The 5 Step Plan for Marketing Your Innovative New Product
You’ve got a brilliant idea for a product that could completely change the market, and you’re ready to bring it to millions of customers worldwide. For innovators and entrepreneurs everywhere, we understand the rush of developing an exciting new product. Not to mention how tricky getting it off the drawing board and into the customer’s hands can be.
Don’t let the process intimidate you; we’ve put together a list of five steps to help you market your ground-breaking new idea.
1. Do your research
Conducting research is the first step in any product development process. You need to ensure that your idea has a place in the current market while also keeping clear documentation of how you created the product. Looking at the current market for your product is a good place to start.
Identify potential companies or products that could be your competition and highlight how your product stands out. Make sure to research approximate costs as well so you’re fully prepared.
Document your process from beginning to end, taking steps to demonstrate how you came up with the idea for your product and how it developed. Not only will this help when it comes time to patent your idea, but it can also give you and your company some excellent content to share with customers and the press during the marketing phase.
Another aspect of product research is to ensure that your creation will clear the U.S. Patent and Trademark Office. Investigate any similar products and ensure that your idea will not infringe on any other patents or copyrights.
2. Build a great team
It’s challenging to bring others into your trusted inner circle, especially when dealing with confidential and sensitive product information. However, promising entrepreneurs know that having a strong team is one of the best ways to ensure success.
Many facets go into a successful product launch: a great website, engaging marketing, engineering, prototype testing, accounting, as well as dealing with all the legal paperwork. Don’t expect to do it all — good leaders hire great people and know when it’s time to hand off a project. However much you might think you can go it alone, it’s important to have qualified experts. Just remember to show your team appreciation for all their hard work. And find out how to create a custom award before the last minute; good leaders plan for their employee award ceremony.
3. Put together a mission statement/consider your goals
It’s easy to forget about the bigger picture when hyper-focused on product development. That’s why it’s essential to create a clear mission statement and define business goals early.
First, lay out your core values as a brand. Not only will this be helpful as you construct your product and turn it into a reality, but it’ll also help bring your team together. Write an inspiring mission statement and ensure that everyone on your team knows the company values you will display.
Another key step in bringing your idea to life is creating a five-year plan with business goals. What kind of success do you expect in the first few years? Don’t be afraid to dream big; good leaders who inspire their teams see big results.
4. Develop a solid budget
Getting a good accountant is one of the best pieces of advice for any entrepreneur. Don’t leave your product’s financial future in limbo; give your idea the investment it needs for success. Work with a professional to set aside funds for product development and testing, legal fees, new hires, and marketing. It’s best to go over budget. This is also where all that great research you did earlier will pay off by giving you a solid idea of what costs and expenses you can expect. And it won’t all be sunshine and roses, especially in the early days.
With every great idea, there are bound to be challenges and difficulties. To bring your product to life, you’ll need to create a strong budget for emergencies and setbacks.
5. Keep innovating
You’ve got a working prototype ready to go, a registered patent or trademark on your product, and a fantastic team at your side, so what’s next? Getting that product out into the world for millions of consumers to enjoy. However, that’s not where a successful entrepreneur stops — innovation and development are ongoing.
As you develop and distribute your product, actively seek feedback from experts and consumers, and then make sure you apply it. Revise your product as needed, creating upgrades and returning to the drawing board for a redesign. You’ll come up with your best ideas as you work to make your product the best it can be.
In developing a new idea, bringing it to life can feel overwhelming. However, seeing your product in consumers’ homes and building your brand’s reputation can be a gratifying experience for any entrepreneur.