There are plenty of things that go into conceptualizing and creating a new product. Whether you’re a small start-up or a multinational company, rolling out a new product requires care and precision. From the beginning of the product idea to the materialization of it, there are plenty of hurdles to jump through.
The name, design, function, and purpose of the product all need to be finalized before its release. If you are planning on creating and releasing a new product, but don’t know where to start, you’ve come to the right place. Here’s everything you need to know about starting your product off on the right food from A to Z.
See a need, fill a need
Creating a product that serves no purpose will never get you where you need to be. The most important part of creating a successful product is to create one that will satisfy the active need of the customer. Do some research into the needs of the market and into any holes that you can fill. Conduct well-constructed surveys to get a better idea of exactly what customers suffer from and how you can best help them. This step is crucial for the start of any new successful product. Whether you’re in medicine or farming, market research will help you conceptualize the best version of the product to provide.
Have a fixed idea
Now that you’ve found a need in the market you want to fill, it’s time to polish up the new product idea. This may seem like a pretty obvious tip, but you’ll need to believe in your product 110% if you want it to succeed. When creating and designing a product, the process can take you in many different directions. A product with too many features, abilities, or variations can be too difficult to pull off and a marketing nightmare. Instead, focus on honing in on and exploring one or two ideas in detail, to have a well-rounded product idea. Build on and expand these few solid ideas to create a product that will solve that need in the market and that you can believe in.
Start with a good name
Once you’ve got an idea of the necessary product, it’s time to start creating it starting with a name. Finding a name with a good ring to it is essential for your product’s success. Whether you choose to name it yourself or outsource a dedicated naming company, a product naming strategy is something you need to have. The name of your product should be catchy, memorable, and should be able to represent your product at a first glance. Sometimes the name will come to you before the product itself. Whatever the case is, it doesn’t matter when you come up with a good name, it only matters that you do!
Develop a prototype
Once you’ve got the name and idea down, it’s time to start developing a prototype version of your product and show it to the masses. Once you figure out how the product should look and what it should do, create a quick and inexpensive prototype. The prototype should be a simplified version of the final product, to both save money and to test out the waters. It’s unlikely that this first prototype is going to be a smash hit, but it will give you a better idea of what exactly the customer wants. Bridge the gap between what your prototype is and what the final version will be to create a successful product.
Feedback and fine-tuning
After sending off your prototype into the wild, it’s crucial that you learn and get the right data out of it. Feedback is an essential part of crafting the best version of your product. Conduct focus group tests or surveys about your product to see exactly what works and what doesn’t. Model your next version as an improvement on the previous model’s shortcomings and successes.
When it comes to fine-tuning, improving the look of your product can sometimes be as important as the function. The way your product looks can drastically change its success and public perception. After the success (or failure) of the prototype, you will know exactly what to change based on its public reception. Change the color, design, or feel of the product based on what the customer wants, and you can’t go wrong
Market the product
After the prototyping and the fine-tuning, it’s time to package, market, and promote your new product. Good marketing is as important and as difficult as creating a product from scratch, so it’s crucial that you do it well. Present the selling points of your product and make sure your target audience gets the memo. Consider social media competitions, giveaways, or email subscriptions to get the message across. Find what works for your business and its budget and plan out your marketing strategy. The perfect product will be worth nothing if the right people don’t know about it!
Protect your product
Once you’ve created a product you’re proud of and you want to keep your trade secrets to yourself, you need to protect your intellectual property. Before you start bringing on other people and companies to the project, you need to make sure your product is safe. Throughout the production process, consider getting everyone to sign an NDA. This non-disclosure agreement is a legally binding contract that keeps your trade secrets protected from your competitors. It might be worthwhile to research into patenting, copyrighting, or trademarking your work. Protecting your intellectual property is essential to protecting your new brand or product.
A lot of work goes into creating a new product starting from the research and ending with the marketing. To create a successful product, you need to conduct the right research beforehand. Find out what the market wants and needs and figure out how to provide that. Carefully choose a name and design and develop a prototype to test out the waters. Get feedback and use this valuable data to finetune and improve your product to produce a better working model. Finally, market your perfect product well and wait for the success to start pouring in!
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.