If you’ve had a new idea, product or invention and feel great about it but not sure where to go next then this guide will give you an overview of where to go next with the process.
Table of Contents
Be Aware Of Your Target Market
This is a key stage, it might be a great idea, but you need to know exactly who will use it. Firstly you need to have a profile of your average customer, this is the type of person who will be your target, if others use it as well then great but it’s essential that you know who you are marketing to as this allows you to see if your target audience is willing to pay for this product. If you are unsure there are plenty of specialist market research companies that can arrange the correct strategy for you.
Make Sure You Have A Website And Social Media Presence
For people to find your product or idea it is key to have an online presence, even if they heard of it some other way then it’s a sure thing they will Google it as everyone does these days. So make sure you are up to speed on how to make a website and also to set up Facebook, Twitter and Instagram pages to showcase your product.
Make Sure It’s Legal And Been Properly Tested
For any product you’re bringing to market it is key that it meets all legal requirements for health and safety as you could be in a lot of bother if you are not thorough at this stage, the government guidelines can be lengthy but it’s important you ensure you are on top of them as you’ll quickly be shut down if you have not followed correct health and safety procedure.
Know Your Competition
Is your idea unique? Unless the answer is a complete yes then you are going to have competition even if it’s not an exact direct product in competition there is surely going to be alternatives to your solution or product so it’s important to see if there is space in the market for your product. Firstly it’s good to try and see if they are successful, simply because they exist doesn’t mean they are making a profit, check out their website and any reviews and see how it looks, if they are a company you can look up their published accounts. You can check a competitors SEO to see how much reach their website has, this will give you an idea of how much exposure it has. Finally you can always become a customer buy their product or use their service and make notes on what they do well and what they do poorly to give you hints and tips on how you will do it differently.
Patents and Trademarks
If your product is unique enough you might want to consider copyright, trademarks or patents to protect your intellectual property, copyright can be applied to artistic creations such as writing or music, a trademark protects a name, phrase, design etc and patents apply to inventions and industrial processes. If going down this route take expert legal advice as it can be trick and easily done incorrectly which would leave you unprotected.
It’s a lot of work to get that product to market but this guide will have given you a few pointers of some of the key aspects to get it out there. Best of luck and hopefully your new product will be a great hit!
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