Lets talk location of your product. Where are you going to sell it? Here, in the saturated United States? I would much rather try my hand in another market that has a little smaller barriers to entry and less competition. That's not to say you can't make it work. Many people have great success with this and their products are well deserved on the market. I like all markets and feel that if you can design a product that sells across multiple markets you will be much better off. Look at Red Bull again. That market was wide open when they came along. The first questions you should be thinking about is what market and which location. You need to have a good strategic outlook. Companies have bad habits of conquering local markets and then limping along to expand into others. The idea of expansion can easily blind you. With extra income and revenue from sales you tend to lose sight of the real strategy. How many products failed last year and the companies never thought about expansion distribution, metrics in shipping, pallet math, fuel, hedging, and a simple marketing budget?This is hard to do with great success. In fact, most companies never really concentrate on a good expansion strategy. They will concur a local market and then try to expand into others that do not make good business sense strategically.
Your first priority in the product game should be to locate a market that fits your demographic category as best as you can. There are many tools out there that can help you do this rather than just google earth. There are several marketing demo tools that companies use for this selection. http://zipwho.com is one that can help. At the bottom of their site they list a few other tools such as highest income or top 10% or similar features. Your research will need to be much more scientific and statistical but its a great start and will get you moving in the right direction. Leave a comment if you like.
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