Entrepreneurs who want to design original products and release them onto the market will need to follow the right processes if they’re going to succeed. That is the case, regardless of the nature of your creations and the niche on which you plan to focus. There is a step-by-step guide on this page that should help to guarantee you don’t make any mistakes and get everything right first time around. When you’re just starting out in the business world, money is often tight. So, you can’t afford to follow the wrong strategies because that would leave you without enough capital to achieve your goals. Considering that, use this guide to ensure you leave no stone unturned.
Step 1: Identify a gap in the market
Firstly, you need to come up with a product idea that is going to have mass appeal. The best way of doing that is to identify a gap in the market that your new item can fill. Just take a look around at people in the real world and see if you can find an issue that takes a lot of time to resolve. Either that or you could try to come up with a design that is going to make your customer’s lives easier in some way. You get the idea, right? Perhaps you discover that thousands of people spend five minutes every day looking for their car keys? In that instance, you could develop a product that ensures nobody every loses their keys again. Just don’t copy that idea.
Step 2: Conduct some consumer research
Next up; you need to conduct a lot of market research so you can determine how many people out there might have a use for your product. You need to work out their ages, locations, sexes, and interests for the best results. That information will assist you when it comes to refining your design and marketing the product to the right people further down the line. You can hold some focus groups and ask as many questions as you like. You can also repeat that process when you have a prototype, so you see consumer reactions. There are specialist companies out there that can perform that research on your behalf. So, the right path forward depends on how much you can afford to spend.
Step 3: Come up with your design
Your design needs to plug the gap in the market or solve an issue for your customers. So, you need to think long and hard when it comes to drawing and developing your product. Do yourself a favor and create at least three different prototypes. That way, you can test them all out on consumers and work out which offers the best results. Maybe you discover that elements from all three designs have a place in the final item? If that happens; you just need to go back to the drawing board and then incorporate all those parts into your final super product. Again, some people choose to employ the services of professional product designers during that process.
Step 4: Test and assess your product
The last thing you need is a product that could cause injury or make people ill. For that reason, it’s vital that you spend a long time testing and assessing your design before you pay for mass production. Remove any small parts that children could swallow, and ensure you don’t use any toxic elements in the final item. Depending on your industry, there is a chance that you might have to pay for professional testing too. For instance, those who plan to release a new food or drink product would need to gain approval from the authorities before they can sell it in supermarkets. Just conduct some research and work out if things like that apply in your situation.
Step 5: Consider your packaging
There are lots of things to think about when it comes to your product packaging during the manufacturing process. Depending on the nature of the item; you might want to use PET plastic, cardboard, netting, or a range of other materials. You can often purchase those items premade from specialist companies online. In most instances, you just need to come up with packaging design, and then get in touch with the right firms. Those experts will then print your graphics and branding on the boxes or bottles before shipping them out to your manufacturing plant. Just make sure you pay graphic designers to come up with all the packaging imagery because you need it to look fantastic. Also, you’ll want to stick with the same designs for many years because that helps with brand familiarity.
Step 6: Showcase the product to buyers
Lastly, you need to take your product to meetings with buyers from some of the most significant retail chains in the country. Stores like Walmart and others have teams of experts who meet with people like you and discuss the idea of selling their products. It’s often a Dragon’s Den-type of situation where you have to make a pitch and hope for the best. Don’t stress too much if you’re not the most confident person in the world because those buyers are more interested in your product than anything else. However, it might make sense to take someone into the meeting who can talk without getting a shaky voice. Still, the value is in your design, and the buyers will know that. So, it doesn’t matter too much if you stumble through the meeting.
You now have a step-by-step process that you can use to ensure you cover all the bases when it comes to the product development process. Be sure to take a look around before you leave this blog today as there are plenty of other business articles that could come in handy and point you in the right direction. People just starting out in the corporate world will need all the help they can get to ensure their operations don’t crumble in the first six months. Just follow this guide, use some common sense, and you can’t go wrong!
Featured image from Shutterstock - By Rawpixel.com