Launching a product is never easy; it takes vision, timing, support, and strategy. The process begins with a concept. It must be original, creative and can be fine-tuned to suit a market’s needs. Recognizing a target market is essential! Figure out what the concept is capable of and how it is superior to the competition. This is a promise and contains the emotion your product emits. Finally, create a sales strategy. Once the product or service has been offered, this is how you can maximize its coverage and profits.
Do your homework! Research the industry to which the product or service is applicable. Based on other company’s successes and failures, determine how the company you create can be more effective. Is there a gap of service or availability? Is there demand for another product or service? Is it realistic? Ask these questions as you research the market and potential competition. It is also helpful to acquire strategic partners in your research both for advice and to work with as the process moves forward. These partners can help you decide if you need to fine-tune your vision to appeal to the target market and maximize profits.
After you have gathered sufficient knowledge to see the possibility in what you can offer, ask for help. Don’t be shy; ask anyone and everyone. Whether it is a cousin in the industry or a distributer in a trade publication, here you can learn and publicize your concept product or service. Determining characteristics is critical. What your concept consists of from the packaging (pitch if it a service), the cost and price you will set, to where it will be distributed all must be educated decisions. After the idea has been visualized, researched, and enhanced by other’s opinions, materialize it!
Come back next week to figure out how to differentiate your materialized product!