the potential markets, but rather chose a specific “young” or “hip” demographic for its early campaign. You may recall the original TV and web ads which featured dancing silhouettes.

These iPod ads conveyed a number of adjectives for the target audience to “feel.” Energy, excitement, enjoyment, youth, motion, fun, trendy, popular. Contrast the ads for the early (not the later) iPhone ads, which targeted demographic of men in their 30’s with $70,000+ annual income

This ad, with the original price tag of nearly $500, was definitely “business person” oriented. As pricing came down, ad’s changed to run a larger gamut of demographics.

And yet, even with all the new iPhone ads which are more “down to earth” and “understanding” to a younger generation, the demographics remain nearly the same as they convey the same benefits of the iPhone. Think about the differences, and the similarities of the iPhone ads, and why the core clientele has not shifted thus far.

“…the demographic composition of iPhone users, which are similar to the demographics of other smartphone owners… likely to be: male, aged 25-34, earn more than $100,000 and have a college degree.”

If you believe your product has a broad range of customer potential something, that can be helpful is thinking about the intentions your customers would have by purchasing your item. What are the benefits of your product which is appealing to this broad swath of customers? Narrow this by targeting your core audience with a marketing campaign for the core segment. Many free resources are available online for examining different demographic data, and some are included at the end of this article. With your marketing campaign, always keep in mind your “core” group of customers. Even if your product appeals to several markets, each market should have a different ad campaign and this can be very taxing, time and money wise, on the first time inventor.

Do your due diligence in market research, narrow your marketing campaign to your “core” customers, monitor its progress, adjust and repeat all over again.

Our own client Tina Pantoja is the inventor and owner of MuVi Seat Holster. Tina came to Design My Idea with a finished product and a manufacturer already lined up. With some small tweaks for manufacturing to the CAD files, we then designed the packaging and logo scheme below.

Tina’s target market for her product is iPhone and comparable smart phone buyers; mainly business professionals who travel intensively. These customers already have invested an above average amount of money into a media-phone combination device, and so enjoy the “latest and greatest” technology. Given this information, our packaging design and logo take into account the sleekness of an iPhone-type device, very quickly relate the function and benefits of the product, and showcase the product in action. It is meant to first catch your eye, quickly demonstrate the product, showcase the benefits, and facilitate a sale.

Good luck!

Some Resources:

Small Business Development Center
A download is available of an example from the Small Business Development Center, while Design My Idea was looking at marketing an online Performance Assessment tool to small and medium businesses.

Chamber of Commerce
Marketing Demographics Research
Center for Demographic Research
Demographic Research

Design My Idea

Trade Shows: Maximize your sales, and get your product going!

Article in a sentence: Tradeshow’s can help you get in front of a lot of quality people for minimal investment.

by Salem, VP Marketing, Design My Idea, LLC. November 2007

Taking a cue from our successful client Neal Avery and Plane Clean Air, we are giving you some key tips for using an incredible sales and networking tool. The Trade Show.

A trade show brings together vendors, customers, suppliers, distributors, manufacturers and more. Dependeing on the show inventors can use the trade show as a catalyst to help kick things into high gear.

The position of your trade show is the first step. Common knowledge suggests high traffic areas; water-cooler, bathroom, corners, islands, entrance and exit. You are hedging your exposure to the trade show attendee’s.

The actual physical layout of a booth for a trade show can have an enormous impact on your return for renting the space at the trade show. Different layouts can give a calm, exciting or informative view on an invention. From a wavy pop-out, to a noble columnesque design, numerous available structures are available to help with the success of your invention.

Note also the importance of eye-catching necessity; the majority of attendees at shows will not immediately approach a booth (even if they are interested), rather, they will walk up an aisle looking left and right, “So you better have something that will attract them from mid-aisle” (Gapp Enterprises, 1998).” When thousands of people, vendors and more are moving through one space, you must make sure something is making you stand out.

A full-fabric banner spanning the booths dimensions is always an eye-catching feature do just that. With all trade show graphics your goal is to get the potential client to the demonstration. You must also make sure your logo and branding of the overall product is reflected throughout the display. Design My Idea has the specialty to ensure consistency runs through all designs related to your invention and your graphics won’t appear hodge-podge.

Now that you have your potential clients to your booth, what else can help?

