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How Do I Turn My Idea Into A Million Dollar Product? (Part 2)

10 Steps for Product Development Success

In part one of this blog series, we discussed the first five steps of getting started with product development, from research and design to perfecting your prototype. Now let’s dive into part 2! This section will explore the manufacturing and product to marketing phases of your product development cycle.

6. Getting A Manufacturing Quote 

After going through many revisions and adaptations, your product prototype is finally perfect! The next step is beginning the manufacturing process and getting a quote for the cost of production. 

At this point, you should begin speaking to an account manager at the company that manufactured your prototype to determine how much it will cost to produce the desired amount of units you want. If the company you are working with to create a prototype does not mass produce products, you will need to find a new company to assist you with this step. 

When you speak to your account manager, it is essential to share an honest and accurate budget with them to determine the best ways to get your product on the market. Be sure to communicate the market desire for your product so your account manager can decide what type of manufacturing process is best for you when figuring out your quote.

What goes into determining a quote: 

  • Cost of the production process
  • Number of units produced
  • Materials needed
  • Labor costs
  • Shipping costs
  • Packaging costs

Keep in mind that a quote is just an estimate. In many situations, the final cost varies. Product developers often forget that other expenses such as packaging, shipping, and marketing also add up. Take these expenses into account when creating a budget and price point for selling your product.

 

7. Clinical Testing

If your product is a medical device, this is the time to look into clinical testing. To determine if your product is classified as a medical device, check out the FDA Medical Device Website for a list of medical device qualifications. Clinical testing is necessary for medical devices to have FDA approval and sell on the market. 

Your product will go through clinical trials, informing developers if the new treatment is more effective and/or has less harmful side effects than the standard treatment. A clinical trial can also look at making life better for people with a disease or chronic health condition. 

Reasons to have your product clinically tested:

  • FDA Approval 
  • Medical data and study to back up product claims
  • Learn how people react to using your device and if there are any risks to using your product 

 

8. Injection Molding

If you plan on mass-producing a product, it is recommended to use the injection molding process to manufacture. Using injection molding is advised for most products because it is quick and cost-effective when manufacturing. To start this manufacturing process, you must create the molds for the parts necessary for your development. This step is expensive upfront, but your quote will often include the price it takes to make molds for the injection molding. 

What to know about creating molds: 

  • Expensive upfront, but cost-effective in the long run
  • Lower production costs
  • Low waste
  • Part redesign restrictions

For those who are producing a low volume of products, an alternative to injection molding is 3D-printing. 3D printing is a viable option for making a product because it has low costs upfront, has a high accuracy level, is fast and repeatable. A second option is urethane casting, which uses a 3D-printer to create silicone molds that deliver an alternative for low-volume injection molding. 

9. Production And Packaging

At this time, it is best to have a packaging plan in place. Often the manufacturing companies you are working with to produce your product can also supply the packaging. If this is not the case for you, then you must find another packaging supplier.  

What to consider with packaging: 

  • Your Audience: Create a graphic and structural design that will be most appealing to your audience. 
  • Retail & Distribution Requirements: Your customer may be a distributor or retailer with particular requirements for your product.
  • Design: How will your package branding and design will set you apart in the sea of other products?  
  • Sustainability: The image you want for your brand, the availability and cost of materials, and the fees associated with recycling or disposal of the packaging after consumer use.
  • Product Handling: How will your product be shipped to customers?

10. Product To Market

The concluding step in bringing your idea to life is to take your product to the market. The process of developing a new product is complete, and you are fully ready to sell to all interested consumers.

Ways to sell your product: 

  • Directly through your eCommerce website 
  • Online third party retailer (ex. Amazon, Etsy, Walmart Marketplace)
  • Your own physical storefront
  • Third-party physical stores

Selling a new product takes patience and a learning mindset. Many product developers dream of seeing their products on the shelves of big retailers like Target or Walmart. Getting a product sold in big market stores is more plausible when you build a record of accomplishment in small and local shops, or your product garners significant interest on other platforms. 

Getting a new product sold in smaller and local stores can be challenging and time-consuming. A tip from a successful new product sales team is to devote time targeting a few stores or customers who are likely to buy your product rather than spreading your attention over many accounts. People will not always say yes to your product but adapt based on the feedback you receive and attack any challenges that arise with confidence. 

The Product Development Process

The product development process is hard work but extremely rewarding. If you are ready to get started bringing your idea to life, check out our Esino contact us page to talk with an account manager about getting started. Esino is your one-stop-shop for all your product development needs. 

If you have not read part one of this blog, you can find it here