Most successful entrepreneurs start their business with just one good idea. To achieve product marketing success, the trick is to get that idea from the inventor’s head onto the shelf, into the market, and then into potential customers’ hands. To do so, an entrepreneur needs to follow a plan that takes his or her idea from the drawing board to the boardroom, says Nicole Fallon Taylor, in her February 10, 2016 article in Business News Daily.
First, Research the Market
If products similar to this idea have flooded the market, an inventor or entrepreneur needs to see if there is any tweaks s/he can make to the design to make it more unique, more inexpensive, or of higher quality. If that is not the case, perhaps it would be in the inventor’s best interest to turn to an alternative product to market.
Discover if the product would infringe on another inventor’s patent or copyright. Entrepreneurs can always search through the patent office for their home country to see if anyone else has a similar idea.
Secondly, Identify the Target Market
Who will buy this product or service? Before an entrepreneur invests in taking out a copyright or patent, before s/he invests in raw materials, labor, and a manufacturing facility, s/he needs to discover which markets have a need for the new product or service. That way, the new business will know to which audiences it can most successfully pitch its product to.
Thirdly, Create a Sketch or Prototype
If the product is an intellectual one, such as music lessons or a book, create the written material needed to sell to the target market. Hire an intellectual property attorney to make sure the copyright is in place before the product is released or marketed.
If the product is a tangible one, such as a new gadget, create a working prototype, along with the specifications. Test it well to make sure it works before the idea goes public. Again, an intellectual property attorney can make sure that the company has applied for a patent before they begin to release it to potential customers.
Next, Manufacture the Product
After a company has tested its product or service, it needs to find a way to manufacture or publish it. Look for top-quality printing or manufacturing firms that offer fair prices without skimping on quality.
Finally, Market the Product
Know one thing. A new product will not market itself. In addition to promoting the product through social media and branding, entrepreneurs need to develop what Taylor calls “a great elevator pitch.”
With only a couple of sentences that tell what the product will do for customers, companies can create one of the best—and oldest—forms of advertising ever: word of mouth.
When people discover what a new product can do for them, they will buy. That’s the beauty of an effective elevator pitch. Married to an eye-catching logo, an elevator pitch can become a slogan.
To get that logo and slogan out to as many eyes and ears as possible, new businesses need not look to high-end Madison Avenue firms to promote its product. According to Taylor, a marketing plan need not be expensive to be effective. Most startups, says Taylor, can begin with a “strong social media marketing plan.” Because of its wide use by people of every interest, social media can be a great way for a company to introduce a new product.
Add on to the social media blitz with print and design campaigns that are cost-effective and wide-reaching. A company can create a lot of buzz with just a few items of promotional wear and effective branding. Keep the brand voice consistent, and a company can rock the world with its ideas.
With a catchy logo and a slogan that burns into potential customers’ hearts, a product can go a long way to etching the company’s image on the minds of buyers. Think about the brand recognition of Apple, of Coke, and of Nike. People actually pay to walk around in promotional wear for these corporations.
Not only is this advertising free, but it’s also bringing in extra revenue for these companies. Their efforts to brand their businesses created an extra stream of income for them.
Yet all of them began with only an idea. With the right campaign, other entrepreneurs can join these giants at the top of the heap.