Got an idea that you think will set the world on fire and want to bring it to market? Here are foolproof steps to launching a product that will sell like hotcakes.
Step 1 - Identify
The first criterion is determining what this product is and where it fits into the marketplace. Is it innovative, something that does not exist? Is it a disruptor that will shake up an existing category or create a new one? Or is it a refiner, taking a product and turning it into a whole new concept?
Step 2 - Research
All good ideas need exploration to take shape. Take time to outline what you think this product may be, and then begin the research process. This consists of market research. Is there anything like it today? What type of person uses it, how many places is it available, and how much does it cost? Check out other products for inspiration on how to make your product stand out.
Step two also includes researching operational considerations. Will you require special equipment to produce or utilize a unique ingredient? Are there regulatory considerations that must be addressed before or after developing your product? An example of this is any label claim you may want to have, such as organic or gluten-free, or guidelines if you plan for someone else to produce the product for you.
Step 3 - Prototype
Let the creativity flow. By now you have a clearer picture of what you want to build and probably have several iterations. Once you feel like this is something to share, it is time to make enough to put in front of people to try. Friends and family are a good start but may be less objective because they don’t want to hurt your feelings.
Expand the field by asking co-workers, neighbors, potential customers, and buyers. Using the research you conducted in step two, you should have a description of the type of person who uses your product, their interests that would make them curious to try it, or a location where it might be sold. You will be surprised how receptive people are to assist you in determining if you have a valid product, how much people would pay for it, and what could make it better.
Step 4 - Scale
Now that you are confident in your product, where it fits in the market, and understand who your customers are, it's time to figure out how to build a business around it and get the first sales.
Determining how you will scale production, supply chain, pricing, and go-to-market strategy requires a significant amount of resources and expertise. Most of our clients come to us at this stage to develop a roadmap to move from idea to shelf. Working with an expert in launching new products and companies can set you up for success before you invest too much money, finalize marketing plans, or sign production agreements.
Contact me today to get started on building your roadmap to success.