From Product Creation to Selling: How to Take an Idea and
Turn It Into Tangible Merchandise
If you take a look at every product you've ever used or
heard about, you're actually looking at the manifestation
of an idea. Once upon a time, it was an idea that spawned
its creation from mobile phones to video games to sneakers,
even the food we eat and the movies we watch. Some of the
biggest and most respected companies today began their
business by creating and then selling an idea that later
became a product. That little seed of genius that floats
around in your head may just be your ticket to fortune,
fame and a dream come true. Here's how:
Creating the product
There are several ways you can create a product. One is to
create it from an original idea, another to rehash an idea
that's already there and modify it and still another is to
find the market first and then create an idea that will
either meet a need or create one.
Design your product
You could keep your product as an idea in your head but
it's best if you put it down on paper. This will help give
you a different perspective on how you want it to be. Ask
yourself questions: What will your product be? What will
be its purpose or value? What will it look like? Will its
design compete with what's already out on the market or
will it affect its marketability?
Don't underestimate design. According to Apple's Steve
Jobs, it's so much more than just veneer; it's actually
interior decor. That means it is integral to the identity
and function of the product itself. For the latest iMac
model, for example, Jobs fought not to have a fan installed
on the equipment. This resulted to a more intensive
engineering design but a far more superior machine in terms
of thermal management.
Research the market
Having a product is one thing while having a market to sell
it to is another. Determine who will buy your product. Is
there a real market for it out there? Will it sell easily
or will it have to rely heavily on a lot of promotions and
advertising?
If you don't have a clear idea what your product will be,
it will help if you look at the industry you're interested
in and see if there is a need that you can fill.
Selling the product
The very first thing you should consider when selling your
product is strategy. There is so much more to selling a
product you have created than just pushing it at someone.
Look at your product from all angles and determine how it
will compete.
Decide on your product sales route
How and where you will sell your product will affect your
pricing and even its production and handling. Will you be
selling it exclusively online or offline as well? Will you
be using an affiliate program or direct retail? If you use
an affiliate program, will your pricing cover for the
commissions? If you will be selling in bulk, can you give
discounts off the original price? Can the selling method
sustain your business and help it grow?
Set your pricing
The next concern you should have when selling your product
is pricing. Pricing has been the downfall of many would-be
entrepreneurs and even more established ones, so if you're
not careful, it could ruin your chances of success.
Make pricing part of your strategy. Determine the cost of
production including overhead expenses and then put a
reasonable markup on the product. Pricing should cover
everything from the creation of the product to its sales.
It should also be priced in a way that makes it attractive
and yet promote its value at the same time.
Supply and demand
Another consideration is supply and demand. How long you
will be selling your product will depend on how long you
can continue producing it. Where will the materials be
sourced and are there factors that will affect how the
product will be produced in the future? Is there real
demand for the product or do you have to create it?
If your product has been created as a result of another
product or to accessorize and supplement it, do you foresee
any modifications that might adversely affect your product
sales? If you sell customized leather casings for iPods,
for example, you could face some serious production
concerns once it changes its size or design in a major way.
Your competitors
When selling your product, you need to keep your eye on
your competitors. What they sell, how they sell it, to
whom they sell it and for how much will greatly impact your
business.
Promoting your product
Now that you have created your product, it's time to begin
promoting your product in order to sell it. What type of
advertising do you need for the product and where will you
advertise? Decide whether building a website is enough or
if you need to tap other more traditional methods of
promotion. You will have to review your advertising
efforts from time to time to determine if it benefits your
business or takes away from it unnecessarily.
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Ken Troyer is a very passionate online entrepreneur and has
a very high level of integrity. Ken has been involved in
online business coaching since 2005...and has developed
several successful websites since then. You can read more
about Ken over at his main website: http://KenTroyer.com