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Thursday, January 27, 2022

How to bring a product to market

In this article, we will detail how to bring a product to market.

Yes, It can be very frustrating to bring a product to market. It’s not something that happens by magic or chance. Successful entrepreneurs instead follow timeless principles that help them achieve their goals. These principles can be broken down into steps that you can apply to your product launch efforts. There are nine steps to bringing a product to market.

HOW TO BRING A PRODUCT TO MARKET AT 9 STEPS.

How to bring a product to market

This article will detail each step. These steps will help you launch your product at any stage of the process. You can skip to any stage of product launch or development that you are in.

STEP 1: THINK OF A IDEA

It can seem strange and mysterious to brainstorm invention ideas. This is due to the way people think about ideas. You’ve probably heard the expression, “You don’t have great ideas.” You know what it means. We are taught that great ideas can spontaneously come to us and that we must have the guts to take them on if they do. Paul Graham, a venture capitalist, addresses this issue in his article “Ideas for Startups.”

It’s not easy to imagine coming up with an idea for a startup. It’s too difficult even to try. It’s too difficult to even try.

Paul later points out that this way of thinking is flawed because ideas are not the only thing that generates millions of money. We resist the idea of actively creating ideas because we believe that “if there were a good one, somebody else would have it.” This is a wrong way to view ideas. It is a dynamic (and often active-minded) process to generate ideas. Executing ideas is what makes them work. This is something that you have control over. It all starts with an idea.

It is possible to generate new ideas. But how do you do it? Limiting your thoughts to areas you are passionate about or have a high level of expertise is an important way to generate new ideas. This will limit the competition to people with the same passions and expertise as you.

You want to turn off your self-censorship instinct as a human being. We tend to say, “No, that’s not stupid,” when we think of new ideas or thoughts. This is because it hasn’t been said elsewhere. Instead of thinking it through, give your idea a rational review before you discard it. It is essential to think it through. Would I purchase this? Why not? What are my objections? They can be overcome. What is the best way and How can you overcome them? How? Let the ideas flow. In step 2, you will separate the wheat and the chaff.

STEP 2: DECIDE ON IF YOUR IDEA IS VALUE-ADDING.

Nothing can beat the feeling of excitement one gets when one realizes that one has achieved it! You must still take a step back and evaluate whether the idea is worth continuing to pursue. These are some tips to help you do this.

Find out how it works.

What will it do in practice? Is it good enough to be able to replace the existing products in this area? This can be determined by actively working in the area you see your product being used. This will allow you to see the current state of the market and help you visualize how your product could improve it. If this is not possible, you can find someone who has experience in the field to give feedback on your idea.

Who would want it?

Nothing is worse than spending weeks, months, or even years imagining a product that will be “so great!” and then finding out that not everyone wants it. Tell others about your idea to avoid this terrible scenario. Ask them how it could improve their lives. Asking people you don’t know is the key to this question. They will be more open and honest than they are with trying to hurt your feelings.

How does it work?

Another problem is not paying attention to the details of how something will come about. Your mind naturally gravitates to the exciting aspects of the invention when you are in the high of brainstorming. Instead, focus on what it will take for your patent idea to come to fruition. What are the steps to make it happen? What materials are required? What skills do you need to put it together? These questions will help you transform from a dreamer to a doer when you have clear answers.

Step three is possible if your idea can withstand such analysis.

STEP 3: CREATING A LOGBOOK FOR AN INVENTOR.

It is not only a good practice to document new ideas. If you plan on getting a patent and bringing something to market, it may be crucial. How do you keep good records?

A logbook is an answer. Logbooks are inventor’s journals. The inventor’s logbook is where he keeps track of each step and the dates. Logbooks prove that you had an idea and were diligent in pursuing it. There are specific standards that you must follow when keeping a logbook. This will ensure that patent examiners are satisfied with your documentation.

  1. Your logbook should be started as soon as an idea is formed. Keep detailed notes of key concepts and test results. Also, keep track of any other information that may have been relevant to the creation of your idea. This type of material belongs in a logbook.
  2. You can make your logbooks, even though there are already premade ones available. Make sure you use a bound notebook and not loose-leaf. It is difficult to hide the fact that pages have been added or removed from bound notebooks.
  3. Each page should be numbered consecutively. This ensures that your progress on your idea is recorded in a sequence that is easy to see for anyone who has common sense. If one notebook is complete, start a new one. Make sure to mention that it is a continuation of your last one. Your record-keeping should not have any visible gaps.
  4. You and any other participants in the invention process should sign and date each entry. A notary public should sign any entry you write if possible.
  5. Each entry should have a header that contains information about the contents. You can include the date, subject, number, witnesses, and so on.
  6. Keep track of everything you do. It is best to keep a record of all your activities if you are unsure. For example, do not include only successful test results. Negative findings and tests may be excluded by the patent examiner, who could reject your application.
  7. All other participants in the invention process must be made aware of their respective roles. This convention is vital and cannot be overemphasized. Fraud is when an inventor’s name is omitted from an invention that he created.
  8. All loose materials, such as photos, sketches, or drawings, should be signed and dated. This material should be taped or stapled to the relevant notebook entries.

These tips will ensure that your documentation is secure and ready for any dispute.

STEP 4: IDENTIFY A TARGET MARKET.

It is essential to understand the market you are targeting before attempting to bring a product to market. Many entrepreneurs make the error of targeting a large population. They believe that the more people they target, they have more sales opportunities. It rarely works that way in reality. You should target as small a market segment as possible. This will make your target audience more likely to purchase and allow you to conduct more targeted market research.

