There s no such thing as too much research, says McMath, in a recent interview. Visit the people you ultimately want to sell your product to, even if it takes time, he says. Find out what people expect to pay for it, what channels they would buy it through, what margins are traditional for the product. Find out what the competition, or potential competition, is doing. If you assume your product is unique, make sure it is.
Timing is important.
Taking years to test a product can mean the competition catches up and passes you, and releases a similar product before you. In the 80s, Pepperidge Farm got the rights to the Star Wars name for a line of cookies, but the timing was off. They were too late to catch the hoopla of the movie s first release, and too early for the re-release of the 90s. Find a way to romance your product, McMath says. Convey your product s significant point of difference from competing brands.