Many of my readers know they can “Ask Jack and I’ll answer.” Just visit the Small Business page at MiamiHerald.com/Business, click on Q&A Bootstrap Marketing to ask your question. Or, use the more than a hundred questions already answered as a valuable marketing resource.

   This question’s challenge focuses upon one decision: Go or no go? Activate a compelling formula for marketing success versus the threat of a possible economic downturn.

   Q: “Jack, after years of development I am now ready to market a patented dietary supplement to help women who are beginning an exercise program. But now the clouds of recession are upon us. Some say I should wait until the economy is on the mend and consumer spending is increasing. Others say it is always a good time to introduce a product. Any thoughts would be greatly appreciated.”

   A: There’s never a bad time to launch a new product. But take care. It’s not so much a question of timing as it is preparation. Make sure you’ve done all your homework.

   Start with your product’s foundation, the problem you’ve discovered as women begin an exercise program. Your resolution, is it fixed securely to what it does for the consumer? The problem or aspiration it resolves?

There are two ways of looking at what a product does. One is analytical. An analgesic relieves pain. From its technical composition you might be tempted to draw conclusions as to solving a consumer problem: headaches. Please, don’t be tempted.

   Your challenge is to clearly identify the consumer’s problem in her terms! The problem or aspiration your product really resolves. Can you prove this core value beyond a reasonable doubt? Does it fit a specific profile and lifestyle? Does it show an understanding of her changing needs?

   If the problem is one she will easily recognize and accept, you have a compelling formula for success. But if you have doubts, stop here! It’s not the economy in question.

   Your target market is defined as “women who are beginning an exercise program.” Tacitly “beginning” implies an immediate point where your product may no longer be needed. Check your positioning and potential market.

Double check your cash flow estimates, month by month – revenue, costs and expense. Is cash flow really based upon reality? If your cash flow is, for all intents and purposes, a guesstimate, stop here! It’s not the economy in question.

   Now think distribution and pricing. Examine your distribution channels. Can you gain effective and affordable sales coverage? How fast and at what cost? Does your pricing structure fit the scheme?

   Are your communications tools sharpened to do an effective selling job? Are product benefits easy to understand? How about promotion? It makes that first purchase more attractive.

   Are you ready to collect information from each step of the marketing process? Data collection helps you track and evaluate each step of the marketing process.

   Is your launch plan focused upon an easy to manage geographic area and demographic groups? Are you prepared to identify and correct mistakes before moving to a larger marketing area?

   Make sure your marketing program is well thought out, affordable and funded in advance! Some say, “Sales will generate the funds I need for marketing.” Don’t fall for that classic mistake! It never works that way.

   So it’s not the economy in question; it’s your marketing preparedness!

Jack G. Hardy - Specal for Miami-Herald