What does it take to bring a New Product to the Market?

The idea of designing a new, never-before-seen product is one of the most amazing feelings you can have. However, it needs planning. Therefore, you must develop something outside the market or a great innovation; otherwise, it will go to the pile of reams. Thus, the primary process starts with a need.

Defining the Main Factors

You should know your customers’ needs before considering developing a product. Then, once you are confident, you need to demonstrate that your idea is valid, functional, and cost-efficient and, most important, that it can be built.

Some ideas are not accessible or cost-effective to make. So, making a prototype to help you define missing details before manufacturing is best.

Don’t worry if you don’t know what it takes to bring an idea to the market; here we show you.

Start with the basic questions

Is there a similar product on the market at this moment?
Is there a need for your product?
Do you need external funding? What is your budget?
Who will be the best target market for your product?
Where will you be selling your product?
What is the competitor for your product?
What makes your product so unique to receive a patent?
Are you applying for a patent or a trademark?

Then, more

Once you have your idea clear, then proceed to the next step.

You need to verify the product is not under trademarks or patents,
Find out if the product is in the market,
Check if there is another similar product,
Verify if there is a similar patented product,
Search for similar products in the process of being patented.

It is best to hire a professional to do this. Today you can employ a Patent Lawyer starting at $500 US to help you with this task. They will do a great job researching and investigating if your idea is already for sale on the market, if it has a patent, or is in the process of examination.

You can do this, don’t get me wrong, but if this is your first time, it is better to be very careful in each step. Once you move forward, you will need to invest even more money, and it will be painful to waste time and money. Start by searching the United States Patent and Trademark Office (USPTO). Learn how to use the USPTO site in detail. There is a ton of information that, at times, can be confusing.

Patent lawyers are trained to do this research, so hiring one will be a good idea because it shortens the research time and misleading information.

Patent lawyers will help you with all the legal aspects, not the marketing or market analysis. If your product idea is patentable, it doesn’t mean it is marketable. So, this next step is also crucial.

Analyze the Market

Initiate knowing what a market analysis is. A market analysis is a complete research of the market inside your specific industry.

For example, if you’re interested in dog products, then your industry is the pet industry; if you are into vitamins, your industry is pharmaceutical, and so on. Before you go deep into the analysis, you need to:

Define the objectives. Why are you doing a market analysis?
Find where the industry is heading to.
Define your target market.
Calculate the Market Value
Make your competition analysis
Find your barriers to entry
Identify the market needs
Check for market trends
Verify the regulations

Select your team

Contact a mechanical engineer, electrical engineer, or the professional you need to develop your prototype. They are experts in creating prototypes. First, sit with them and ask what they think about the idea. Then, they will sit with you and tell you the truth. They will also tell you if the concept is easy to manufacture, the price of the prototype, and the approximate cost, and may suggest a price.
Remember you need a confidentiality agreement when talking to anyone about your idea, except the lawyer, of course.
Imagine you already have your prototype, which is not as cheap as people think. Unfortunately, even with 3D printing, still, the price can be pretty high.

Market Testing

It is time to test your idea.

Select a group of people that best represent your target market. They will be your focus group. Don’t go to the streets showing your prototype! Instead, the focus group will suggest modifications and changes improve the product. This stage is to validate the concept, make improvements, and test it. Of course, you can save all the headaches by hiring a marketing company to do all the work, but again it is costly.

Distribution

It would be best to find out how and where to sell your product before manufacturing it. You must depend on more than just e-commerce. Most of the products with this type of process have a precise target. Find a physical store willing to carry out your product.

Once again, getting a lawyer’s advice before making any contract will be good. Try to find which is the minimum you can manufacture. That minimum number can be in the hundreds as it can be in the thousands. Consider this when talking with stores and distributors.

Manufacture

After making all the modifications and doing all the previous steps, it is time to manufacture.

Due to the cost, most new products are sent out of the US for manufacture. However, this doesn’t mean you have to go to China. Shop around; other countries like Canada, Taiwan, Japan, Mexico, Colombia, Germany, and so many more can do it. You have to find the right one for your product and your budget. Do your math before manufacturing outside the US, add all the fees, and verify what is best for you.

Shipping and distribution

You must ensure your timing is as described in the contract with distributors. Sometimes they add a clause to reject the product if you fail any part of the contract.
Find a delivery company to take your products to their destination from the port. Make sure the product arrives in excellent condition.

Congratulations, you are the proud owner of a patented product in the market! Thus, even more, details go into making a product, but the above steps are generally the main ones. You have many years to enjoy your protection, so sell as much as you can because after the shield is gone, anyone can copy it.