Running a business and launching a new product can be a very exciting time for any business owner; however, not going about a product launch the correct way, or failing to look at what your competitors are doing, could spell disaster for your new product. So, before rushing into your launch, why not take some time to think through what you should be doing and why?
The Marketplace and Target Audience
Who exactly is going to buy your new product? Running with an idea is all good and well, but if you do not know who will be buying it, then you will not be able to market it correctly, and you will struggle to turn a profit. For your new product, you must have a suitable marketplace and target audience in your sights before you commit any further time or money. Take your time to carefully curate your target audience; you need to ensure that you aren’t targeting the wrong group of people.
The Patent and Copyright
With so many products already around, it is important to check that your new product does not impede or affect any other patents or copyrights in place. If you find yourself directly or indirectly involved with patent infringement, then you will need to use a specialist attorney, such as Hankin Patent Attorney, who can provide a full service to ensure you get the patents you need, and also ensure that others do not steal or breach your patent/s. As well as patents, you also need to look at copyrights in place; being too similar to other competitive businesses can get you into trouble, and it can make it difficult to establish your place within your target market. Therefore, ensure you do not breach copyright laws, no matter what state, county, or country they were made in, or apply to.
Do you know who your direct and indirect competitors are, and do you know what they are offering and at what price? The more you know about your competitors, the stronger your launch can be. If you do not conduct a competitor analysis, then how will you know that you have launched or pitched your product at the right price point, and how do you know that you are offering a product of interest.
Profit Margins and Figures
Do you know how much your product costs to produce and to get to its ultimate selling point? And do you know how much profit you will be making on each product? If you are not aware of your figures, then you need to make this a priority. Not knowing how much you are spending or how much you are getting in terms of profit could be disastrous for both your product and your business.
Does your new product have staying power, or is it a product that can easily be copied or replaced? If your product is not sustainable in the long run, then you need to think about mass production from the get-go. The sustainability of a product and its expected shelf life will affect everything you do and everything you want to do, so do not overlook how important the sustainability of your product is.