Over half of all businesses are product-based, meaning that they have to produce unique and innovative products to survive. It all starts off with one simple idea, an idea for a new product, something that is needed but is yet to exist. Many business owners believe that coming up with an idea for a product is the hard part, and in many ways it is, but it’s not the only complex part of building and selling products.
The fact is that the concept behind a product could be incredible, but if the other parts of building your product aren’t done well, then it can break the product’s chance for success. They say that you could design the most unique and needed product in the world, but if it’s not well marketed, for example, then it could be a flop, regardless of how well thought out it is. That’s why it’s important to understand that the hard part of designing a new product isn’t just coming up with the initial concept, there’s a lot more to it than that.
If you want to ensure that your next product is as profitable and prosperous as you hoped it would be, you need to be clear about what it takes to build the ultimate, must-have product, the iPhone of 2017 – aka the thing that everyone wants. To gain a deeper insight into what it takes to create a highly successful product, have a read and keep the below information in mind.
Having purpose is crucial
You may have come up with a product that you think is ingenious, but the question is, does it have a valuable purpose? If a product is going to be successful, it has to be something that people either want or need. The idea is that to be a profitable product; it has to bring a level of satisfaction to users, making it something that is worthwhile investing in. No one is going to buy a product that has no purpose or isn’t appealing in some way, so it’s important to ensure that your product has a purpose and, if possible, is also highly appealing. Take inspiration from products like the Tangle Teezer, it’s a hairbrush that is appealing because it gently removes tangles from the hair and can be used wet or dry, plus it comes in a range of cute, quirky designs.
It has to be able to compete
Whatever your product does, it has to be able to compete with any competitors that you have. The product needs to offer something that competing products do not offer; this could be better value for money, a new feature perhaps, or a difference in the design. What you want to ensure is that consumers choose your product, over your competitor’s product because it offers something unique. You need to know what the reason is that your product will be more successful than your competitor’s product. An example of this is paint. You see, until recently, most paints were toxic, made of a range of chemicals. A gap in the market was seen, and natural paints were created. These paints were successful because they were chemical-free, which is something that a lot of consumers believe is important. The key to product success is coming up with a design that has something different about it, something that no other product offers. Another example of this is Bluetooth earphones, a product that has become highly successful since being launched.
Efficiency is vital
Another vital thing is the efficiency of a product. Your product must improve your customers’ lives somehow. The product should make a difference to your customers’ lives, improving them in some way. Take the example of Bluetooth, wireless earphones mentioned above; these improve the life of customers by making exercising with earphones in easier, as they remove the wire which can be restricting. If your product is going to sell, it needs to do something for your customers and be useful. If it is an efficient product and one that is needed, your chances of success are much higher. Not sure if your product idea has the potential for success? Then get some objective opinions about it, just make sure to patent the idea first.
Product testing is a must
Obviously, before a product is developed, creating a stereotype is a must. This allows you to see how the product would work, as well as how successful it could potentially be. A lot of businesses think that by skipping this step they will save themselves money, but if you want to ensure that there is room for your product on the market, you need to test it out and see what the results say. Otherwise, you could be setting yourself up for a fail and a lot of wasted money. Doing market research about the need for your idea is crucial, as that way you can gauge how much interest you would have in your product. There is help available when it comes to market research, so if you are unsure of what steps you need to take, don’t be afraid to get some professional help. Sometimes, it’s better to outsource tasks as it means that you know they’ve been done to the highest quality possible, giving you the peace of mind that you need.
A mistake that you don’t want to make when it comes to your product is taking too long to get it onto the market. Of course, perfecting your product is important, but there’s no need to obsess over tiny and insignificant details. Remember that times change, people change, market needs change, so the sooner you can get your product out there, the better. The best way to learn as a business owner is to engage with your target market as soon as possible by selling your product. Even if it’s not perfect, that doesn’t matter because you can always make edits to future designs. Take the Apple iPhone, for instance, since first launching it has had many edits and changes made to it – it is constantly being improved, and it’s a better product for it. Obviously, a big part of being able to release your product quickly is getting manufacturing services that offer a fast turnaround, for this reason, a lot of business owners choose to outsource the task to specialists. So that they know that their product will be ready for release as soon as possible.
High-quality design and materials
Just because a quick turnaround on your product being launched is required, that doesn’t mean that the quality has to suffer because of it. Oh no, you can still ensure that your product, whatever it may be, is created with the highest quality materials possible and has a well thought out design. The last thing you want is to get a reputation as a company that sells low-quality products, which is why it’s crucial to ensure that your new product is designed to the highest quality. The highest quality fitting your budget, of course. It’s important to source good quality materials for your product’s design and manufacture; it’s also crucial to know where the materials used come from. Today, sustainability is of the utmost importance, as is creating products that are environmentally friendly. So using recycled or sustainably sourced materials is something to consider, as a lot of people won’t use products that aren’t sustainable.
Unique and innovative branding
Every product needs effective branding. As mentioned above, you could design the most incredible and unique product in the world, but if it isn’t well branded and no one knows about it, it could be a massive flop. When it comes to launching a successful product, unique and innovative branding is crucial, which is why if you don’t have any knowledge of how to effectively market a new product, it’s best to outsource the task to the professionals. Branding is crucial to a product’s success, so it’s important to get your branding spot on from the get-go so that you make as much of a success of your venture as possible. One area of branding that you don’t want to overlook is social media branding, as this is one of the most effective and cheapest marketing methods there is. If you’re not a skilled social media user, it’s best to outsource your product’s social media marketing needs to a social media management specialist. Sure, outsourcing your marketing might cost you money. But the fact is, if it means that your product is more successful, then it’s worth the cost, isn’t it?
There you have it, everything that you need to know about building the ultimate product that’s almost guaranteed to be successful. Building a successful product isn’t something that you can do overnight, it takes time, thought, and lots of careful planning. The advice above will help you to ensure that when it comes to the design, manufacture, and marketing of your new product, that you get it right. Helping to boost your new product’s chances of marketplace success.