Starting a Business articles: tips, advice, ideas, strategies & solutions

Subscribe to our Starting a Business Articles Feeds


Feeds

What's this?

Home > Starting a Business

Taking Your Product to Market

Tweet This
thumb it up Rosemary Grace Brooks
The aspiration of every inventor is to see their ideas in production. There is nothing more satisfying than seeing your creation take flight - being marketed and sold on a global scale. Before we explore the five key areas for taking your product to market, it is vital that you assess your invention objectively.

Assessing your Invention
An invention thought leader that has much experience in assessing inventions as well as ensuring their success is Chris Staines. His approach is that you answer a few simple questions as truthfully and objectively as possible for yourself. Your answers will determine whether you should proceed to taking your product to market, or whether you need to relook parts of your strategy.

Think about the following seven points when you are assessing your invention.

1. How good is your product idea?
a. Did it perform during the beta test or as a mock-up product?
b. Presentation is everything, have you considered the branding?

2. Have you tested your idea?
a. User test groups may add to the credibility of the product.

3. Is your idea scalable?
a. Does it only address a certain niche, or could it be adapted easily to fit a broader market?

4. Does your idea have longevity?
a. To understand the potential lifespan of your product, you need to have a broader understanding of the industry, technology and the consumer. Ideally a relatively long lifespan is preferred.

5. Is your idea unique and protectable?
a. Is your idea or product new or improved? Ensure that you have researched the market thoroughly before claiming a new product!

6. Is your idea financially viable?
a. Assess the cost of the product versus the sales and the profits to determine whether your idea will be sustainable.

7. Is there a viable route to market?
a. Research the channels through which you intend to sell your product, idea or service.

One of the many benefits of this assessment is that it also addresses the key areas that investors would look at before considering investing in your product. Answering these seven questions will ensure that you are ready to discuss your product with potential investors.

Five Steps for Taking Your Product to Market

During the assessment phase you may have briefly touched on the steps for taking your product to market. As you enter the next phase you will complete these as comprehensively as possible. This plan should be followed closely to ensure that you stay on track with your goal.

1. Create a marketing plan
Research as much as possible with regards to your environment and any existing competitors you may have. Write down your goals, objectives and desired outcomes. Address the key criteria of your marketing plan including product description, the Target market, customer demographics, price, competition, promotion, advertising, profit percentage, product guarantee, product/liability insurance and budget.

2. Set a Launch date
Your launch date not only gives you something to aim at, but it also helps keep you accountable.

3. Work with a business coach
Everyone can benefit from guidance and support while putting their product on market. Research and make contact with a thought leader of your industry many, including Chris Staines, are open to coaching or consulting.

4. Daily action
Do something every day that will bring you closer to your end goal. This will keep you focussed and disciplined.

5. Start making sales
Depending on your marketing plan, there are many avenues which you can explore. Either start by selling to individuals and small businesses or sell online. As you reach your goals your will grow your enterprise.

No matter how in demand a product may be, it still has a limited lifespan. This does not imply that a product is necessarily doomed to become obsolete, it just means that you need to constantly be embarking on market research and be prepared to adapt according to your findings. Continued innovation is key.
About the Author:
Shoulders of Giants is an online business resource, showcasing the top business thought leaders in various business related topics, such as innovation and invention. These topics are discussed by renowned thought leaders and business gurus such as Chris Staines.
 

 

No. of Times this article has been viewed : 571
Date Published : Dec 19 2008

Most Recently Published Starting a Business Articles as of

Nov 20 2009    Do You Have What It Takes to Start Your Own Business?

by BMA Editorial Team

There are many different businesses which one can undertake and many of these businesses turn into successful ventures. Prior to starting up, it is wise to take a look at a few things to determine if you have what it takes to start your own business.

Nov 20 2009    Affiliate Marketing Business Start-Up Plan

by BMA Editorial Team

In order to have a good chance of making your affiliate marketing business work for you, the first thing that you have to do is make sure you know what you are doing. A business plan is a must...

Nov 20 2009    Your Guide Before Starting a Home Business

by BMA Editorial Team

Most people want to see money and not spend it. How can you expect others to invest in you and your business if you won't? You will have to invest in yourself to see results.

Nov 18 2009    Starting a Small Business; Get Out of Your Comfort Zone

by Kevin Dwyer

What motivates anyone to start a small business? You are usually alone, without a lot of start up cash (hardly ever enough), without the full range of skills to make the business work and most often without sufficient knowledge of the market you are

Nov 18 2009    Getting Started in a Home Business

by Campbell Shaw

I`m going to talk about starting a home business so in the future you can become wealthy.

Easy, low cost incorporations. Click Here.

Nov 18 2009    Get Smart Before You Start a New Business - Part 01

by Jim Hart

This is part one of a five part mini series on business written by a professional business consultant who has coached a number of start-ups over the years. a MUST READ for new entrepreneurs.

Nov 18 2009    5 Ways to Get Your Business Running Profitable and Successful Within 90 Days

by Lori Osterberg

What do you do when the job you're in “disappears” before your eyes, and leaves you without a paycheck?

Nov 18 2009    Top 10 Business Plan Myths of Solo Entrepreneurs

by Terri Zwierzynski

A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?

Nov 17 2009    Self Employment in France - Try Being an Auto Entrepreneur

by Brian Stephens

2009 has become the year for anyone looking for self employment in France and the reason why is the introduction of the 'Auto Entrepreneur System' which allows individuals to register and start a business where instead of paying tax on an assumed income, which may or may not be realised, you only pa

Nov 17 2009    Use a Proven Model to Start a Business

by BMA Editorial Team

For many people going into business for themselves is a challenge that can be very difficult to master. During the critical startup years especially, business owners put in long hours at work for little if any profit.

Nov 17 2009    Business Plans: An Overview

by BMA Editorial Team

You might have a lot of zeal and enthusiasm coupled with the right amount of resources in your hands. But is that enough to start your venture successfully? The answer is simply, no. Without a proper business plan your best efforts might go to waste.

Nov 16 2009    How Easy is It to Get Started in Direct Sales?

by BMA Editorial Team

Joining a direct sales company is one of the most common ways to get started in a home business. It's a way to earn money from home that predates the Internet. But the questions must arise: How easy is it really to get started? How do you pick the right company?

Oct 29 2009    What You Should Consider Before Setting Up an Online Retail Shop

by Aaron Villard

Internet is so accessible that new start-up retail shops would really have to consider whether to go traditional and open up a physical shop, or to open up a shop online with no physical presence, and gain the potential of reaching a far wider base of customers.

Oct 19 2009    Money Making Internet Business - 4 Steps to Start Yours

by earl stringer

Are you thinking about starting your very own internet business? Well if you are this article will give you a good foundation to start your journey into the online business world.

Mar 25 2009    Why Start a Home Based Internet Business

by Sharon Doucet

After the crisis that has occurred in the financial markets over the past few months why would anyone want to start a home based internet business?

12345678910...
Search for ebooks on Management & Business