Date. 3rd July 2023
There are many steps required to bring a product to market, but ultimately, it all starts with the product idea itself. If you have the wrong product idea, then all the other steps, no matter how well you perform them, won't really matter.
I always say execution is where the true value is, however, every startup has to start with the product idea. It's really critical that you select the very best product idea to bring to market.
Here are the best ways for you to determine if you are focusing on bringing the best idea to the market.
You want to choose a product that has an easily-reachable market.
Perhaps you may be thinking. Everyone in the world can use my product. It doesn't matter their age, location, gender, occupation, or income, they all will want it.
Maybe you are thinking if only 1% of people buy my product that will mean 100 million units and $10 billion in revenue. By the way, such a statement is a huge red flag for investors, causing them to run away as fast as possible. So please don't ever say something like this.
I know it sounds really great, and you're likely seeing dollar signs in the billions! But the truth is, a market that includes everyone will be really hard to reach.
It will always be easier to sell your product to 10% of the people in a group of 100,000, than to 1% of a group of 1,000,000 people.
You are better off focusing on a niche product, or at least somewhat of a niche product, that has a market that you can reach. This is the reason for the expression the riches are in the niches.
A person can develop and brought to the market their own hardware product. What you don't know is before that, one of the first entrepreneurial ideas involved selling tourist related items.
One day came up with the thought that in empty space there is no up or down, so there is no defined top or bottom to the earth. The fact that Europe and North America are on the top of globes was merely because Europeans created most of the early globes.
Fundamentally there is no reason why a market can't be inverted with places like Australia, New Zealand, and South America at the top of the globe,the idea is to sell Shoes andT-shirts in these countries.
Youare not an Australian nor have I ever visited Australia but pursuing this entirely from the other side of the planet in the U.S.
You may have some initial luck with it. A lot of people in Australia, tourist shops loved the idea, and they were interested in carrying the products in their stores. But ultimately, that business idea ended up failing.
The main reason it failed because trying to reach a market that was literally on the other side of the world. It was a market that you didn't intimately understand.
Focus on a product for a market that you already know. This is ideally a market that you have prior experience in. This can be prior experience selling to this market, or just yourself being part of this market.
You don't have to always limit yourself to your prior experience, but the markets that you've worked in, ideally over many years, are going to be the ones that you know the best.
You're already able to understand what the market really wants, versus trying to go after an unknown market, like I did with Australia.
You want to choose a product idea that actually has some competition. Wait a minute, isn't competition a bad thing? Shouldn't I focus on developing a product that is completely unlike anything else on the market?
Bringing a completely unique product to market can be really challenging. Not only do you have to convince people that this problem even exists and that they need it solved, but you also have to convince them that your product is the best solution to the problem.
Also, with entirely new products, you don't even know for sure that there is a market for the product.
However, having a competing product that already sells well provides some proof that there really is a market for your product. You can consider a competing product as upfront proof that a market already exists for your product.
You always need to conduct considerable upfront market research before you fully pursue a new product idea. This research is going to help you determine if you're focusing on the best product idea.
Let's say you conduct some early market research using surveys, and your survey responses come back as, I don'tlike this product, I would never buy it, I would pay $30 for it, but you're asking me for $100.
Those results are clearly telling you that this product is not something worth pursuing.
Unfortunately, it's almost never that easy. It may be easy to quickly prove an idea is bad, but not so easy to prove that it is a good idea.
This is especially true with physical products where you are limited in how much upfront research you can do since you don't have a product yet to actually sell or show.
For example, your early market research surveys may show that people really like the product idea, they say they need it, and they even say they will buy it when it becomes available.
However, if the product does become available these same people may never actually purchase it.
This is because it's one thing to say you like a product and would buy it, but it's quite another thing to put your hard-earned money down to purchase it. Someone who says I love the product, I would buy one, could walk by it a hundred times in a retail store and never buy one.
Just realize the limitations of any market data that doesn't include money changing hands. What people tell you they will do is a lot different than what they really will do, especially when it comes to spending money.
But you should still make it priority to gather as much of this early feedback as possible.
Market research is one of the fundamental advantages of having your own online audience. If you don't have an audience already, then start building one right away.
After garnering feedback from your audience, you can move on to the ultimate market research, which is to start pre-selling your product. This is what happens with crowd funding campaigns.
For crowdfunding most people focus on the money they will get, but the most valuable part is the market feedback and proof you will get because people are actually voting for your product with their money.
Product development is delivering a new product or item to the market or improving the existing products for increasing sales. In the beginning, a product is just a sample. A company needs to put a lot of effort and resources into transforming into something sellable in the market.The process of product development involves everything that is required to be done to turn a product from a concept into a commercialized item that people would want to buy. The process usually starts with generating a new product idea and requires research and development work. Once the company conducts sufficient market research on the product idea, manufacturing is started until packaged and delivered. The process ends when the product is distributed via wholesalers, retail outlets, or other distributors.
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