So, you have an idea for a new product that is going to change the world? Well, congratulations. However, there is a big difference between a good idea and something that sells. And, there is a lot of work to do before you get the ball rolling. In this short guide, we’re going to take you through some of the major points you need to think about. Let’s take a closer look.
Who is the competition?
First of all, who are the major players in your space? It’s vital to know what you are up against for a variety of reasons. You’ll need to know how to differentiate your product from theirs. Is it better? Is it more affordable without scrimping on quality? Look at how they market their products with multivariate analysis software tool and make sure you do everything better. Take on board what they do well, and improve on it – and don’t’ forget to make yourself stand out from the rest.
Who is the market?
You also have to make sure there is a market for your product. What seems perfect for you might not be for anyone else at all, least of all the rest of the world. Never forget that the consumer is the boss, here. If no one’s buying, there is no product, it’s as simple as that. You have to understand your customer and build up a profile of who they are. Once you have done that, you can start to come up with a marketing plan to appeal to them.
Do you have protection?
If you don’t have legal protection for your product – or your idea – there’s nothing to stop someone from stealing it. Don’t underestimate this – intellectual property theft is a grave threat to your idea becoming a success. According to Trademark Consultants, there are many things that can occur when it comes to protecting your rights. From conception through to disputes, there’s every chance you will need legal assistance. Start off on the right foot by looking at trademarks, patents, and copyrights.
Have you tested it?
Of course, before you go into large scale production, it’s vital to test out your product. You’ll need to go through a few prototype stages to ensure everything works as it should. Set up test groups – friends and family are a good starting point. After every prototype, make sure that you work on the little tweaks that could make the difference between success and failure. Once your product is in a good state, only then can you go into production.
Do you have the tools?
The final step is just as important as all the rest. Without the right tools, how are you going to create your products? You’ll need to find a manufacturer to turn your idea into reality. There are specialist machines to think about and distribution issues to consider. What tools are you going to use to get your product from inside your head to the shelves of your target shops?
Follow these five core principles, and you should be in a perfect place for launching a new product. Good luck – we hope it catches on!