Having a visual representation and “24/7” sales tool running constantly during the trade show will greatly increase the odds of a successful day of sales and networking. Use an animated Flash demonstration, a 3D video of the invention in all its uses including contact information, the vision of the inventor and the products potential. This can be run through a monitor, placed strategically to catch the traffic-flows attention. This 24/7 sales tool can cover much needed product information while saving time for you, the inventor to discuss information more related to sales and purchasing information. Let the Flash Video do the initial sale and setup you’re your invention.

After finding oneself wowed by the physical layout of your display booth and the Flash Demonstration depicts exactly why one should purchase the invention, take-away items are then required to ensure follow-up contacts with potential clients.

Business Cards for the inventor should also be included as a mainstay of business-networking, additionally, Sales Sheets should be available for people to clients to take with them. Sales sheets are a twin-sided sheet-sized flyer in the theme of a magazine ad for the front cover for aesthetics, and a reverse side for the specifications, pricing and sales information. These sheets are a primary sales tool for trade shows and specifically manufacturers and distributors.

Combine these with a simple Brochure, and your idea can be spread throughout the trade show to ever corner and a massive amount of potential clients. Disperse this information with business cards, Sales Sheets, brochures and the like throughout the show, saturating the “market” of the trade show with your information.

Preparedness can be your best friend when attending a trade show, and understand a tradeshow could be that “big break” you are waiting for. Be sure your materials are up to snuff.

When attendees of the trade show have left and are examining any number of your takeaway items, allow them the luxury of re-familiarizing themselves with your idea through a website, running with consistency with your logo, packaging and vision for the product. These can be a simple 3-5 page spread with information and aesthetic qualities, or a super-eRetail shopping website linked through PayPal.

See below for some good information with more tips on networking, placement and other trade-show related goodies.

Good luck!

• An excellent Q & A with experience trade show purveyors.
• Good general startup information for Trade Shows.

Design My Idea

Five tips for creating, developing and selling your invention

Article in a sentence: Informal focus groups, NDA’s, DIY prototypes, a professional appearance and trade shows can help your inventions cause.

by Brian Gates August 2007

When it comes to developing a million dollar invention, unfortunately there are no sure- fire paths to success. However, there are several things with which you can do to increase your odds and ensure your invention has enough potential to succeed. Below are five general tips that you should consider when developing your invention:

Tip One – Research, Research, Research
Make sure you spend a great deal of time not only investigating if your invention already exists but if there is also market potential. One of the simplest ways to do this is to conduct a focus group with your friends and family. Have them all over for a dinner or party and then informally ask them if your idea would be something they would buy. Their responses not only tell you if there is market potential but also may provide you with some clues on how to refine your concept.

Tip Two – Protection
We always suggest talking to a patent attorney about your invention. Many patent attorneys are willing to talk with you free of charge to recommend if you should pursue a patent. When sharing your idea with companies, always try to get them to sign a Non-Disclosure Agreement. A NDA is a contract that claims the parties involved, that are reviewing your idea, will not disclose, compete or share you idea. The following NDA was provided by Gene Scott of Patent Law & Venture Group for inventors to use when shopping around: Non-Disclosure Agreement

Tip Three – Prototypes
Developing a prototype doesn’t have to cost you thousands of dollars. For first-time inventors, the best way to see if your invention will work the way you want it to would be to make it yourself. Your initial prototype doesn’t need to be made of high quality materials or look like a well polished product. The concept is to see if what you envisioned has potential and prove it will work. If everything looks good then consider investing in either a digital or physical prototype.

Tip Four – Presentation
Image is everything and when it comes time to present your idea, it can make all the difference. A well-designed graphic or polished design can make the sale and acceptance of your idea that much easier. This is where your research and the help of a professional designer can put you above the rest. High quality and informative graphics provide credibility while educating and exciting your audience. The faster they understand and the more they are wowed, the better chances for your invention.

Tip Five – Marketing
One of the best ways to get your invention moving is to attend a tradeshow. There are tradeshows for just about everything and attending one can easily put you in front of a variety of companies, buyers and distributors. These websites can help you locate a tradeshow that is right for you: Trade Show Network or Business Trade Shows

While we could go on and on about the do’s and the don’ts for inventors, keep in mind that you are the master of your destiny and you can do well. Provide yourself with the information, tools and motivation to make your invention a success. Stay persistent, get creative and don’t take no for an answer.

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