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In the past 26 years, Kevin Harrington has launched more than 500 products, with cumulative sales of more than $4 billion worldwide. In the January 2011 edition of SUCCESS, Harrington offered advice on how to overcome fear, choose the right partners and mentors, and boost your belief in yourself.
Here, the savvy investor and infomercial guru shares the 10 attributes he looks for in a new product. Does your product measure up?
1. Is it a mass-market problem solver? If the product doesn’t solve a problem, people aren’t going to be willing to buy it.
2. Does it have unique features and benefits? Is it different enough from what is already out there? Is there already a “good enough” solution for this problem?
3. Does it have good stage presence? Harrington looks for products that have the “magical demo.” Immediate, visible results sell.
4. Can you explain it? People don’t buy fluff; there has to be a viable explanation of how and why the product works. Be prepared to back up your claims.
5. How does it compare? You must be able to prove how it works by comparison. Before and after pictures or side-by-side demos remove doubt from the buyer’s mind.
6. Can someone else back up the claims? Establish credibility through documented third-party studies, or recommendations and quotes from associations, doctors, engineers or experts who can testify that the product works.
7. Can you defend it? Raise and answer obvious questions. Ask questions that the consumer is likely to ask about the product, and then answer them.
8. Does it offer big results? Harrington says he likes products that offer a “magical transformation.”
9. Is it multifunctional? Adding extra features to a product can double the perceived value.
10. Does it come with an incredible offer? Think of the “But wait! There’s more!” approach used in infomercials. Can you present a powerful offer at an incredible price?
When you consider an idea for a new product, put it to the test by asking the questions that have made the Ginsu Knife and the Ab Isolator household names. Then you can confidently ask people to “Act now!”