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5 Tips for Entrepreneurs Who Want to Bring a New Product to Market

Martin Castilla            No comments            Sep, 2

When you’ve got an idea for an invention or new product that you think would sell, there are still so many steps left that need to be taken to facilitate the manufacture and distribution of that product in the real world. Some of the best inventions will never see the light of day because they’re backed by pure imagination combined with a lack of the ability to follow through. In simpler terms, some of the best “dreamers” are also some of the worst “doers.” If you want to simplify the process of bringing a new product to market, you can bring that dream into fruition with ease by heeding the following 5 steps:

1. Use an Online Electronic Product Design Platform

If your product idea involves components or technologies that you’re either not highly familiar with or don’t have the resources to assemble or design independently, the best approach would be to use a design-to-order platform like Gumstix for prototype design and bespoke manufacturing services. Gumstix provides a variety of online tools to help you develop and design new electronic products even without any engineering skills or experience.

2. Find an Existing Successful Product and Modify it

There’s really no need to re-invent the wheel. If you’re struggling to come up with the next wave in consumer electronics, just browse through major e-commerce platforms like Amazon to find the best-selling products and look for ways to add features or changes that will convince buyers to choose your product over the competition.

3. Use Paid Advertisement and Marketing Services to Build Momentum

Once you have a solid idea and have obtained a prototype that is of decent quality, it’s time to make your first order and start getting sales. Of course, the customers won’t show up by themselves, so launching a comprehensive promotional campaign is the next step. This might include utilizing social media advertising platforms like Facebook and Instagram, distributing video content through YouTube and other popular video platforms, and managing a well-rounded pay-per-click (PPC) campaign.

4. Compete on Quality Before Price

Finally, while you might be tempted to compete on price in order to instantly generate sales, competing on quality and setting your prices higher than the competition is usually a better approach for startups who are trying to maximize profit and return-on-investment (ROI). Even if it takes longer to sell your product initially, you’ll be making more money in the long-term and dealing with less hassle. Plus, you’ll be positioning yourself as a premium provider, which also helps brand image.

How Important is Budget?

Ultimately, if you have a great credit score, a strong business plan or product idea, and proof of income and/or longstanding financial stability, you should be able to obtain funding through loans or investments to expand your budget. However, if you don’t want to create any initial debt before the date of the product launch and you’d rather bootstrap the endeavor, you’ll need to start out small and scale up gradually.

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