What does an innovative product look like to the market?
Although each product is unique and few products meet every success indicator we look for in a television product, included below are some guidelines we follow:
Unique and Special – Nothing Else Like It!
Unique can be in function (how a product works) or price (the competition is substantially more expensive).
High Perceived Value!
A product’s worth should be readily apparent — customers should feel good about what you are asking them to pay. Although no magic formula ensures a high perceived value, in practice this is accomplished with special offers like “Not Available at Retail!” claims, unique product combinations (e.g., travel size bonuses), limited offers and free instructional videos. More often than not, a combination of these techniques is necessary. Most importantly, each product must prove its worth right out of the box — customers will return your product if it doesn’t work as advertised.
A Nice Price & The Right Format!
Television advertising is expensive and a 5 times manufactured cost markup is generally necessary for DRTV to work. However, simply offering an overpriced product won’t work. What’s more, your product needs to be offered in the right format. Products selling for $299.95 typically won’t sell in a two-minute format; products priced at $14.95 can’t support a thirty-minute format. Ask yourself, “Does my product solve a $20.00 problem?” If your customers consistently answer “Yes,” you’ve probably found the right price point.
How many people will be interested in your product? You have about five seconds to capture the television viewer’s attention — does your product have a chance?
The power of television marketing almost guarantees your product will be copied. Patents, trademarks, copyrights and proprietary manufacturing methods should each be utilized, where possible, to protect your product. Your product needs as much time as possible to identify itself as the Original!
There is a reason direct response television is known as demonstration TV — believable demonstrations create compelling stories and deliver sales.