Marketing & AdvertisingStrategyTech

Creating a Successful Product – a Brief Guide

Designing, developing, and marketing a product can be an arduous task. It is challenging to work out its kinks and flaws before taking it to market, and even after, it can be tough to get the public to try it. Here are some tips to help you develop the best product possible.

Define the Target Market

Once you have an idea for your product, you must define who it is for. The target demographic will play a significant role in all stages of development, from design to marketing, so you need to hone in on it as early as possible.

It can be helpful to write down questions like “who does the product serve?” or “what do they need?” to clarify who will use the product.

Decide on What You Want to Achieve

When thinking of the goals for the product, it can often be helpful to think numerically. Focus on the number of sales you wish to achieve and the impact that you want it to have.

Setting solid goals will help you progress through product development stages, as this gives you clear idea of your end goal, such as launching a successful electronics product. You can work backwards from this larger goal to incorporate this into the different steps of the design process.

If your goals are not specifically numerical things like sales, ask yourself what metrics you will use to measure them. For example, you might have an upper budget figure, dates for when you want or need to apply for funding by and what evidence, such as prototypes, you might need to successfully apply for that funding. Also questions to consider might include ‘what does a minimum viable product look like’ for you or ‘how many people do you want in a focus group?’

Using these smaller goals and metrics will allow you to track your progress more efficiently and assess how you should progress.

Put a Marketing Strategy Together

Your marketing strategy will define how you want to sell your product. You can get a lot of this strategy planned before having a physical item. In fact, how you plan on selling your merchandise can have a significant effect on the design itself.

You can start to drum up interest, or you can set the ball rolling for the development of a subscription model before finalising the design. Deciding on this strategy early on will prevent you from rushing the marketing and distribution later on.

Develop Your Product

The actual research and development of new products can be the most expensive phase of bringing a new item to the market. It takes time and careful consideration to do, especially if it is electronic product development. The product manager should take an active role in this stage and coordinate with different teams working on the task.

If you do not have the resources for product development in-house, there are many options for outsourcing this task. Ignys provide a reliable service for electronic product development that can help to bring your idea to life. They can also carry out feasibilities studies that look at the commercial and technically viability of your product.

Make a Roadmap to Bring it all Together

All of these stages of development and the timeline to complete them can fluctuate so you need to be aware that it may be hard to set exact dates. This makes it more difficult to set deadlines in stone from the start.

Think of the whole process as a funnel that slowly closes in, the further along the process you get the easier it is to predict the timescales or anything that might take longer. By taking time to gain awareness of the design process, through your own research or by asking your chosen design partner to help you understand it, you can set clearer definitions for your end goal and the steps before it.

Putting together a comprehensive roadmap from the initial idea to the distribution will give you a timeline for product development. While you do not need to stick to this rigidly, it can be helpful to track the progress of your venture. Knowing what areas are going to plan or taking more time than planned is essential to decide on a realistic budget to make your best product a reality.

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Grace Murphy

Grace is an avid reader and writer of startup news. When she's not jotting down fresh, ideas and tips for businesses, she enjoys spending time with her dog and jogging.

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