Product Creation in a Down Economy By Scott Lindsay At Isnare.com Ezine Articles

Creating and introducing new products in the present economy may be a significant challenge. Finding the perfect product the consumer may be looking for may seem like trying to find a needle in the haystack. Can it be done? Yes.

A few questions to consider.

Is it a necessity? Many items purchased in an economic downturn will be items that are considered a need. Wants may still be considered, but for the most part those will be items already familiar to the consumer.

Where does your product rank in quality? You will need to balance production costs against the overall value of the item. If it takes a considerable amount of money to make, but provides exceptional value in long-term durability you might still have a potential winner on your hands. That being said you should always try to keep your prices reasonable. If you can’t do that you will need to explain to the customer why your product is worth the price.

Is your item practical? Can your customers envision themselves using the product you are selling? If it fits their lifestyle and provides a regularly needed function then the item may be purchased.

Can you reward your customers? This could come in a content rich members-only portion of your website or even a free ebook. It could come via a coupon code for a price reduction on future purchases. It might even reward your consumer base for referring friends to your site. Get creative and give customers a reason to come back and bring their friends.

Can you provide a guarantee? Consumers may feel more comfortable about accessing an offer based on a ‘risk-free’ offer. If you are confident enough in your product you might consider the possibility of providing a money-back guarantee if they aren’t satisfied in the first 30 days. This may be a calculated risk. The hope is that the product really is a winner and that by simply trying the product the consumer will be assured they have made a great choice. If they still determine it is not to their liking then they have no negative feelings toward you because they could return the product for a refund.

Have you got your testimonial ducks in a row? You will need to deliver customer testimonials to enhance the sense of corporate trust in your brand or product. Consumers will want to know if others have enjoyed the product or found it to be a time saving and practical item to own. This can be accomplished through the testimonials of paying customers or a test group that is asked to try the product and then give their opinion. This second option is something that typically happens before the product is available for sale.

Right now in American history it might not make much sense to try to launch multiple frivolous products. There may indeed be a market for it among those who may wish to escape the world as they see it, but the concept of quality remains the most viable scenario for product creation. Market that new product accordingly and enjoy the fruit of your labor.

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