An Expert’s Guide to Product Development Success
Inventors Only is hosting a product development contest to help inventors across the nation take their new product ideas to the next level. This contest is powered by Esino USA and many other renowned partners, all with plenty of years of experience in the product development industry. We want to share our expertise on what it takes to have a winning product in the Inventors Only Contest and the market.
Winning Product Tip #1 – Make sure your product is necessary
Developing a new invention often comes from noticing a problem, which sparks an ingenious idea for a product to solve it. Products that make life easier for people and solve problems are the ones that find the most significant success. These products become deemed by many people as a necessity.
To determine if your product is essential and will withstand the market, ask yourself these questions:
- Does it solve a problem?
- Does it bring joy to life?
- Are there similar or substitute products?
- Will this make other’s lives easier?
If your product can answer yes to these questions, you are off to a good start on the product development journey.
Winning Product Tip #2 – Research and Ensure Your Product is Feasible
Research during the product development process is a significant key to success. When you perform in-depth analysis, you can guarantee that you have a unique idea that has never been done before. You will learn if the product you want to develop is feasible and able to survive on the market.
A common mistake that inventors make is conducting too little research. It is necessary to do a deep dive into what you want to develop and the market you will be entering. Any organization you work with, and all investors will want to know that you are knowledgeable in your product and what it will take to bring it to life.
Tips and Questions for Getting the Most Out of Your Research:
- Has your product already been developed?
- Does someone already have a patent for your idea?
- Is it feasible for engineers to make your product?
- What type of manufacturing will you need to mass to produce?
- What materials will you need for your product?
- How much funding will you need?
Winning Tip #3 – Know Your Market
A smart product developer knows the market they are entering and who their target audience is. It is highly suggested that you learn as much as possible about the people you are selling to so you can cater directly to them. When showcasing your product to investors, customers, and other product development companies you plan on working with, presenting your market knowledge will increase your chances of winning them over.
What to know about your market
- Who is the target audience? What do they do, where do they shop, how often will they use your product?
- Is your target audience a niche group? Will your product appeal to the masses, or are sales in this niche community sustainable?
- How much will you charge? How much do competitors charge?
- What are your competitors doing right and wrong?
Final Winning Tip – Be Consistent
Successful product development is a complex and lengthy process, but it will help set your product up for a win if you keep these tips in mind. It is essential to be flexible because the product development process is full of different challenges arising. If you are patient and endure these challenges, it will be worth it when you see your product come to life.