It’s always a good idea to have a potential new product waiting up your sleeve. Even if you currently have a great range of items available in your shop or listed on your ecommerce platform, it’s still really important that you have something you can bring out onto the market. You’ll find that a new product is really useful when you need to give your revenues a bit of a boost. That’s because you can get all your customers excited about the new item, and they’ll flock to your store or online shop to get their hands on it.
But are you really all that clued up on the journey that your product needs to make to get it from an initial idea to finally sitting on the shelf in a shop? It’s important that you know this whole process as it can help you with planning the launch of your new items and can keep you on track. Here are all the steps that you need to take.
First of all, you need to think of a product to get started. Don’t have any ideas but need to bring out a new product? If so, then you should spend some time brainstorming. You can do this on your own or with a team of creatives and product designers. Ideally, you should come up with a few different product ideas or different variations of the same product. That way, you have a couple of product ideas that you can play around with to see which one has the potential to be the biggest success. Don’t be worried about coming up with some ideas that seem fairly out-there or over the top. The whole idea of brainstorming is that you have the chance to go big with your ideas and creativity and then hone it so that you are eventually left with a unique product idea!
Once you have come up with a great idea for a new product, you should then plan your budget. Remember that the budget needs to cover everything to do with the product, including the production, marketing, and designing. The best way to budget for a new product is to speak with your finance team or accountant and ask them how much you can afford to spend on this whole scheme. Ideally, try not to budget the whole amount that they come back to you with – after all, it’s a good idea to leave some savings in your business bank account!
Carry Out Market Research
Next, it’s crucial that you carry out plenty of market research. This will help you find out what your target customers think about your product and whether they would be willing to buy it if they saw it in a shop. Not only will market research help you figure out whether there is a big enough demand for such a product, but it can also inform you about how much people are willing to pay for it. Plus, all of your findings can then go onto influence your marketing later on. After all, it gives you the chance to find out about your future target audience and what makes them tick – this gives you plenty of info to improve your marketing efforts.
Work With A Designer
Once you have a good idea of what your product is going to be, you should work closely with a product designer who can help bring your initial idea to life. The designer should come up with a few different designs of how the product should look and how it can be used. Once you have a design that you like the look of and is completely practical, you can then use it to create a prototype of your product, as in the next step!
Before you make your product for real, you will need to create a prototype. This is basically just a test product. It won’t be built exactly like your final product will be, but it will still be possible to use so that you can test it out as if it were the real thing. When you do create a prototype, it also gives you the chance to test out the various technology and processes that you could use to create your final product. You might find that using laser light technologies can really improve the finished quality of your product at no extra cost. Making a prototype gives you the chance to play around with these different methods and processes so that you can figure out which is the best one for your product. It also gives you the chance to give your prototype to your target audience to see if they can use it without too many issues. If they find it difficult to use, or they have some further suggestions, you can make another prototype that incorporates them all.
Once you have finished building your prototype, it’s time to find out whether you need to get a patent for your product. Also, this is when you need to make sure that your idea or design isn’t already protected by a patent! If any part of your product design or idea infringes on someone else’s product that is already patented, you will need to change it. If it is just a very small part that is patented, this shouldn’t affect your final product too much and the changes should be minor. It’s easy to search for current patents and trademarks, you just need to search on the government’s website that covers these things. If you are good to go and there are no similar products to the one you want to create, then you should apply for your own patent. That way, no one in the future can copy your ideas or design.
Send To Production
So, you are all set with your patents and trademarks, and you are happy with how your prototype went? Ok, so onto the next step – sending it to production! You will need to find a factory that has all the tools and equipment needed to create your product. There are lots of manufacturers out there, and you won’t have too much trouble finding one that can produce your new item. You just need to send them all of your designs and let them know what materials you expect them to use. Sometimes, a manufacturer will produce a prototype for you, which can save you needing to produce a prototype separately and then having to look for a manufacturer.
Consult Your Marketing Team
While you are waiting for your finished product to be sent back to you, it’s a good idea to get to work with your marketing team. They need to know everything about your new product so that they can come up with a creative and unique marketing campaign that reflects everything the product is. It should also appeal to your target market. Make sure that your team come up with strategies that cover various types of platform, including social media, so that your new product gets as much coverage as possible.
Your product will probably need packaging so that it can be safely displayed on shop shelves. This packaging will also protect it when it is being shipped. Again, this is something that you should create with a designer. Rather than getting a product designer, though, you should look for a graphic designer who has plenty of experience working with packaging for products. The packaging should be attractive and eye-catching so that people who haven’t heard of your new product will want to check it out when they see it in a store.
Do you have an idea of how much you are going to sell your new item for? Ideally, you should have figured this out while you were originally budgeting, but there is a good chance that certain costs might have changed as you went along. So, it’s a good idea to review your pricing plan just before you launch your product to make sure that you will still be able to cover all your costs and still be able to make a nice little profit.
It’s always a good idea to create a big buzz about a new product launch so that your customers are interested in it before it hits the shelves. You’ll then find that the product sells like hotcakes! As well as creating some excitement on social media, you might want to host a product launch event. You should have plenty of items available for guests to try out and buy. It’s a good idea to put on some music, food and drink as well so that it feels like a fun party!
So, there you have it – that’s the whole journey that your product goes on from being an idea to finally sitting on your shelves. Follow it to the letter and your new product will be a big hit once it’s launched!