Do you have an idea for a fantastic new product? If you’ve identified a gap in the market and believe you can fill it, you could be laughing all the way to the bank- but it’s not as easy as it sounds. Here’s how you can get it right.
Do your market research
Before doing anything else, especially putting funding into the creation of a new product you need to do your first round of market research. It’s vital to find out if people actually want what you’re planning on creating, especially if it’s something new or niche. If there’s a market for it, you need to know what kind of price point people would be willing to pay, as of course that makes a difference to what you can spend on materials and production. As the business owner, you’re always going to be biased- chances are you like the idea of what you want to create or you wouldn’t be doing it. But you need to know if others feel the same way, you are not your market. Others need to like what you’re selling as well. Look at your competitors too, find out what’s similar out there and what kind of issues other companies are having. There could be a way for you to avoid these yourself, or perhaps offer the customer something that they’re missing. The competition for customers is fierce, so keeping an eye on what similar companies are doing can be helpful.
Thoroughly test your product
Once you’ve gone through your market research and you know there are people out there that want the product you plan on creating, the next step is to make sure you get it right. You don’t want to rush here and get it right in mass production as if anything is wrong it can end up being an incredibly costly mistake. Make a prototype and first make sure that everything works and it functions as it should. If you’re using electronics, companies offering PCB assembly can be useful but it all depends on what you’re making. Once you’ve made all the relevant adjustments, before producing your final product, create a few units and send them off to be independently reviewed. Use experts in your field to give the product a proper test drive and ensure that all of the feedback received is taken on board. Whatever it is you’re selling, getting it right should be the focus, nothing else about your business will work if the product you’re trying to sell is rubbish.
See what people are saying about it
Once you’ve created your product and it’s been shipped to your customers, your next step is to read your feedback and reviews. These might highlight some minor issues that slipped through the cracks in the various testing phases, or just bring to attention recurrent opinions that you hadn’t considered. This could lead to a change or an update in the software of your product, or give you direction on where to go next with it. For example, if it’s a fashion accessory like a bag, people might suggest different colors, patterns or closures they’d like to see in the future.