Six Key Components to Consider When Bringing a Product to Market
Entrepreneurs and small business owners understand the challenges new businesses face. The initial excitement of starting a company is often followed by the realization that it isn’t as easy as it looks. There are many obstacles and challenges that must be overcome before a product can be brought to market.
As we all know, the market is saturated with products and services that are all trying to offer something unique. If you’re looking to bring a product or service to market, before investing your time and money, you need to confirm that your product is something people want and implement a strategy that’s going to stand out.
Here are six key things entrepreneurs consider when bringing a product to the market.
1- Market Research
One of the first tasks in a product launch is to conduct extensive market research for your product. This entails conducting research on your target market and possible clients. It includes recognizing and assessing the market's needs, market size, and competitors. You can obtain this information by using market research resources or conducting your own research on your product concept through surveys, focus groups, and in-depth interviews with potential buyers. This can help you determine if the product is something they would buy, what price they are willing to pay, what design characteristics are most important to them, and much more. If you're having difficulties obtaining responses, consider offering an incentive such as a gift card, an early bird subscription, discounts, or other incentives.
2- Establishing a proof of concept
It is essential to put your concept or idea to the test to see whether it can become a reality. At this point in the process, you need to establish that there is a market demand and that you can generate a return on investment. This entails gathering a wide variety of data and information, such as consumer feedback, competitor analysis, business analysis, and forecasted financials. Significant time and attention must be put into this part of the process if you want to ensure that all of your investments are worthwhile. In addition to developing a proof of concept, obtaining feedback will help you tweak your initial offering and inspire you to pivot to an entirely new and innovative product idea.
3- Finding the right manufacturer
Selecting the ideal manufacturer to produce your product is crucial to your success. While cost will most certainly be an important consideration, it is not the only factor. It is also important to establish if your product will be manufactured locally or overseas. If you are in a price-sensitive category or if the majority of the factories that produce your branded products are situated outside your country, overseas production may be the best alternative. To identify supplier partners, look for a reliable sourcing database. When selecting a potential factory, pay attention to the following:
• a reasonable minimum order quantity, • expertise in your product industry or market, and • the ability to visit the facility. In order to select the right manufacturer for your business, you must also assess whether ethical considerations are paramount Don’t forget: the factory where your products are manufactured is an extension of your business, and you need to make sure it reflects your core values and brand culture.
4- Developing a unique brand identity
Building an engaging brand experience is just as important as creating a unique product. In this digital era, consumers are not only savvy but also exposed to a wide variety of brands and products on a daily basis. Setting oneself apart will require a distinct and engaging brand identity. According to a 2020 survey, over 84 percent of customers are more loyal to brands that share their values. Consumers can see through fake brand identities and those trying to "greenwash". Building a brand around what's trendy is no longer enough. Consumers want to be able to relate to a distinct, authentic brand. A common pitfall is spending the majority of your resources manufacturing your product and buying supplies, leaving minimal margin for things like unique branding or compelling copywriting. Depending on your needs and the partners you collaborate with, it's recommended to invest €4,500 to €13,500 in services such as branding, messaging, content generation, SEO, and web design. You can probably spend a great deal of money on these services, however this pricing range will get you in the door with some great experts.
5- Try iterative marketing
Just as consumers are embracing companies with distinct brand identities and values, they are also intrigued by marketing initiatives that go beyond conventional campaigns. Iterative marketing is about creating a conversation. Most successful marketers recognize the value of iterative marketing. Rather than attempting too many things at once or investing all of their resources in a big, ambitious marketing campaign, they begin carefully in one channel and focus on modifying and refining their strategy before moving on to the next. To begin, prioritize your marketing options according to what you are good at, where your consumers spend the most time, and where your competitors are the least active. Then, one by one, put your efforts to the test. It's possible that a marketing approach may fail to gain momentum, and that is absolutely okay. Rather than getting frustrated, move on and adjust your strategy to your data. The beauty of today's digital world is that there are numerous ways and channels to find your ideal customers. This strategy is data-driven and persona-centric, and it allows businesses like yours to immediately redirect their efforts if they're not working.
6- Determine the right sales channel
Personal selling, sales outsourcing, retail, direct marketing, online, and wholesale are some alternatives when it comes to choosing sales channels for your product. If the pandemic taught us "entrepreneurs" anything, it's the importance of having several sales channels.
As entrepreneurs and inventors, we aspire to be innovative and resilient. It's exciting to envision the opportunities and bring our ideas to life. The process of launching a product can be very time-consuming, but with appropriate organization and foresight, it can also be a gratifying and rewarding journey.