Entrepreneur Mindset & Strategies Frank Ross on 03 Nov 2006 08:38 am
Schwarzenegger Dolls Example of Why Do Product Research
A California man has learned the hard way that failing to do solid product market research has negative consequences.
Derrell Brown said he paid a toy maker in Taiwan about $6,000 to create 1,400 talking Schwarzenegger action-figure dolls that mock the actor-turned-governor’s trademark line from the Terminator movies. When you touch the Schwarzenegger doll’s arm, it says “I won’t be back.” But with polls showing the Republican governor going into next week’s election with a double-digit lead over his Democratic rival, Phil Angelides, Brown’s not finding much of a market for his wares. He said even charity groups won’t take the dolls off his hands to give to needy children on Christmas.
First of all, I think this exposes the risk of developing a product based on a political figure or political event, especially that far in advance. Politics being what they are, anything can happen within one year.
His market would have been limited at best even if Schwarzenegger’s popularity had not changed. Only a percentage of those who would have voted against Schwarzenegger would likely have bought such a doll.
Furthermore, his product cycle would have been limited by time. Even if everything would have worked out to his favor, who would buy such a product 1 or 2 months after the election?
Product research and development is a big subject, but this illustrates that a lot of factors have to be considered and balanced with the risk involved. Sometimes, they just involve common sense and avoiding the whimsical.
