If you want to take control of your future and achieve financial independence, trying your hand at inventing a new product is worth considering. If you aren’t much of an inventor, you can always recreate and resell a product or concept done by other people. You must watch out for copyrights and trademarks if you are going to do this, however.
Once you have a product or concept hashed out, you can begin thinking about launching it. This article will offer you a few useful tips for doing that:
1. Production
Before anything else, you need to plan out how you are going to produce your product. If your product is something you make at home, then you need to set aside an area for production, such as in a shed or a workshop. If your product needs to be made by a professional manufacturer, you must begin branching out and networking with people. In addition to production, you need to think about importation and storage. Both of these things can be very costly. For this reason, try to find a domestic manufacturer.
2. Packaging
As well as production, import, and storage, you need to consider product packaging. Whatever the product is, it will undoubtedly need some form of packaging. Your product’s packaging allows you to showcase your brand and provide useful information about your product, such as how to use or store it. As you begin selling lots of units, you can begin investing in devices like tray packers, as well as packing staff. If your company is particularly lucrative, you can begin producing your products. This allows you to cut out your supplier, saving you a lot of money.
3. Audience
With your product’s supply and packing mapped out, you can begin thinking about your target audience. Target audience is a marketing term that refers to the people to whom a product is marketed. The target audience of running shoes, for example, is fitness enthusiasts and athletes. During your product’s planning stages, you should have given some thought to your product’s target audience. You may already know who they are. It is also worth thinking about your product’s secondary audience. The secondary audience is those who, after your target audience, are most likely to buy your product.
4. Marketing
Once you know exactly who your primary and secondary audiences are, you can begin marketing your product. There are many ways that you can market your product, from social media to local radio. Influencer marketing is also very effective. Influencer marketing refers to the use of influencers, so-called for their ability to persuade their audiences into buying products they sponsor, in marketing. Influencers exist across all social media platforms and on most video streaming platforms. To employ an influencer, you need to reach out to them by email. You should be prepared to receive a large bill for their services, however. Some charge thousands for a single picture promoting a product.
5. Identity
As well as marketing your product, you must build your brand’s identity and online presence. This, like marketing, is also done through social media. You should also create a website for your new business. Social media allows you to target your key audience by tagging photos with hashtags and locations. Make sure to strategically tag your photographs with hashtags and locations that your key audience is likely to search. With a social media page, you can build a reputation and relationships with your customers individually.
6. Journey
The buying process is a journey. Customers aren’t likely to stumble across your product by chance and buy it instantly. This can happen, but it is rare. No, more often than not, customers go on a ‘journey’ when buying a product. This journey starts when they hear about your product and ends when they purchase it. You need to take time to understand this process, and by creating a social media page and a website, make it as smooth as possible for your customers. You can do this by optimizing your website, providing information about your product, and making your company’s vision and mission statement clear.
7. Competition
You also need to know exactly who your competition is and how you will overcome them. It’s a lot easier to determine how to bypass your competition when you are just starting. It becomes much more difficult when you are already established, and new businesses [like yours] are starting. Take time to study your competition. Learn about how they market their products, their audience, and what makes their product different from yours. Try to be as different as possible from them. If you are a carbon copy of your competition, your customers will notice.
8. Unique
Another very important thing to determine is whether or not your product has been done before. While, to some extent, everything has been done before, you still must ensure you do not blatantly take somebody else’s idea. Your product needs to be a product of your imagination. If it isn’t, it won’t take long before somebody notices. If you will adapt an existing idea, try to make it as unique as possible. With that said, some products can’t be made particularly unique, such as bottles of water. If your product is something like this, then try to make your product’s identity unique.
9. Cost
Something that requires a lot of thought is your product’s cost. You need to factor in production, import, shipping, and packing when working this out. As a new retailer, it’s usually best to avoid selling your product for an especially high price. You should try to undercut your competition to a degree to take their customers from them. You can always raise your prices when your product achieves success.
Launching a new product isn’t easy. There are a lot of things that you need to consider, plan, and study. The suggestions found here are the tip of the iceberg. If you’re struggling, you could always hire a marketing specialist to help you.
FAQs
What are the 5 stages of product planning?
Product planning typically involves several key stages, which can vary depending on the specific process or methodology used. Here are the five common stages in product planning:
- Idea Generation: This initial stage involves brainstorming and collecting ideas for potential products. Ideas can come from various sources, such as customer feedback, market research, internal teams, or industry trends. The goal is to generate a pool of potential product concepts.
- Idea Screening: In this stage, the generated ideas are evaluated to determine their viability. Screening involves analyzing each idea against specific criteria to assess whether it aligns with the company’s goals, target market, and resources. Ideas that don’t meet the criteria are eliminated, and only promising concepts move forward.
- Concept Development and Testing: Once a few ideas survive the screening stage, they are developed into detailed product concepts. These concepts are then presented to a select group of potential users or customers for feedback. Testing helps refine the concept and identify potential issues or improvements.
- Business Analysis: In this stage, a more in-depth analysis is conducted to determine the financial viability of the product. This involves estimating costs, potential revenue, market size, and profitability. The goal is to ensure that the product aligns with the company’s financial goals.
- Development and Testing: After gaining approval in the previous stages, the chosen product concept moves into development. This involves designing, building, and testing the product. Iterative testing and refinement are crucial to ensure that the final product meets quality standards and customer expectations.
While these are the typical stages in product planning, it’s important to note that product development processes can vary between organizations and industries. Some models may include additional stages, such as market research, design, or launch planning, depending on the complexity of the product and the specific needs of the business.
