Launching a New Product

A young friend is launching a new product. Props to him – 27 years old, just back from the Peace Corps, and convinced that his invention is what the world needs, recession be damned. He’s selling dreams in a jar – in this case, physical fitness, in the form of exercise bands – those rubber straps you wrap around your ankles, wrists, whatever, for tension and traction that make your muscles scream. They’re low-cost, low-impact, and, truth be told, are everywhere, including at your local gym.

So there he is, ready to launch. Video on YouTube, web site up, and wondering how to reach the world. His marketing budget: Close to zero. What’s a young mogul gonna do?

Believe it or not, he’s going retail. For $500 a month, he’s got a kiosk in a local mall.

He, of course, wants to go national, pronto. “How do I get national exposure?” And as a former college basketball A-team player, he thinks most people want to exercise. Wrong.

My guess: Most people still don’t know what a band is, or how to use it. Or want to. My young friend’s challenge is one that budding entrepreneurs and jaded executives alike face: how do I make my product relevant – and compelling – to the customer.

So this mall gig is brilliant. For $15 a day, this budding CEO can do live market research, one person at a time.  Listen, and learn. In 30 days, he’ll know a lot more. The key, of course, is to ask, not sell. My bet is he’ll hear all the reasons why exercising isn’t for the masses – too busy, too boring, too many other things to enjoy….and with that intelligence he can find new and exciting ways to market his dream that tap directly in to those emotions and destroy the intimidation factor.

He only has to sell one a day to cover the rent – and that leaves a lot of for listening.

- By Amy Bermar