Every successful product relies on proper testing and product development. Remember these tips when developing your next new product.
1. Brainstorm and Draw
Once you decide on what it is exactly that you want to sell, sketch up a basic design. Include estimated dimensions and what you envision the packaging to look like. Consider the best method of application and storage for your product. For example, you might need various designs to test out different lids or lotion pumps for bottles depending on the consistency of your product. The sketch can be as detailed as you like with notes to explain various parts and functions. This will also help you articulate your idea more clearly when discussing the product with potential manufacturers.
2. Test Your Prototype
Most likely, developing your product will take more than one attempt. Create a prototype to test as a sample before mass producing anything. Ask a small audience to provide honest feedback for you to experiment with several versions of your product. Through the process, you can eliminate issues and make improvements you may have never thought of before. When you are satisfied with your final sample, you can begin mass production.
3. Research Your Market
When developing your product idea, think about the current demands of your market. You will need to conduct some research to better understand your audience and compete with similar products that might already be sold within your industry. You can use surveys, personal interviews, field trials, or other observations to collect data for analysis. You can use this information to help your business adapt and survive as the market develops over time.
4. Find a Source
Choosing a manufacturer is a crucial part of your product development. Find out what type of packaging is available for your specific product in-house during production. Specialty bottles or eco-friendly packaging might have to be sourced from another provider. If you are not sure about mass producing your custom product you can work with a white label manufacturer. White labeling allows you to get your brand name out there with a product already in high demand.
5. Determine Costs
Make sure you clearly understand the costs involved with producing your product. Create a spreadsheet where you can break down each cost into a separate line item. Include the price of your raw materials, manufacturing costs, and shipping costs. By adding up your costs, you can determine a retail price and gross margin. This is also a good place to compare the costs of different sources if you received quotes from various manufacturers. Once you set your price, you can begin marketing and selling your product.
Ensure you keep these important tips in mind when developing your next new product.