NO MATFER HOW GREAT YOUR EDITORIAL, YOU CAN'T HAVE A STRONG BUSINESS UNTILYOU HAVE GOOD MARKETS.
"Superbly reported editorial, backed by a strong marketing effort," is essential once you've developed a market niche, according to Thomas K. Billington, group publisher at Pike & Fischer Inc., a subsidiary of legal and business publisher Bureau of National Affairs. "But finding the successful market niche is what will sustain your business over time, invigorate your staff, and help you develop the confidence to defy the naysayers.
"Superbly reported editorial, backed by a strong marketing effort," is essential once you've developed a market niche, according to Thomas K. Billington, group publisher at Pike & Fischer Inc., a subsidiary of legal and business publisher Bureau of National Affairs. "But finding the successful market niche is what will sustain your business over time, invigorate your staff, and help you develop the confidence to defy the naysayers.
So how do you identify the markets you want to target when launching a new product? Billington cautions against relying too much on the opinions of others. He cites, for example, a 1909 article in Scientific American that professed, "That the automobile has practically reached the limit of its development is suggested by the fact that during the past year no improvements of a radical nature have been introduced."
Analysis paralysis aside, Billington--who is an expert on new product development--offers 10 tips and techniques to help you find new market niches:
Drink deep from your existing well. Talk with those who know you best to find out what's new: Convene an editorial advisory board, host a conference roundtable discussion, initiate subscriber conversations.
Survey your readers. For b-to-b surveys, ask: "If you were to ask a staff researcher to research one question for you, what would that be and why?" For consumer surveys, ask: "If you were given $5,000, what would you do with the money and why?"
Analysis paralysis aside, Billington--who is an expert on new product development--offers 10 tips and techniques to help you find new market niches:
Drink deep from your existing well. Talk with those who know you best to find out what's new: Convene an editorial advisory board, host a conference roundtable discussion, initiate subscriber conversations.
Survey your readers. For b-to-b surveys, ask: "If you were to ask a staff researcher to research one question for you, what would that be and why?" For consumer surveys, ask: "If you were given $5,000, what would you do with the money and why?"
Observe conference activity. What new conferences are being launched? Which sessions are well attended, and which aren't? Watch for any boom in exhibitors.
Follow the money. Where are people spending? Where are businesses investing?
Look at your competitors. Notice the products they're launching and new areas they are adding to their Web sites. What special reports are they producing?
Absorb information like a sponge. Devour the trades, read books, scan Web sites, subscribe to listservs, join chat rooms, and create focus groups. Watch for new editorial sections in the trades.
Notice new associations and company categories. What new staff descriptions, titles, or groups are they creating? What new mailing lists are available?
Stay loose. Keep a flexible mind open to new ideas.
Be passionate. Feel so strongly about your idea that you're willing to take a risk.
Offer financial incentives. Create an incentive program to encourage staff members to develop new product ideas.
Follow the money. Where are people spending? Where are businesses investing?
Look at your competitors. Notice the products they're launching and new areas they are adding to their Web sites. What special reports are they producing?
Absorb information like a sponge. Devour the trades, read books, scan Web sites, subscribe to listservs, join chat rooms, and create focus groups. Watch for new editorial sections in the trades.
Notice new associations and company categories. What new staff descriptions, titles, or groups are they creating? What new mailing lists are available?
Stay loose. Keep a flexible mind open to new ideas.
Be passionate. Feel so strongly about your idea that you're willing to take a risk.
Offer financial incentives. Create an incentive program to encourage staff members to develop new product ideas.
