One of the most common questions asked by entrepreneurs is whether the idea of their product is good. In other words, whether it will be successful on the market. Naturally, no one can answer this question accurately. However, there are some aspects that should be considered if you want to find out whether your product will be successful.
The value lies not in the idea, but in its execution. So, the team that works on the product determines the success even more than the idea that lies behind the product. Indeed, very few people are capable of turning an idea into a real product that will be developed, manufactured and sold. Ask yourself whether your team really can bring this idea to realization.
2. Product Development
One of the features of a good product is its relative simplicity and affordability in development. If you own a large company with unlimited resources, it can be a good idea to develop a complex product. However, in the case when you are a startup with limited funds, building an expensive and complex product is non-efficient. Bringing even the simplest product to market is a challenge, and working on the complex product can result in years of wasted time and vast amounts of money.
A good and simple product should also be simple in manufacturing. One of the most important issues in this context is scaling. For example, a product that consists of unique, custom-shaped plastic parts requires mass-scaled prototyping. So, it will be very expensive to manufacture it in volume. Pay attention to the expensive technology of injection mold. If your product has unique plastic pieces that should be molded, your mold cost will be multiplied. This is only one example of expansive mass-scaled manufacturing, however, in reality, there are numerous details that can hit your budget. So, ask yourself whether your product can be manufactured at a cost that is low enough to generate a good profit.
Again, if you are a startup, and your product is expected to reach a large audience, you can spend millions of advertising. In order to avoid this, focus your marketing strategy on a certain niche. Ideally, you should understand this niche for your marketing to be effective. You should also ask yourself whether your product is differentiated from the competition. The product is recommended to keep a balance between uniqueness and familiarity for consumers. In other words, customers will not buy something that requires amounts of education to use it. At the same time, in some cases, you should educate your customers about the problem your product solves.
Finally, you should consider whether your product will sell well. However, there is no accurate answer to this question, and even people with tons of experience and data on prior products don’t know for sure if a new product will sell well. So, the only way to find out – is to sell it. Be confident and learn lessons even from challenges and failures on your way. If you need assistance with your product development, contact Axonim. This company will take your idea and process it from the early estimation stage to mass production.