6 key factors necessary to bring a product to market
It's often not an easy task to get your product on the market. The main mistakes are that people miss important factors in their business plan. Before you decide to invest money and your own time into a product, think about how much people need that product and how viable your idea is.
Let's look at 6 key factors you need to think about before you start selling your product:
1. Research the market
Before you start your own business, you should always carefully analyze the market. Find out exactly what your potential customers need. Determine the size of the market, find out who you have to compete with. You can do your own research through social media surveys with potential customers or find ready-made information on specialized market research resources.
Find out how much money your customers are willing to pay, what the key feature of the product will be for them, and why they will prefer one product over another. The more customers you survey, the more complete the picture you'll be able to build. If you're having some trouble finding potential customers, try attracting people with some sort of raffle.
2. Test your concept
Compile all the information you get from your potential customers and examine how realistic your idea is to implement. Analyze the potential return on your investment and possible competition.
You should spend a great deal of your energy and time studying, because this stage will be decisive. Whether you should continue to invest your time and money in this business, or maybe switch to something else. Gathering information will also help you adjust your initial idea, and perhaps add new aspects to your product.
What quality the product turns out to be depends on which factory you choose to produce it. Of course, you will most likely be looking at the cost of production, but don't forget about other factors. Perhaps the production of your product will be cheaper in another country and the quality will only improve.
For example, there are not many good shoe factories in the United States. Look for a base for your production in another country. Compare what your customers need. Fast product delivery? Quality? Cheapness? Once you understand your main objective, choose a factory.
After that, figure out your choice of material suppliers for the factory. Analyze the work of the supplier, contact those who already work with this supplier and get their opinion. The supplier should already have experience with your type of product, and an established operating structure. He should also be able to deliver the material smoothly.
Think about the fact that even factory production methods are an important factor. If a factory has a bad reputation for having a bad impact on the environment, you may not want to work with it. Most customers don't separate the company and the factory, so you must share the same principles for creating a product and a successful business.
4. Your brand identity
Remember that your customer encounters hundreds of different brands every day. Some of them are known for their eco-friendly production, some for their excellent and attractive advertising. Your own identity allows you to speak directly to your customer, almost like talking to them, and offer them support for your ideas. You have to differentiate yourself from other brands and bring new meaning to your product.
At this point, according to many studies, people are willing to buy a product not just because of the need for the product, but because of the value of the brand. Many people like to associate themselves with a company that is doing a good thing for society. Don't forget that your identification should not be false, the consumer will quickly sense your lies. Also, always remember that one mistake can ruin years of successful brand image building.
The mistake many businessmen make is that they often focus only on the product, spending money only on production, but don't forget that sometimes just a change of logo or slogan can bring your company crazy success. If we talk about adidas, we think of the legendary three stripes, if we talk about apple, we think of a bitten apple. Feel free to spend money on the brand.
5. Iterative marketing
Consumers look not only at how you develop your brand in the traditional style, but also at your efforts in other types of advertising.
A manufacturer's success lies in not getting hung up on the usual methods of promoting their brand. Instead of working for everyone, try narrowing down the scope by looking for all the available channels on which you can promote your product. Try to continually refine your approach and prioritize. Find out where your customers are most likely to be, find out where you are least likely to meet your competitors, and don't be afraid to test your strengths. After all, this type of marketing is much cheaper than a huge, abmissive campaign aimed at thousands of people. You can always change your strategy and find other advertising opportunities if you don't get a response the first time.
An advertising model that targets a specific narrow group of customers gives you the ability to quickly change your marketing direction and strategy if you are unsuccessful.
6. Sales channels
When choosing where you will sell your product, you have to choose among a large number of options. Retail trade or directed marketing, commerce through the Internet. Maybe you have the ability to go wholesale? Recent events in the world have taught entrepreneurs that you have to have several channels to market your products. Try to establish online delivery, because this is our present and our future for years to come.
Entrepreneurs need to be mindful of new technology. Science and business have always gone hand in hand. Try to bring new ideas to life and successfully introduce them to your business. Launching a product is exciting and hard, but it can also be an interesting and profitable endeavor.
Was this article helpful?3 Posted by: 👨 Delmar H. Powers