If you’re trying to get a product to market, you may be dreaming of starring in your own version of Dragon’s Den. While it’s true that there are more opportunities for budding entrepreneurs than ever before, it takes a lot more than a lightbulb moment to become a business mogul. Yes, you need a brilliant idea, but you also need to know how to turn that sketch into a best-selling product. If you’re in the midst of planning the rise of your business empire, here are some tips that may come in handy.
Researching the market
Before you invest time and money in an idea, make sure that there is a gap in the market and a demand for the kind of product you wish to develop. You don’t want to empty your savings account and pack in a well-paid job to take a risk on something that isn’t going to sell. To make your business successful, it’s always advantageous to have a goal of providing consumers with something they want or need. If your invention doesn’t tick these boxes, you may struggle to drive sales. Conduct research to find out more about your target market, learn more about consumer habits and determine who you’re competing against and what they offer. Send out questionnaires, set up focus groups and get an idea of what buyers and consumers think of your ideas and prototypes. Use the information you gather at this point to improve the product and get ideas about marketing methods, price points and design concepts.
Injecting aesthetic appeal
When you go into a store, you may find yourself in front of a display with hundreds of products on offer. So, which one do you go for? Aesthetics play a huge part in influencing decision-making, so ensure that your packaging designs stand out from the crowd and lure people in. Working with experts like those at SmashBrand, use the information you collect from market research and create something that will outshine the competition and make buyers grab your product off that shelf. Your branding should be relevant to the company and the product, as well as your target market. If you’re trying to appeal to children, for example, you don’t want to go for neutral colors. Opt for something bright that will capture young imaginations.
Promoting your USP
Competition is rife out there, and to beat others trying to dominate the same marketplace, you’ll need a USP. What’s different about your company or this specific product? What sets you apart from others? What can you offer that nobody else can? Once you’re confident that you’ve got an awesome USP, promote it at every opportunity.
Are you trying to convert a sketch into a product people can actually buy? The process of bringing a product to market can be lengthy, and you’ll need to make a series of important decisions along the way. It may be hard work, but hopefully, if you make the right calls, it will all be worthwhile when your creation is flying off the shelves.