Do you have an idea for a brand new product to produce and sell through your business? Great! Given the current COVID-19 pandemic, more people than ever are turning to small, independent businesses for goods and services, so the market is primed.
However, creating and marketing your own product is a lot more challenging than you may think. Before you can even start to think about getting it on your business website or out on the shelves, there are plenty of things you need to think about. Here, we look at how to create and launch your first product or service successfully.
Understand Your Market
As much as we all want to, it is almost impossible to sell the goods to everyone. There is always a large part of the population to whom your product is meaningless or irrelevant. To ensure you don’t waste time and effort, you should narrow down your target market to specific groups. For example, cleaners, homemakers, and the food industry would be the obvious target demographic for a cleaning product. Once you know who you are going to sell your product to, spend your time focusing on them. Then hone down your marketing efforts with effective and targeted video production, social media campaigns, and email lists.
Explore Your Options for Manufacturing
You may choose whether you’d like to commission a manufacturer abroad or have your product produced locally. Weigh your options in terms of quality and quantity. Factories in China, for instance, are designed to create large quantities at a minimal cost. This allows you to minimise your expenses, but you may have to make compromises in terms of quality. Producing your product locally enables you to achieve better quality, but you will have to spend more for every product produced. You will have to choose what matters more, and proceed accordingly.
Design Your Packaging
Packaging matters. Now that you’ve figured out your target market, designing your packaging will be much easier. If you are aiming for a budget-conscious market, make sure your packaging will not intimidate them. If you are targetting an upscale demographics, then make sure your design is classy and sophisticated. Many consumers are searching for more environmentally friendly packaging these days, so you may want to consider this as well.
Test Your Product
A key stage in the creation of a successful new product is to have it tested by people who have no bias. Organise a focused group discussion to get a glimpse of how your target customers feel and think about the product. You may reach out to bloggers or social media influencers to gather both feedback and publicity.
Find Your Gap in the Market
Make sure you have your unique selling proposition (USP) defined and communicated properly. Your USP is the key attributes that makes your product stand out from the competitors. Always emphasise this in all funnels of your marketing efforts, from brand awareness to advocacy campaigns.