Tips for success: Ask yourself “Does my new product design have these 12 important features needed for market success?”
Market competitiveness may not have as much influence on the success of a product as people may think – if your new product design can be differentiated from other products that have a similar purpose, then it is just as likely to be successful. Often, when a product fails, there isn’t an issue with the product itself, but instead a problem with the way it’s presented to the market.
Poor alignment with the market (customers don’t want it), technical issues (it’s difficult or expensive to produce), insufficient marketing efforts (the relevant audience doesn’t know about it), and bad timing (the product took too long to get to market, or was beaten there by a competitor) are more often to blame.
To help your product succeed, start by communicating with your customers to find out what it is exactly that they need or want. By doing this, you can understand how customers feel and what they need without trying to guess. Then, you can start to determine whether your product design has the features it needs to succeed. Try answering these 12 questions:
1. Is your product unique or innovative?
Is there an aspect of your product (whether large or small) that makes it unique or sets it apart from competitors in terms of its design and function? Be aware that your idea may not be as novel as you think it is. Consider the aspects of your product that make it unique from similar products that might already be in the market.
Could the unique aspects of your product be considered innovative to the industry? An innovation is an improvement. Even though the market often seems saturated with products, if your new product is innovative, and you are dedicated to that innovation, then there is a higher chance that it will be successful. Be sure to base marketing efforts off of your product’s unique features.
2. Does your product have a function?
Function is key. In order for a product to be successful, it needs to be functional. It’s one thing for your product to be unique, but if it doesn’t serve a practical purpose, customers won’t be interested in choosing it over a competing product. Often this can be tested with a prototype using 3D modeling and CAD services.
3. Does your product meet a need or want? Alternatively, does the product solve a problem that an existing product has?
It’s unlikely that customers will buy a product that doesn’t solve a problem – they are looking for solutions, not just “things.” Recognizing a gap in the industry is an essential skill – if many people have a need or want for a specific product that solves a particular problem, then you have an opportunity to create the product that will address that need or want.
It’s helpful to look to past crowdfunding initiatives that saw success and consider what made them stand out – use your findings to create a unique idea or campaign of your own (but keep in mind, copying a pre-existing campaign likely won’t get you anywhere).
4. Does the product provide value to your customers?
Turn to your customers: Will your product be valuable to them? Be sure that your product isn’t only addressing an issue that you have; it has to solve a problem that is felt by a number of different people. Adding value that customers want is key to designing a successful product.
5. Will your product appeal to a broad market and will it be easily accessible?
Consider who will buy your product. Will your product appeal to a diverse group of people, or will it only appeal to a niche market?
With that in mind, how you will get your product into the hands of your customers? If your product is too complicated to purchase – especially if it’s directed at a niche market – then customers will choose different options. Acquiring your product should be hassle-free for customers. They shouldn’t have to endure complicated ordering processes over the phone or wait several months to receive their purchased items.
6. Is your product easy to use?
You must not only be able to easily explain to customers how your product works, but you must also be able to explain it to investors, or they won’t be interested in your product because they’ll recognize that customers won’t buy it. If your customer can easily see how a product works without needing it explained, then they’ll be more inclined to buy it.
Always keep in mind whether there’s an easy way to make your product more practical or useful. Implementing a quick improvement before a competitor does can make or break the success of a product.
7. Does your product have more than one function?
In an age where people are seeking to save space, customers may be more interested in products that have multiple uses or functions, rather than a product that only serves a single purpose. Consider how your product can maximize its usefulness to the customer and then, in turn, maximize your success.
8. Are the results that your product produces proven and believable?
Consider how your product provides a solution to a problem. Will your product be beneficial overall? You have to be prepared to back-up the claims that you make about your product, and the results have to be proven and believable.
Getting promotion by actual customers is ideal, or producing demos to show how the product works can be instrumental in the product’s success.
9. Does the price of your product match its perceived value?
If a customer feels that the price of a product doesn’t match the value they will gain from it, they won’t buy it. They may choose to take shortcuts (e.g., use something other than your product to find a solution to their problem) instead of purchasing your product. The price of a product must allow the customer to justify their purchase.
10. Is your product inexpensive to buy, but good quality?
Consider how attractive your product’s price is to its target market. If you’re planning on marketing your product to impulse shoppers then low price points are ideal. If your product is not a luxury item, then, for example, pricing it lower than $100 means that it’s likely still accessible to a broader range of customers.
Remember that it’s possible to reduce costs without reducing quality; this will give you the competitive edge against competitors with similar but more expensive products.
11. Does your product look good?
It’s essential to strike a balance between having a product that is both useful and also looks good. If your product doesn’t look appealing, then it won’t sell, regardless of how useful it might be. The physical appeal of your product should be a result of your cumulative effort to produce the best product you can – the product should be designed with function in mind first, but aesthetics should still be considered in the design process.
12. Can you answer questions about your product?
Always be prepared to answer questions about your product. You have to be ready to answer all the questions that any potential investors or customers could ask you. Consider if you were a customer purchasing this product, what kind of questions would you ask about it?
By keeping these 12 guidelines in mind, you’ll be on your way to having a more successful product. You can always ask for feedback on your ideas from friends and family, but be sure that you don’t give too much information away – it’s still necessary to protect your intellectual property!
Customers are interested in value, ease of use, and ingenuity. By keeping your product idea simple, you’ll be able to deliver your product much more efficiently. Remember, a product that provides benefits to its users will prove to be more successful.
Whether you’re looking for design or production options, have questions about intellectual property rights, need help developing a marketing strategy, or are simply looking for a place to start, contact Cad Crowd today and we can help you on your way to producing a successful product design.
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