Products appear in our minds before they appear in our hands. So how do you begin the journey of creating products? You have to begin with research. Lots and lots of research to note. It requires you to know what the unique selling point of your new product will be. This helps you to spot gaps in the market by specifically trying to make something new that will never be seen before and make your rivals lose sleep at night. The research, however, isn’t all academic. You can and should test variations of examples of your new product. This can mean you strive to make prototypes and get an idea of how it would need to evolve in the manufacturing process if it were to meet your standards.
What to research?
Very good question. There are a lot of things to research for your new product.
- Compare existing products with each other. What do some do better than others, and could there be a compromise to tick all the boxes?
- Research why customers tend to like one product more than the other. Could it be cost? Material? Maybe it’s due to the design?
- You should always try to research what kinds of materials you could use for a new product. A new smartphone that is much lighter than the others on the market, yet still somewhat bland in other features, will still have a unique selling point.
- Make sure you research designs. Is a curvy design going to be better for your product, as opposed to straight lines? You’ll get more mobility from the former, and more utility with the latter.
Who could make it?
You will be surprised at how often it is the case that products that are in the minds of every executive team, cannot be made right now. Either the technology doesn’t exist, the materials are too expensive to make en masse, or the design is simply too complex to keep the costs low enough for their key demographic consumer. This is why you should also research, who could possibly make your new product to the specifications. For example, Omniblend is one of the most advanced and trusted sports nutrition manufacturers in Australia. They make UHT products such as milkshakes and also powder protein products for athletes.
Is it the right time?
There are many brands that would like to release their new product, but because of the times, they hold off. This can be seen in the technology sector, whereby rivals don’t want to release their products close to each other, because it would potentially take customers away to one side or the other. So research when the right time is to sell your products. This could be done by looking at the consumer spending trends released by think tanks and political departments.
When you research a new product, it will open your eyes as to what is actually feasible and what kind of designs and materials are best.