There are many challenges when designing a new product from the initial ideas, to the manufacture, to the marketing; unfortunately, there isn’t a magic formula that can ensure your product goes on to be a best-seller, there are however certain aspects and factors you need to consider before your product becomes available to sell:
Will it Stand Out?
In the initial stages of your idea, you need to remember there are thousands of others right now doing exactly what you are. So, before rushing straight into a prototype, think about:
- If the product actually achieves what you want it to.
- Consider if it is over complicated in any way.
- What the nearest competitor is and what makes yours better.
- Any potential design flaws
Does it suit the Target Audience?
Arguably the most important part of your product/design is whether it will appeal to the audience you want it to. This is not to say you need to pigeonhole your product into one area, you will want to sell as many units as possible so consider what potential there is in other markets.
The best way to find the answers you are looking for is simply through market research; consider splitting larger demographics into smaller groups and seeing in what ways they overlap and finding out what their specific tastes are. For example, rather than saying ‘males aged 18-35,’ you could branch out into smaller age groups, their preferences in technology, and how much time on average the respective age group spends using products similar to yours.
Do you have the Right Contingency Cover?
Naturally, you will want to avoid any disastrous situations that affect your product or its users when you do eventually put it on sale, unfortunately, things can, and often do, go wrong when you least expect it.
You should invest in some appropriate Manufacturers’ Insurance from a reputable company, where you can find a policy that covers you in case there is an issue with your product and it needs to be recalled. This is a worst-case scenario, but it can happen; at least with the right cover, you can rest easy knowing your finances are protected.
Can you Successfully Market the Product?
You also need to consider the eventuality of making consumers aware your product is out there. Before you have started selling, make use of the free publicity that comes from Social Media (Facebook, Twitter, and Google+) and set up profiles that give potential customers a taste of what will soon be available to them.