How to develop an idea and take it to market
Every product out there, on the shelves of a store or online, began in someone’s mind! Anything you can imagine–commercial or consumer products, dental or medical devices, kitchen tools, products for sports & recreation, or any product you can buy–came to life through the product development process or invention process.
We can go on and on about how to develop an idea, or give you a step-by-step in how to turn that idea into a marketable product. In fact, we have talked about those things quite a bit–here are some fantastic blogs on those topics. In this post we would like to focus more on how you take your idea to market. The questions that people always have are: Is my idea a GREAT idea? Will people buy it? Where should I sell it? How do I take this idea to market?
To answer those questions, we will divide the idea of “taking an idea to market” into two different sections:
1. The product development process, where we take the idea in your mind and make it into a tangible product, ready to manufacture or put into production. (See the blog posts we linked to above.)
2. Taking this product to market, where we take the product you are already manufacturing to the marketplace. This is what we will look at below.
Taking this product to market!
Depending on how you intend to sell your product, this process may take longer than expected. In fact, getting into the marketplace is the most difficult part of the invention process. There are many possible options for selling your product, and they may not turn out to be as profitable as you thought. Here is a list of the most common ways to take your idea to market and make a profit.
Sell online (with your own website): This is the easiest way of selling your product, but it is also where you have to invest the most time. You have to: set up an online store; manage the manufacturing and logistics; manage shipping, handling, and distribution; and take all of those costs into consideration to figure out your pricing. When selling online, you have to work on your SEO or pay a company to work on it for you to generate leads and get people to buy.