SAS 70

Jul 15 2019   12:24AM GMT

Steps to Bringing a New Product to Market

Keith Harrell Profile: SAS70ExPERT

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Turning an idea into a product on the shelf can be an extremely difficult process. If it is your first time attempting to do something like this, you should expect to face a number of challenges along the way. To ensure you successfully bring a new product to market, you’ll need to come up with a detailed plan on how you’re going to do this.

Deciding Whether the Idea Is Worth Pursuing

Your first step should always be deciding whether your idea is worth pursuing. Don’t rush into developing your product just because you are excited. Do your research on how well it will work, who your target demographic would be and whether they would be interested in your product, as well as how it can be made and what materials you’ll need to produce it. Make sure you take all of this into consideration before deciding if your idea is worth pursuing.

Securing a Patent

In order to protect your invention, it’s important you file a non-provisional patent as soon as possible. After all, you don’t want someone else copying your design and stealing your customers. Since non-provisional patents aren’t so cheap, some entrepreneurs may decide not to get it before launching their product. In case this is too expensive for you, make sure you get a provisional patent application. This will cost you only $100, and while you won’t actually be able to file a formal patent claim it will give you a “patent pending” status for 12 months. You should use this time to develop a good product and see whether customers would find it appealing and useful. This will help you determine if it’s actually worth applying for a non-provisional patent.

Developing the Product

In order to maximize your success, it’s important you carefully work on the product before you start selling it. Consider re-evaluating its name, pricing, and packaging to ensure it looks appealing to your target audience. If you don’t have a lot of experience in developing products or would like some assistance, you should get in contact with a company that offers custom development services. Doing this will help you improve the quality of your product immensely.

Pick a Brand Name

Your brand name will be the first thing people hear about the product.  It will create a lasting impression on consumers along with helping them understand what the product is about. The best brand names are generally short, simple and easy to say. Once you have brainstormed some ideas, make sure to check if the domain is available and the name isn’t trademarked.

Identifying Your Target Market

How well your product will sell depends on the market you’re targeting. Big companies are usually able to develop products appealing the broad segment of the population. However, your best bet would be to start with a small and narrow segment. But in order to generate a lot of sales, you must first identify your target audience and figure out exactly who would be interested in buying your products. After all, the marketing plan you come up with will be completely based on what you identify as your target audience.

Researching Your Competition

When you decide to create a new product, you should aim to solve a specific problem. It’s crucial you know exactly who will want to use it and why. In order to avoid spending months working on something that has already been done, make sure you research your competition. Keep in mind that your products will sell only if they’re different from what your competitors are offering.

Creating a Marketing Plan

If you want to attract and retain consumers, you will need to create a good marketing plan. Doing this will help you build better relationships with potential customers. It will help you understand what they like about your product, thus helping you determine what you should focus on in the future. On top of that, a marketing plan shows consumers what makes your product different than anything else on the market. Note that just because a certain strategy is currently working doesn’t mean you shouldn’t update your plan and set new goals.

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