Potential New Products

[Herbs]

Morning all,

It's been a few years since I was last on here having sold my business (so much so I cannot remember my login!)

I've been given the opportunity to invest in a business venture so doing a little bit of research to see if there is enough demand for it to be worthwhile.

I've been fortunate enough over the years to have been involved at the inception of renewable energy, roof insulation, conservatory roofs, artificial grass, residence 9 windows and composite decking to name the more successful ones.

When it comes to your business, do you actively seek new products coming to market or are you more reactive once they have already hit?

How much value/interest would you have in receiving a list of new products that complement your existing range prior to them hitting the market?

I really appreciate your thoughts and look forward to becoming active here again.

 

[Mr D]

From current suppliers I often get emails of new stuff being released. Plus mailings in the post.
For places that aren't currently suppliers I rely on the trade mags to report stuff. If I find it suitable I then investigate further and plan to see the supplier at a trade fair.

 

[Herbs]

Morning bump to see if anyone else could help

 

[Mark T Jones]

Anyone selling a product/service is likely to take more than a passing interest in new or evolving products.

For the most part they will have their own preferred sources of information - both through trade press and reps/email from their suppliers (or not!) or indeed from competitor research.

I'm not quite sure what your business will do, but presumably its success or otherwise will depend on getting market credibility

 

[Herbs]

Thanks for the reply Mark.

The business acts as a source for newly released/ soon to be released high worth products (renewables, hot tubs, composite decking etc). Some will be exclusive by region or country and others will be open to all resellers

The plan is to release this information early to subscribed businesses in return for a annual fee of £150.

I personally think the amount is a little low but it is all about gaining a decent base to start with.

I guess the question I need answered is - would you pay £150 per annum to receive the inside track on products that will be hitting your marketplace in the next 12 months?

All thoughts gratefully received.

 

[billybob99]

It's been a few years since I was last on here having sold my business

You didn't say how much for.

 

[Herbs]

You didn't say how much for.

Not as much as I wanted.

I had a little girl so readjusted my life priorities as working 7 days a week was not was life is meant to be about and I didn't want to miss her growing up so got my business partner to buy me out.

She is 6 now and i'm no longer together with her mum and have her every weekend instead so time to get back working for myself in a role that can be Mon-Fri

 

[billybob99]

Not as much as I wanted.

I had a little girl so readjusted my life priorities as working 7 days a week was not was life is meant to be about and I didn't want to miss her growing up so got my business partner to buy me out.

She is 6 now and i'm no longer together with her mum and have her every weekend instead so time to get back working for myself in a role that can be Mon-Fri

That makes sense. I would say life is not about working full stop. But its definitely not about working 7 days a week.

 

[Herbs]

Very true but short of winning the lottery that is not going to happen any time soon, but hopefully the hard work will realise that dream at some point in the future before i'm too old to enjoy it!

 

[Mark T Jones]

I guess the question I need answered is - would you pay £150 per annum to receive the inside track on products that will be hitting your marketplace in the next 12 months?

.

Personally, no I wouldn't - my industry is pretty slow-moving and most 'new' products are just mildly pimped variants of existing products.

I guess you question really needs to be addressed more to your target market, and will largely depend on selling the competitive advantage.

 

[Mr D]

Thanks for the reply Mark.

The business acts as a source for newly released/ soon to be released high worth products (renewables, hot tubs, composite decking etc). Some will be exclusive by region or country and others will be open to all resellers

The plan is to release this information early to subscribed businesses in return for a annual fee of £150.

I personally think the amount is a little low but it is all about gaining a decent base to start with.

I guess the question I need answered is - would you pay £150 per annum to receive the inside track on products that will be hitting your marketplace in the next 12 months?

All thoughts gratefully received.

No, I get details of products hitting the marketplace in next 12 months by attending trade shows and reading trade press. And speaking to company reps.
For free.

If a business does not want its own customers to be aware of what is coming out then no reason why they would want people that don't buy from them getting details first.

 

[Herbs]

Thanks for the reply Mark

You are correct that the main focus would be B2C companies in the home and garden sector where it moves quite fast.

 

[Herbs]

No, I get details of products hitting the marketplace in next 12 months by attending trade shows and reading trade press. And speaking to company reps.
For free.

If a business does not want its own customers to be aware of what is coming out then no reason why they would want people that don't buy from them getting details first.

Can I ask what sector you are in?

You raise valid points but I would imagine this would be something to supplement and reduce the amount of time at trade shows etc

 

[Mr D]

Can I ask what sector you are in?

You raise valid points but I would imagine this would be something to supplement and reduce the amount of time at trade shows etc

Gifts
crafts
garden
food
drink
toys
vehicle parts

Would still need to investigate the products. One trade show in one day I can see over 10k products.

 

[Herbs]

Probably explains why it wouldn't be a good fit for you then!

 

[Mr D]

Probably explains why it wouldn't be a good fit for you then!

I'm not as convinced as you its a good fit for anyone.

You have discussed it with some suppliers?

 

[billybob99]

Morning all,

It's been a few years since I was last on here having sold my business (so much so I cannot remember my login!)

I've been given the opportunity to invest in a business venture so doing a little bit of research to see if there is enough demand for it to be worthwhile.

I've been fortunate enough over the years to have been involved at the inception of renewable energy, roof insulation, conservatory roofs, artificial grass, residence 9 windows and composite decking to name the more successful ones.

When it comes to your business, do you actively seek new products coming to market or are you more reactive once they have already hit?

How much value/interest would you have in receiving a list of new products that complement your existing range prior to them hitting the market?

I really appreciate your thoughts and look forward to becoming active here again.

Instead of making it £150 a year have you thought about a subscription model for a small fee every month.

I've seen this same model applied in the fashion industry where people pay a small fee every month to get access to designer clothes and all sorts with up to 80% off.

It shouldn't be that hard to validate this idea by talking to your end customer.

 

[Herbs]

Instead of making it £150 a year have you thought about a subscription model for a small fee every month.

I've seen this same model applied in the fashion industry where people pay a small fee every month to get access to designer clothes and all sorts with up to 80% off.

It shouldn't be that hard to validate this idea by talking to your end customer.

Thanks - that is definitely worth considering and taking to the market research pot of data

 

[Mark T Jones]

Can I ask what sector you are in?

You raise valid points but I would imagine this would be something to supplement and reduce the amount of time at trade shows etc

There will always be a value on data that is of good quality, timely and relevant.

Quantifying it can be tough as much of the value is esoteric, though relevant factors will be:

- Competitive advantage
- Availability of similar info.
- costs (real and opportunity) of collating said data

The monthly subscription idea is a good one, though you will have a significant cash-out before break even

 

[billybob99]

There will always be a value on data that is of good quality, timely and relevant.

This.

 

[alan1302]

Whatsapp/Call us:+8618570327787 to get more information now !

Should be a Whatscapp call!

 

[Qukaylan]

I think that you should think who will benefit from such specific early information? These are specific industrial products and if you regularly visit fairs in the EU and US, you will be very well informed about all new products and easily get in contact with companies