Small Business Marketing Research Turned Upside Down

Suppose you had a potential market of over a billion people? Nice, eh?

Well, suppose that potential market didn't have much money. Not so nice, eh?

Wrrrrrrrrrrrrrong.

Indian inventors have taken that basic information and turned small business marketing research on its head. Consider these products:

• A wood burning stove can make more heat at a cost of $23.
• A refrigerator that runs on batteries sells for $70.
• Heart monitors and baby warmers for clinics have been redesigned to be built for about 10% of their western counterparts.
• A new car goes for $2,200.

And there is a potential market of over a billion people for each of these inventions. It is kind of like inventing the paper clip -- I wish I had thought of that one.

If western products are going to prosper over the next decade, this is the type of thinking we need to do in our marketing research. Reduce the number of parts. Cut manufacturing costs. Create products out of cheaper materials. Get creative.

It is nice when you've got the next biofuel formula waiting for a patent. But if I had my 'druthers, I'd take cell phone service for $2 a month.