The Challenge of Bringing Quality Products To The Market
Every year, approximately 30,000 new products are launched. Unfortunately, only 5% will manage to be successful. But, more importantly, many product projects crash even before the product is ready to make it to market. According to the Marketing Research Association, only 40% of developed products land on the market. Yet out of these 40% market-ready products, only 60% of them generate any revenue at all.
In other words, creating quality products that will earn the approval of your audience group is no easy task. More often than not, businesses fail to engage customers for an extensive period of time. Some even fail to engage customers from the start. So how do you make sure, as an entrepreneur, that you can bring quality products to the market that receive the seal of approval of your customers?
Do your research
There's no mystery: if you are going to bring a new product to the market, you need to understand the market needs and wants. As tempting as it is to describe your product idea as innovative, revolutionizing, or never-seen-before, a new idea is not synonymous with product success. New ideas must reflect the opinion of consumers.
Too many businesses focus too much on the differentiating process and fail to consider whether the audience would actually want to use the product.
Product safety is mandatory
The last thing you want after a product launch is to call back your product because it's been deemed unsafe for public use. Failure to consider product safety could put your business in a difficult position, ranging from liability claim to lack of trust.
Product safety testing needs to combine different thought processes, as you must address the product testing itself, but also packaging, delivery, and overall production. Indeed, safety issues could arise at any point during the manufacturing and marketing process. Prototyping is the preferred strategy to submit a physical product to thorough testing, examining the performance, solidity, and behavior in different use scenarios.
Entrust the process to professionals
There is nothing more frustrating than falling short of product success through ineffective production. For small businesses, the temptation to keep the production processes in-house can be great, and however, it can be a false economy. Indeed, self-built products are more likely to collapse on the market because they lack expert equipment and knowledge, such as professional sheet metal assembly and kitting for products with metal hardware. More often than not, seeking the right experts for the job will save your time and money in the long term.
Work with knowledgeable audience advisors
It can be tough to get honest customers' opinions when bringing a completely new and unexpected product to the market. Instead, you could receive informed feedback from experts who know your audience, such as social media influencers or sales reps.
Influencers can prove highly effective. Contrary to common belief, a partnership with marketing influencers doesn't have to break the bank. By reaching out to local influencers, you can keep your costs low and your marketing campaign relevant. Additionally, influencers are more likely to test your product in ways that are meaningful to the target audience. They are quick to spot issues and make suggestions for improvements.
In conclusion, there is no such thing as a genius product if you don't plan carefully before bringing it to the market. From market surveys to identifying the best experts for production, product success never happens by sheer luck!
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