Over 300,000 new consumer products hit the market every year. Some of these products are instant hits, selling millions of pieces within a few days of launch. Many new products, though, struggle to sell.
As an entrepreneur who’s looking to create a new product, there’s no doubt you want to launch a product that will sell like hot cake. However, you also know that this is easier said than done.
One way to enhance your chances of creating a successful product is to avoid product creation mistakes that most inventors make. In this article, we’re fleshing out these mistakes.
Let’s dig in!
Create a Product That Solves a Real Problem
Not all products are designed to solve any human problem. It’s perfectly okay to create a product to satisfy your own curiosities.
If you’re an entrepreneur, though, you’re creating a new product to sell and make money. This means your product needs to have buyers – lots of them.
Unfortunately, some inventors just assume that their product will have great market demand, only for it to record poor sales after launch. The only way to avoid this problem is to conduct market research, identity a problem that needs solving and create a product that solves that problem.
Don’t Underestimate the Competition
It’s unlikely that you’re creating a product that’s entirely new. Almost every consumer problem has a product or service that attempts to solve it.
If you’re creating a product that will compete with others, it’s super important to consider the competition. Get those products and assess them. How do they work? What’s their biggest selling point?
In a competitive market, standing out from the crowd often comes down to product value proposition. This is the one thing that will make consumers choose your product over the rest.
Even if customers are complaining that all the products in the market are trash, don’t assume yours will be an instant hit – or even a hit at all. Learn from the mistakes of your competitors and create a truly compelling product.
Don’t Slack on Product Manufacturing/Assembly
Product design is one thing, product manufacturing or assembly is a totally different thing.
In an ideal world, design and manufacturing teams should work together to ensure the creation of a quality product. However, this can be difficult to achieve when you’re on a tight budget. Since many inventors don’t own product assembly facilities, they typically outsource to third parties.
There’s nothing wrong with outsourcing product assembly. But if you don’t select the right partner, you’ll be counting your losses. You’ve certainly heard horror stories of entrepreneurs who received entire batches of poorly assembled products.
Use these tips to choose the right product assembly service for your business.
Avoid These Product Creation Mistakes
Product creation is the heart of entrepreneurship. You want to launch a product that consumers love. While there’s no guarantee that you’ll get it right the first, second, or even third time, avoiding these product creation mistakes will go a long way.
Keep tabs on our blog for more business tips.
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