In the “Patents & Prototypes” webinar (view here) I did on July 10th, 2010, I promised I would post the criteria that top infomercial companies use when evaluating a product to take to market. If you have a product you think is perfect for infomercial, consider these points before proceeding:
• Is it unique? Is there anything else on the market like it? Is the product so unique/compelling that it might be purchased even if it doesn’t solve a problem?
• Does it have mass market appeal? Does the product’s appeal cross many demographics or is it targeted to a niche audience? Most infomercial companies won’t take on a product unless they believe they can sell 5 million+ units.
• Is it problem/solution oriented? Does it solve a “real” problem? Is it a problem that is NOT currently being addressed/satisfied in the marketplace? If the problem is already being addressed in the marketplace, does this product address the problem more effectively or efficiently? Is it a problem that consumers already know they have and don’t have to be taught they have? What is the magnitude of the problem? Can the product solve the problem immediately?
• What’s the retail price point? Most short form (2 minute) infomercials require a price point of $19.95 or less. If your product is above that, it may not be right for infomercial. Long form may be considered at that point.
• Is the product easily explained/demonstrated? Can the product be thoroughly described in less than a minute? Does the demonstration provide a “wow” factor that viewers will respond to?
• Is the product targeted to an age appropriate audience? For many DRTV companies, this target market is primarily women who are 50 years and older. Know the company you’re targeting and find out who their audience is.
• Does the product fall within a category that isn’t crowded. Understandably, most infomercial companies shy away from products that solve a problem in a category that is filled with other products.
• Is the product size appropriate? For shipping and in store-retail display purposes, it’s crucial that the product be relatively small and light weight.
• Is the product enticing to the consumer? If a consumer were on a budget, would they still purchase this product because they need or want it so badly?