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.
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Date Published :
Dec 19 2008