Steps To Get Your Product to Market

Although working your way through the patent process as well as the design and manufacturing stages all seem quite overwhelming and complex, these will seem like nothing in comparison to the work involved when it comes time to launch your product into the market and begin selling. To effectively manage the marketing and selling process, I highly suggest creating a detailed marketing plan based on your market research to effectively outline the steps to successfully launch and sell your product.

Here are a few steps to get you started in the process.

Create a Marketing Plan

Much like a business plan offers insight into your business goals, finances and operational strategies, a marketing plan effectively outlines your product in terms of the market, which is made up of current and potential customers. Often times, a marketing plan can bring light to certain aspects of the project that might have been overlooked until now.

To create an effective marketing plan, consider the following:

  1. Have you done your homework? Write down all of the goals, objectives and desired outcomes that you want to see in your business.
  2. Is your business plan complete and up to date?
  3. Can you describe your product or invention so that someone outside of the industry could understand its function?
  4. Who is your target market? Can you describe the ideal customer – age, job, hobbies, etc.?
  5. Where are your customers located? What are the actual demographics of the market?
  6. How much do you intend to sell your product?
  7. Who are your competitors? What are their prices? What does your product offer that theirs do not?
  8. How are you planning to promote your product?
  9. How will you advertise?
  10. What is your profit percentage?
  11. Do you have a product guarantee? If so, what is it?
  12. Do you have product liability insurance?
  13. What is your budget for launching your product into the market?

Set a Launch Date

Without a launch date (set and marked on the calendar) your product will never go to market.

Trust me. You need to have a set target to work toward; otherwise, tomorrow becomes the next day and the next, which means it will never truly happen. This is why you need to calculate the exact date of your product release, i.e. when it will be seen on a shelf or placed directly in front of buyers. Do not pick a date at random or set an unrealistic deadline that only breeds failure. Allow yourself a minimum of six months to launch your product.

Work with a Business Coach or Small Group

Because the process is extensive, you simply cannot foresee all of the potential problems or needs from start to finish. This is where having guidance and support in the form of a business coach, mentor or small group is vital as those involved or accustomed to the process can offer valuable insight and advice.

Take Action Every Day

Set a goal to complete a task every day that will contribute to the success of your product. By completing one small task each day, you work closer to launching your product into the market.

Advertising

Utilize any and all advertising mediums that can engage your market whether these methods are online, offline or both. Never be shy about promoting your product when you can. Your next customer might be at a networking luncheon or at your kid’s soccer game. Establish strong business relationships in your community that will contribute to growth and success.

Sell, Sell and SELL

Along the same lines of advertising, selling and promoting your product is the heart of success. However, do not always try and have all of your pie at once. Remember to start small by selling first to individuals. If the reception is positive, progress to small businesses and then to retailers and wholesalers. Once you sell to the bigger fish in the market, you are clearly on the path to great success.

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