Know-How Exchange : E-Marketing

can you please provide more information. What region are you in? Is this a business-to-business product or a business to consumer product? what industry are you in? What is the price range? Are you planning to sell direct or through a channel? Do you have a website? The more information you provide, the more helpful we can be.

telemoxie asks appropriate questions. I have been providing product development services for a number of market silos and have found -one- that was truly first to market.

To answer your questions; a tad more information will be needed for researching your needs.

If you want to keep your product undisclosed; contact (almost) anyone on marketingprofs directly with a DNR

Why is this product unique? Simply because something IS unique, it doesn't necessarily follow on that there's a need for a product or a demand for it.

Who is your ideal buyer and what problem does the product solve?

Might the fact that you have no competition mean that you, in fact, have no market? The best idea in the world is valueless if no one sees the idea as something they need.

What does your target customer do today to address the need your product addresses? There are very few products that don't have any competition, even if the competition is in some other form.

And when there really isn't any competition, it's probably because the customer doesn't even realize they have an unmet need, in which case you'll need to do a lot of missionary selling -- showing people why the need exists at all.

Finally, when the budget is really limited, that's a sign that the business may not have much profit potential. There are very few products with significant profit potential that can be successfully launched on a limited budget. There's no free lunch.

As you can see from the responses above, no one can really answer your question without specific info. I am sure you want to keep things hush hush, but just remember that as soon as you market your product, if someone else sees it as viable, you will have competition. Plan for it. In fact, history shows the first one with a new product or service most likely won't be the one who gets the greatest success as this classic strategy article on colizers and consolidators. https://www.strategy-business.com/article/03306?gko=d008b