Marketing New Products - Hardware / Hardlines

This week I had the opportunity to speak to the Pennsylvania Inventors Association as part of Expo Erie. This is the second inventors group that I have had the chance to speak to and in preparation developed a handout that includes much of my 12 step process for marketing new products. It is a quick and dirty check on the preparedness of any inventor to take their product to market.

All too often, I talk to inventors who think there ideas have value. The truth is, we all have ideas and ideas alone are not worth much. The value in the idea increases as the idea approaches commercial success. This week I also visited a prototype shop where the owner complained that working with inventors is the most difficult part of his business. This is due in part to collecting for work done and in part because the inventors have no idea about how the value in their idea grows as they come closer to commercial success.

If you have an idea and want to turn that idea into economic value, then you need a copy of my handout which I will be happy to email to anyone who will send me an email at bob@marketingnewproduct.com .

It is Official, The Center of the Hardware World Has Moved

Early on in my career, the center of the Hardware World was in New York City. That was the home of the Hardware Show having moved there from Atlantic City much earlier. With the growth of Tru-Value, Ace, Grainger, McMaster-Carr, Distribution America, American Hardware Manufacturers Association and others, the Hardware Show and the center of the U.S. Hardware Market moved to Chicago.

There was an article in Home Channel News this morning announcing that Distribution America is moving to Charlotte, N.C.. This is no surprise and I would expect to see more of this flight from Chicago. The Hardware Show moved several years ago to Las Vegas and without a doubt, two of the biggest players in our business are now located in the Southeast. Another is located in the Southcentral part of the U.S. I suspect we will see other organizations moving in the future to reflect the change that has already taken place in our industry.

Hand Tool Market Keeps On Growing

There was a most interesting article in the February 10th issue of Home Channel News this morning. Specialists in Business Information (a division of MarketResearch.com) has published the results of a study predicting that the hand tool market will grow at a 3.6% compound rate from $6.2 billion in 2005 to $7.4 billion in 2010. This is great news for strong brands and it creates a real opportunity for inventors and creative marketers of hand tools. Growth is expected to come from innovations in ergonomic design, weight reduction and greater value. So, if you have an idea for a new or improved hand tool, you might want to check out my Marketing New Product website.