Who are your ideal customers? How do they buy? Are they buying your product every month or seasonal? It is vital to understand the market to determine your pricing structure and distribution plans.

You will ultimately create a marketing plan that is based on the target market. This is beyond the scope of this article. Here is a sample of a marketing plan. It will provide details about the types of forecasts that you should set and how to do it.

Step 5. Once you have answered these questions and come up with plausible answers, continue to step 5.

STEP 5: FIND THE MARKET.

When you have determined your target market and conducted some research, it is now time to explore it.

This phase is where you will need to read trade journals, spec sheets, and other periodicals relevant to the industry your patent covers. You will need to find out the prices of commodities and the demand patterns that affect the flow of the market. All this information-gathering has the goal of answering these questions:

  1. Who are my customers? (age, sex, income, etc.)
  2. How can I find them? What magazines/newspapers are they reading?
  3. Which quantity and what quality do they need? Are there any surveys that collect this information?
  4. When is the best time for selling? (Seasonal or yearly, etc.

The Internet allows you to access many trade journals and industry resources. Yahoo! offers a wealth of industry-specific material. Click on the industry that interests you (law, jewelry, or automotive). You can then browse a variety of sources related to them.

STEP 6: RE-EVALUATE/IMPROVE YOUR PRODUCT ACCORDING TO THAT RESEARCH.

Prussian Field Marshall Helmuth von Moltke said that “no product survives the first contact with reality.” Based on your research, here are some ideas you can use to tweak your product.

  • Product packaging
  • Pricing
  • Distribution (where it will be sold)
  • The name
  • You can control almost everything else

After you’ve made any improvements, move on to step 7, the prototype.

STEP 7: CREATE AN PROTOTYPE.

The most satisfying phase of the invention is the creation of a prototype. This is when all your planning, research, and dreams come together to create a working prototype. Now you can start to build the prototype to present to investors, business partners, or the patent office (see the next step). Remember that your prototype doesn’t have to be made of the same materials or look exactly like the final product. The prototype should show that you are working on it and must approximate your original idea.

Once your prototype is up and running, it is time to move onto step 8.

STEP 8: SECURE A PATENT.

Many inventors rush to patent the process out of sheer excitement and the inspiration that comes with creating. Their zeal to move forward often leads to longer wait times, higher fees, more work, and other issues and problems that could have been avoided if they had correctly planned.

Many inventors make the fatal mistake of not filing a nonprovisional patent immediately. Non-provisional patents are “the real patent.” You will need to fill out many legal forms, draw sketches of your invention and pay large fees.Once your App is accepted, you will be granted a patent from the United States Patent and Trademark Office.

Although many inventors will need to do this one day, it is unlikely that they will need to do so immediately. There is a safer but more expensive alternative: The $100 provisional patent application. A provisional patent application does not require you to file a formal patent claim or oath. It also doesn’t include disclosure statements. A provisional patent can lock in your application date and give status to “patent pending.”

If you’ve ever seen the words “patent pending” on commercial packaging, this is likely because the company concerned filed a provisional application with the Patent and Trademark Office. It is illegal to use the term “patent pending” without having done so.

If you’ve ever seen the words “patent pending” on commercial packaging, that is because the company concerned filed a provisional application with the Patent and Trademark Office. This means that you can market your invention and determine any interest before deciding whether to file for a provisional patent. You can still market your invention while you wait for a non-provisional to grant you all the rights and protections.

If you’re smart and can work quickly, that 12-month period can be used to promote your idea and generate interest. You should be able to evaluate whether or not it is worthwhile applying for a nonprovisional patent.

STEP 9: CHOOSE YOUR TRACK

There are many “tracks” that you can use to get your product on the market.

You can also become an “outsourcer entrepreneur.” This is essentially becoming a hired gun. The inventor is responsible for researching and developing the product. You then “outsource” manufacturing and marketing to money-rich partners. These partners will market, develop, and finance the startup costs. They will get a higher return in return for their efforts. This is a fast way to bring a product to market and to make cash. This can be a great way for serial inventors to make some extra cash and then move on to other ideas.

You have the option to license your patent or sell it outright. Licensing is simply when another company takes over your product idea and pays you royalties. Although selling a patent seems straightforward, it is important to consult a lawyer before you finalize an agreement. This will ensure that all legal documents are in order. Manufacturers, marketers, and anyone interested in carrying your product to market can all be licensed. They will pay you for this right. Flexible licensing arrangements allow licensees to take on more or less risk. Most companies won’t license a product unless they are certain it will succeed. It is up to you, therefore, to convince them about the potential of your product.

While licensing has some drawbacks, it is more lucrative than outsourcing. However, the great upside to licensing is that you have no further responsibility for the product once you license it.

The second option, while riskier and potentially lucrative, is starting your own business. All aspects of the business are your responsibility, including the creation, pricing, distribution, and taxes. You can read our other articles for more details about the steps involved, such as writing a business plan or finding a manufacturer.

This is the most challenging step, and many people choose to sell or license their intellectual property before they even begin. If you decide to build a business and go ahead around your intellectual property, you need to make sure you are hiring top talent. Failure to do this can cause years of stress and problems. It is better to invest in something you believe in and share some of it with others to increase your chances of building a successful business than to do it alone.

These nine steps will help you increase your chances of success in bringing a product to the market with confidence.

We hope that you will enjoy our article on bringing your product to market. Please share this article with your friends. 

FOR MORE INFO? READ MORE:

1- How to market a product

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