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You may have an idea for a product and inspiration is firing off from every tip of your being, anxious to get it out into the world. But before you start the production process at full-throttle, make sure that you’re betting on the right horse.
Slow down and ask yourself these very important questions to gauge whether or not there’s space on the market for your product right now.
Does it have a simple premise?
How easily can you explain your product to your target market? Some products require no explanation because there are enough similarly positioned products to make it immediately intuitive.
Otherwise, how do you ensure that the market understands what it is you’re offering? There’s a good way to test your premise out. Create your own product demonstration video. If you can’t get people on-side with a demo video, then you have to rethink what it is you want your product to do or the language you choose to brand it with.
Sometimes, rephrasing it is the most effective solution there is, as simple as it sounds.
Does it have a market?
Of course, whether there’s space in the market for your product depends on whether there’s a market for it at all. You may be creating a solution to a problem that doesn’t exist (or people simply don’t care about). On the other hand, you may be throwing yourself into an oversaturated market. If that is the case, you can still find success by finding a niche that isn’t catered to and pitching your branding in that direction instead.
Does it have the brand?
Whether you need to find a niche or not, you need to find a strong brand. It includes not just the premise and the value proposition of the product. It includes the name and its visual identity, too. If you’re hoping to feature it in physical retail locations, you might need to get packaging market research to ensure it has the aesthetic quality to stand out amongst its competitors. What’s more, does the aesthetic, the logo, and the name accurately convey the value of the product?
Does it have retailer interest?
If you have your own retail front, you might not be as concerned about this. Otherwise, you need to make sure you have retailers on board before you start production in earnest. Get your product out and about early, as close to complete as it can be. You can pitch to retailers without a physical product to show off, but a prototype can be a lot more convincing. If you’re getting no retailer interest, it might not be the product itself that’s failing to catch their attention, but the branding attached. Make sure you get feedback, so you know exactly what you have to fix.
You need to be honest with yourself when answering the questions above. If you’ve spotted any red flags, you have to slow down. It might be time to go back to the drawing board, or you may simply need to wait for a shift in the market. Otherwise, you’re good to go.