Cost effective strategies for assessing your product’s true market potential

So your mom, brother, and aunt Sue all swear that your cookies are better than Mrs. Fields. Or perhaps you have a great idea for a healthier sports drink, a foldable lawn chair, or a [fill-in-the-blank] new gadget. Learn how to assess–and leverage–your product’s true market potential.

1. Visit a trade show
   If you want to launch a food product, go to The FMI Show. For the price of admission, you can see how other companies are successfully (and unsuccessfully) packaging and marketing their products to grocers. This will also provide an important gauge for what’s hot in the industry. It may also become apparent that buyers probably won’t be interested in yet another “Smokin’ hot” barbeque sauce.
2. Invest in building your brand
   For an entrepreneur on a shoestring budget, a friend-of-a-friend with a little graphic design experience can be a tempting proposition. Instead, invest the time and resources to work with a professional design team to brand your product. Activities may include market research, packaging, labeling, copywriting and product naming.
3. Is the price right?
   Do you offer a value brand? A luxury brand? Somewhere in the middle? Your pricing strategy is a natural extension of your brand. Aim too high and you run the risk of pricing yourself out of the market; too low, and you could minimize the perceived value of your product. You must also factor in the costs associated with securing shelf space. There are standard costs associated with each player in the distribution chain (distributor, retailer, co-packer, etc.). Identify the general expenses and then work backwards to determine your break-even cost. Only then can you determine your optimal price.
4. Search for blogs and influencers who share your passion
   Identify 2-3 bloggers who write about a topic of shared interest. Learn who they write about and why. Contribute to the conversation when appropriate. And then when you’re ready to go to market, you can share your plans. For example, you could offer bloggers a chance to participate in a taste test to select the next flavor or ask them to help name your product. Find creative and (cost effective) ways to reach out and generate market buzz and excitement.
5. Find a PR partner who shares your enthusiasm
   When selecting a public relations partner, take your time. A roster of big name clients may look impressive but may or may not be indicative of the “best” fit. Look for experience in related industries, demonstrated creativity and consistent results. But above all, look for a firm with a genuine passion for what you do.

Sunshine Morrison is principal of Radiance Communications, a branding and public relations agency specializing in food, beverage and consumer product marketing. She can be reached at .