Launching the product in market is very competitive, your product will get success only when it is unique or 10 times better than existed product. Success in market depend upon how you analyze your product and how it will benefit to the society. So here are the top 7 steps how you can make your product development more effective.
Solicit Feedback
Feedback about your product play crucial part in product development. During feedback not just take your family and friends suggestion but ask to the strangers about your product. It will clarify to know what they are thinking about your product and how your product changes their needs. Example: Before selling to bulk shirts in market first launch 10 shirts in market and take feedback about the fabrics, fit and comfort and after great feedback launch that shirts in market in more quantity.
Design and simplicity
Product designing not only decide how it looks different to other products but also it helps to attract more customers for your product. According to Ziver Berg founder of Zivolo your product designing is always in so simplest way, so that it attracts customers within 3 seconds when people see your product. Packaging also plays important role, so always try to package your product in such way so that it can communicate with the customers instantly. According to Shae Hong,CEO of Sensio “In most consumer product categories, packaging is your only communication with customers,”
Don’t skimp on materials or manufacturing
For product never think about to deliver low quality material or think about to buy cheap materials, try to buy material which are in high end quality. When people buy items they think it has to be on top in everything whether in material or in quality. Quality of your product will make run for the long term in market. According to Amy Wenslow, CEO of Products to Profits, a consultancy in Pasadena, Calif Don’t expect a flawless product off the bat, and stay on top of every detail. “You have to check that,”
Price it right
Many Entrepreneurs always find difficulties how they will do pricing of their product by knowing all overhead cost including shipping and duties. For this they have to analyses all the costing then evaluate on what price they have to sell the product to attract customers and earn profit. YOU HAVE TO ALWAYS BE COMPETITIVE ON THE PRICING OF THE PRODUCT SO THAT IT WILL DIFFERENTIATE YOU COMPARE TO OTHERS COMPETITORS.
Maintain Demand and supply gap
You have to always ready to maintain gap between what amount customers want your product and how you can supply your product to the customers. It means you have always that stock which full filled your customer’s needs, never invest large money on inventories if your product needs in market is 100 then always try to produce 110 products so that it will maintain demand and supply gap efficiently.
Protection of Ideas
Before entering in market with your idea and product, first make sure you trademark your product name, corresponding domain is available for this check your patent whether it is matching or not to others. Intellectual property law will protect only when you will arm according to each needs for your product. This will help you to claim your ideas is not of copy to another company and also help to sustain your business for long term.
Communicate wisely with retailers
Retailers will help you to sell your product to the customers, so always prepare yourself and clarify all the question what retailers want from you. It will help you to know about penetration of your product in market from their perspective. Always try to communicate wisely and try to make simple because for mutual coordination you have to put yourself into their shoe how they are seeing your product. Sometime you will not get your first retail outlet what you want but be pleasant and take patience.