In our attempt to increase our profits, we all have to expand our services, our target group, and our products in general. However, as it turns out, less than 70% of new products that come into the market find their way to success and last for more than a year. Failure is a big part of success, and actually, it is a necessary part. However, we will always try to eliminate it and reach success as fast as possible.
Every time we see a product on the shelves of a supermarket, we think of the potential of how it would be if we came out with a similar product or idea. When you see it ready there, waiting for you and thousands of other customers, you cannot avoid the temptation of thinking how easy things could be if you just made an effort to create something similar yourself.
However, successful products are like the tip of the iceberg. You only see the part out of the water, but the biggest part of the iceberg is hidden underneath. The bottom part represents all the failures one had to go through to learn their lesson. And the bottom part is the most dangerous too. Today we will talk about what it takes to build a new product from scratch avoiding all the mistakes that lead most new products to end their journey in the free market.
The idea is the start of all positivity
The first thing one has to do is come up with an idea. We can start by looking around, trying to be inspired by our environment. Checking the internal sources could be a great help in that direction. To detect the right idea, we have to do some research and see where we can find customers and salespeople. Who are the competitors, and what is our target group? Do we want to fight straight with our competitors to ”steal” all their clients, or do we want to avoid ”war” and keep a low profile that will not put us into their target? The people we will partner with in the future could also be considered at this point. Suppliers, factories, producers, and distributors are all in the game, and it is nice to have a clue who is worth our trust.
Narrowing our options
The next thing is to find the ones worth a try. It should be no more than two ideas, the ones that will ”survive.” Screening our alternatives is something we do with everything regarding marketing. Especially when we want to design something new, this is a critical process. Remember that consumers have never used this product before, and no one will be able to share a few good words about it. New products are a real challenge, so we should be very strict regarding the idea screening process.
Getting into work
Finally, once we have our feet on the ground and are sure we are not too optimistic to give it a try, we can start working on it. We have to develop the concept and design the product. Considering that the brand already exists and it is only just this one product, we have to worry about things that are simple. If we had to make the firm known to the crowds, things would be much more challenging, and the initial capital for the investment would be very high. Right now, our only worry is to create a good product and see if it works.
Before throwing it on the market, we can test samples in smaller groups to see how they will react. Besides samples, we can use surveys before mass production to see what people think. After all, releasing a new product always includes some risk, and we might have to come to terms with the fact that sometimes just like everybody else, we will have to experience the taste of failure and see if it is indeed that bitter.
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