Some startups are able to begin selling their services in just a few weeks, sometimes less. But these tend to be those that are reliant on services and already have experts in place who are able to deliver to customers on the ground. We’re talking legal firms, accountants and even hairdressers.
But what happens if your product isn’t ready yet and you’re still in the process of getting it to market? What should you be doing? Take a look at some of this advice to help get your product to market under budget and ahead of schedule.
Check Market Reports
The first thing to do when designing a new product for a particular market is to do your research on market trends. It turns out that companies invest massively in finding out what are the latest consumer trends so that they can predict the types of products they will want to buy in the future. Since you’re in the business of predicting what customers want too, it’s a good idea to get a handle on these trends. Usually, all the latest information will be available at your Business Intellectual Property Centre. Here you’ll be able to talk to experts about what’s been proposed as well as the direction the industry is going in.
Use New Prototyping Technologies
Prototyping used to be slow and very expensive since each part of the mould for a prototype had to be made by hand. But recent advances in rim moulding technology and 3D printing have changed the game significantly. Startups no longer have to invest large amounts of their hard-won capital into prototypes which may or may not meet their design specifications. Instead, they can invest in multiple prototype stages until they get a design that they’re happy with. What’s more, these new methods are actually speeding up the process of prototyping, making it easier for companies to fit their products to their target markets.
Put Together A Go-To-Market Strategy
Go-to-market strategies involve thinking about all the ways in which your company will have to satisfy consumer demands while also staying under costs. The first thing to consider is how many customers there are in your home country and abroad who would potentially be interested in your product. The next stage is to figure out how they prefer to buy. Should you be advertising through online shops? Or would customers prefer to grab your product in a store? Finally, take a look and see who influences your audience. Is it magazines, blogs or other media outlets?
Next, take a look at costs. How much will you have to charge per unit to break even? Can you make back all of your R&D costs, given the current prices in the market? Or will you have to find a way to charge a premium?
Keep An Eye On Your Competition
Finally, before leaping into the manufacturing stage, be honest about how well your competitors are performing. Their bottom line is a good indicator of whether or not it’s worth getting into the market.