We’re all prone to good ideas from time to time. It’s just that most of the time, those good ideas involve where to go on vacation or how to get a good deal on a new television. But occasionally, we strike upon an idea that might make us bank. Sometimes it’s starting a business that offers a service, or one that re-sells other people’s products. And then there are the people who seem able to think up new products and have the energy to bring it to market. But what does this process involve, exactly? We take a look at some things you’ll need to know before you launch.
A Good Idea To You Doesn’t Mean Much
Everyone is the protagonist of their own life. They’re all pretty dead set in their own thinking, firm in their beliefs. As such, when a “bright idea” pops into their head, they just think it’s a good idea. How could it not be? Well, actually, it might not be the genius line of thinking that they believe. When you’re bringing a product to the market, it’s not so important what you think but what the general public thinks. You’re not the one buying the product, after all. It’s imperative that you conduct market research to ensure that there’s actually a need for the product.
Research is Key
Wouldn’t it be terrible to put in a lot of time to developing a product, only to eventually find out that it has been done before? Of course, it would so don’t let it happen! Before you get too far down the planning stage – actually before you do anything – make sure you’re conducting research to determine whether the product you’re developing already exists. This is especially important with products that build on something that already exists. If you’ve had the idea, then someone might have had the idea too!
Who You’re Aiming It At
Items that everyone needs are rarely developed. It’s much more likely than a product will be tailored to one particular demographic or addresses one need that helps people with one specific problem. Identifying who you’re trying to sell your product too early on will help influence the bigger decisions that you’ll need to decide later on, such as where you’re going to sell the item and for how much. Market research will be key in this regard!
How Perception Works
Your product is important. It is not, however, the most important factor in whether you’ve got a viable business or not. That’ll depend on other factors, such as your branding and how the product looks. Have you noticed how there can be two products on the shelf that both say they’ll do the same thing, but people tend to pick one over the other? That’s because of the packaging, pricing, and branding of the company. Learn more about how you can package your product to catch the attention of your target demographic, and you’ll be on your way to making sales. When it comes to products, perception is key, don’t forget that!
Get it Perfect
Your product is not going to be perfect the moment you get the first prototype made. In fact, it might not be perfect by the second, third, or fourth prototypes. But this is an important process. While you have some room for putting out a product that can be improved upon, there should not be a quality issue. It should do whatever it is you’ve said it would do, and it should do it every time. Show a little bit of patience when it comes to getting it right. You can postpone the launch until you’ve got it right, but you’ll find it difficult to claw back a reputation if it’s damaged due to a poor product.
Getting the Word Out
Sometimes you’ll come across fantastic products online, and wonder, “why haven’t I heard of this before?” The problem isn’t yours: it’s a problem of the company who made it. Making the product is one half of the job. The other half is making sure people know about it! As such, you’ll want to set aside large amounts of your budget for your marketing and advertising campaigns. There are many ways to go about advertising a new product. You’ll be well advised working with an agency to come up with a campaign that’s right for your product and target audience.
Patience is Essential
Success doesn’t come overnight in any industry, and especially not in the products game. Things will start slowly. For starters, they might have to, as you’ll only have limited production capabilities and storage space. It is always a good idea to start small. In so doing, you’ll be able to smooth your shipping processes and all the other logistical issues attached to manufacturing. Unless you’re in a rush with another company to get a product out (and that’s unlikely), it’s best to do things right rather than fast.
There’ll come a time when you’re ready to launch. And this doesn’t just mean finally activating that ‘buy’ button on your website. Well, you could do that, but it’s not very exciting! To get some buzz around your product, you need to launch with a bang. If you’ve been looking for an excuse to throw a party, this might be it! You can set up a stall on the street, rent out a venue, or anything else. So long as you have a presence and you are enthusiastically promoting your product, then you’ll have done your job.
Finally, make sure that your online presence is watertight. This means having a well-designed website, complete with all the information an interested party would need to know about your item, and a blog and other content to boost your SEO. You’ll also want to set up social media channels, which will be the perfect place to share videos, photos, and ideas relating to your product.
The process isn’t easy, but take the tips above, and it’ll be much smoother!
*This is a contributed post.