Get that Idea out of your Head and Into the Market

With each New Year, we usually take stock of what we have accomplished in the previous year and think about the upcoming year. On the personal side we often want to improve our health and on a business side, we want to improve our bottom line. The best way to make a step into more profits is to introduce new products. Most of us have ideas on new products, but many of those ideas get lost to other more mundane pursuits. Here are a few tips on how to get some energy behind those ideas.

1. Share the Idea

Conventional wisdom has us believe that the initial spark of innovation is in the idea and that we should keep it secret until it is ready for people to buy. The reality is almost completely opposite. It will take an effort to get an idea to the point that it is selling in the market and very few people are willing to put that energy into someone else’s idea. From the other perspective, you need to make sure that your potential customers think your idea is as great as you think it is. Every idea needs refinement to make it commercially viable and sharing it is the best way to start the process of refinement. As you share, you will find out who your market is and who is willing to help you bring the product to market.

2. Prototype the Idea

After you have established who wants to buy your idea, what they want to buy and how much they are willing to spend, then you should think about how to make it. Making the prototype product is usually the easy part of the process, if you go to the right places. There are experts out there that can help you with designing the product and producing prototypes of the product. The great thing about going to a business that specializes in product design is that they can add their expertise into the product. This will save time and money in the overall process. Ask questions during this process to see how each feature in the product affects both the development cost and the product cost. You will find “nice to have” features that you can cut to reduce the price dramatically. With the product prototype complete, you can now go back to your customer base and see if the prototype lives up to the initial concept.

3. Prepare for Product Launch

At this point you should know the following about your product

• Why your customer is buying the product
• The initial customer segment that you will target
• The selling price and product costs with initial production quantities
• What will it take to get the product to the market in terms of time and money

Now what is left is all the details to get the product into the hands of the customer. This is the time to work through these issues.

• Production Design and Tooling
• Intellectual Property protection – Patents, trademarks, copyrights, etc.
• Regulatory and certification
  
• Marketing and Sales plan
• Branding, packaging and labeling
• Supply chain development
  
• Strategic Partners

While this may seem overwhelming the process is straightforward and the rewards are substantial to those that diligently follow the steps. If you have an idea that you believe is a product that a customer segment can’t wait to start buying, start with step one and see what kind of response you generate. If you need guidance through this process or are ready to find a partner to provide design services you can contact us at Transcend Innovations at info@transcendinnovations.com or 385-240-1885. We provide a range of services to help businesses and individuals take product concepts to market.