How To Introduce A New Product On To The Market In 4 Steps

4 Steps To Introduce A New Product On To The MarketSource: Flickr

For most of us, it will always be a dream. But for some it can become a reality. What are we talking about? We’re talking about creating something new and getting it ready for sale. We’re talking about stamping an original mark on the market place with something that you shaped and designed. It seems so simple, doesn’t it. You come up with the plan and you sell it. But actually selling an original product or service is trickier than you realise.

1. Make Sure It’s A Success

Before you release your product onto the market, you have to make sure you have already drummed up interest for it. You can do this quite easily by using social media profiles we imagine you already have. Use these profiles to create sources of knowledge for the industry your new product will be a part of. By doing this, you’ll gain followers who will soon be customers. But, for now, you just need them for support.

Aside from social media, you can also think about setting up a blog and a website. But don’t waste that much time doing this. Once you get funded, you’ll want to spend some time re-marketing them anyway.

2. Funding Your Concept

If you think your new project is commercially viable, your first point of call for funding should be crowdsourcing sites. Here, you can use the support you have already gained to help fund your new idea. You might find success on this route but there are a few pitfalls. First, there’s a lot of competition so don’t expect your product to be a hit instantly. There’s a good chance someone else is already trying to get funding for a similar concept. Second, you will need to offer incentives to get people to commit. This can usually be achieved by offering them the product for free once it goes into production.

If you don’t find success through crowdsourcing, it might be time to attend a trade show. Again, if your product is marketable you might find interest from investors here. But, you will have to show them how your product can be profitable and what your plans are. They won’t be happy with you showing it will be successful in the first year. They will be looking for you to present strategic longevity.

3. Protecting Your Product

If you’re selling an original product, you do need patent protection. You will have to file for a patent and get it officially made yours. Once that happens you’ll be safe from anyone claiming they created the concept. To do this, we recommend you contact an Attorney. They’ll be able to advise you on how to proceed. London IP are highly recommended because they offer free consultation.

4. Producing

The final step is to produce the product. You should partner with a producer, rather than producing it yourself as this is more expensive. Form a contract with the help of your attorney and be sure you pick a reputable company.

After that, within a year your product could be on sale, successful, and you could own a profitable business.