How do you get a product idea to market?
So you have this amazing new idea for a product that will change the industry, a game changer that will take the market by storm. You get a pen and paper or launch the notes app on your iPad and begin to scribble down every detail of this innovative idea. You rush to the internet to find out what you need to get this idea off the ground and most importantly HOW you are going to do it.
Before proceeding with this new venture, the very first thing you should do is some research into your idea. Find out what is already available on the market and who your competitors are, ensure that there is demand for your idea and find out who your target user would be.
Once you've done your research, the next step is getting your idea protected. An idea on its own is not enough though and the clearer your idea is in your mind the better. When talking with intellectual property (I.P.) lawyers about your idea, have as much information as possible, this will make the process quicker and having some early visualisations e.g. drawings/sketches, 3d renders, or an initial model/prototype will make describing your idea much easier.
These visuals will help later on with getting funding for your project. If you need help with visualising your idea, look for a product designer or a design consultancy that will get you professional results. Keep in mind at this stage you do not need the finished fully working product, only an initial version that conveys the essence of your idea.
The value of brand identity
Start thinking about your venture as though it is the beginning of a business; and all businesses have a brand identity. A brand is more than just a logo, some colours and a font, it is the embodiment of your ethos and allows your customers to connect with your product and company on a deeper level. Your brand is the first part of your company that your customer will experience and if it is to leave a lasting impression it must strategically align with your target market’s beliefs.
When running a funding campaign, a strong brand gives people incentive to fund you more than simply liking your idea. Knowing that their money is going towards a cause or helping contribute to something greater is inspiring. These people will become advocates for your idea and remain loyal to your company.
When talking to a graphic designer, think about the tone of your company. Bring all of your ideas for your brand and provide as much information on your company ethos as you can in order to build the best brand for your product.
Funding innovation
In order to get your idea off the ground, you’re going to need some funding. With a strong brand and your initial visuals, putting together a funding pitch should be straight forward. Decide what funding options best suit your product. Is there a government fund into this area? Do you need an angel investor? Or will your idea be a Kickstarter sensation? Whichever route you decide, you will need to pitch the idea. Following your brand guidelines and utilising the initial visuals will get people excited about your idea and makes them want to see the final product on shelf.
This pitch should include what your idea is, how it works, why it should exist, how it is better than what is currently available, and a breakdown of how you will spend the funding. It should also have a business plan and show the investor their return on the funding. There will be some variation on what is required to gain funding from different avenues so tailor the pitch to the funder’s requirements.
Designing your product for market
The next step in getting your idea to market is creating a fully working prototype. A design consultancy allows you to outsource this without having an inhouse design team. This part can be costly and time consuming dependant on the complexity of your idea and how much development is required. However this is far cheaper than paying the salary of a full-time design team to get you from your initial visualisation to a shop worthy product. Knowing the product development process involved in developing a prototype can help justify whether you are getting a fair price. The design process involves:
The Design Process
In-depth research into market, competitors, users, aesthetics, and functionality.
Concept sketches explore all possibilities and potential designs for your idea. These are critically evaluated against each other and against what is already on the market to identify the best option.
3d CAD (computer aided design) models are made to test the design idea in the virtual world and see how it would look without physically creating it. This can be used to create engineering drawings, prototypes, and moulds for manufacture.
Prototypes are created to test the design in the real world. It allows you to conduct focus groups with your target market and gain feedback, this is essential for ensuring your idea will be liked by your products user. This will often highlight things you hadn’t previously thought of and give a fresh perspective for making this innovation the best it can be.
These steps in the process are fluid, they overlap and can go back and forth as new developments happen.
The ecosystem around your product
While developing your idea, it is important to also think about the ecosystem around it. The product ecosystem includes all of the other details that come with a product, for example: does your product need packaging? Will it need an instruction manual? What marketing material is needed to drive publicity (business cards, posters, flyers, brochures, etc.)? Following your brand guidelines will define the visual style of this. If you are lucky, the design firm developing your product idea may be able to design the ecosystem too. This is beneficial as it removes having to explain your idea to a new company, sign new NDA’s (non-disclosure agreements), and risks mistranslation between companies, it ultimately makes everything simpler for you.
Manufacture
Design agencies should advise on the manufacturing of your product and have connections to point you in the right direction. Manufacture requires a high upfront investment for moulds to be made and will work out cheaper when purchasing more units. For less risk when starting out, aim to limit production to what is required, market research and retail pre-orders will help determine how many units you will need. This way you won’t have too many units waiting to be sold in a storage locker and you can track market trends to determine the size of the next batch.
Retail and distribution
Deciding how you will sell your product is just as important as its price point. Striking deals with retailers and digital marketplaces to get your product in front of customers will drive sales when your target market are shopping for other things. Customers are more likely to buy from a known and trusted retailer than directly from you as there is less risk involved. However this is more costly due to their cut in profit. Selling from your own website is cost effective however will require heavy marketing to drive web traffic to your site. The best way to sell your product will depend on the product itself and the demand for your innovation.
Check-List
Never give up on your idea. Below is a list recapping the most important steps to take when developing your product from idea to shop shelf.
Is your idea viable?
Visuals to help convey idea
Intellectual property protection
Build your brand identity
Funding
Design development
Prototyping
User testing
Ecosystem
Manufacture
Retail
Are you developing a new product idea?
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