Market your product or idea to potential investors in a formal presentation.
Much excitement goes into coming up with new business ideas and products that can expand your existing company or help you launch a new business. These ideas are presented to investors, initially, to acquire funding, and then to customers to create interest and generate sales. Target market, price, packaging, promotion, distribution and a few factors that must be considered before a company attempts to market a product or idea. With these factors in place, businesses and individuals are able to market their product or idea effectively promoting its features and benefits.
Instructions
1. Research the industry closely related to your product or idea. Identify trends, challenges and competitors. Identify any legal considerations that come into play with the product or idea you want to market. Obtain a copyright, trademark or patent for your idea or product, where appropriate. Potential investors will want to ensure that these measures are in place, before investing in your project.
2. Create a budget that includes how much money you plan to contribute to the product or idea you're marketing, as well as any other funds that have been donated or borrowed. Include your start-up costs involved in turning the idea or product into a salable item you can introduce to your target market. If you need to use a storefront to sell your product or special equipment and a staff, include those items in the costs. Also, include your budget for advertising and promotion and research and development.
3. Identify your target market and create a profile that gives specific details about the group of people you think would benefit the most from the product or idea you're trying to market. Your profile should include the following information about your target: age, marital status, income level, level of education, places they shop, what they like to read, watch and listen to, as well their location, whether they rent or own their homes, what they're looking for to make their lives easier and what they value. Identify where they typically get their information and how they learn about new products and services. Some consumers go the Internet for their information, while others rely on family and friends or television, newspaper or radio advertising.
4. Decide who to pitch your idea or product to. If your idea or product is ready to go to market, you can pitch it to stores whose target market fits yours to see if they're interesting in selling your product. If you're still in the start-up phase and need funding, your pitch will be tailored to investors.
5. Craft a presentation based on the information you've gathered about your product, the industry and the target market. The presentation should include financial information based on the budget you created. If you're approaching investors, you need to outline how much money you're requesting and demonstrate how your product or idea will reap profits as a result. Assemble these details into a formal business report with a table of contents, figures to reference and appendixes, if necessary.
Tags: product idea, your product, idea product, target market, what they