At one point in our lives we find ourselves with ideas that we want to transform to product, but often these ideas will fail due to something we do in the process of transforming ideas into real word products. It remains that some people are still developing products, and it is not luck or a random process that lead to the development of some of the most popular products and brands we know there are steps and costs involved to turn ideas into real world products. In this article we look at the steps and costs of having your dream realized, turning ideas into profits. These steps are a standard version of the steps you need to go through to see your ideas turned to products; they may have slight variations in some scenarios but for most of the products they will help realize the end goal effectively.
Eight steps to turn your idea into a real world product
1. Idea generation
The process of product development starts with identifying a problem, a problem that people would like to be solved. Site down and take you time, and after you have identified the problem you want to offer a solution to, list your ideas on a piece of paper, you can have several ideas on how to offer the proposed solution to an existing problem.
2. Idea screening
After listing all your ideas, you get to the stage where you get to choose the idea that best offers the proposed solution. At this juncture, you look at the costs of going with each of the listed ideas so as to make sure the option you choose does not surpass your budget. You also look at the viability of the idea financial viability as well well as the acceptability in the market. This is a crucial step in choosing the wrong idea will lead you to direct failure hence take your time to evaluate your ideas to select the best idea that will result in the development of the product that will offer the best solution.
3. Concept development
After choosing one idea to work on, it is time to develop your concept, make a detailed version of the idea. At this step, you can take the views of potential customers who could point feature they want and also get some feedback on how they think of your idea. Involving potential customers is imperative as it lets you know what they would require, and then you implement it.
4. Develop a marketing strategy
For new products marketing is crucial, you have to craft a strategy that will help your proposed product penetrate the market, this will include promotional strategies like advertising, SEO, direct marketing (e.g., email marketing), placement and pricing. Developing a marketing strategy will also involve identifying your target market and developing positioning strategies that will help you build a strong product in the market. Marketing is one process that can begin before the idea is fully turned into a complete product. Just ensure that you create the neccessary patents
5. Business analysis
This step will involve predicting the sales, the costs, and the market share. The costs of an idea turned product is to be considered to ensure that the product will be economically viable. The predicted market share also will help you come up with a competitive strategy where there already exist other similar products. This step helps you know if the product will be economically viable.
6. Product development
When you have established the economic viability of the product, the next step should be to develop the real product. You start with the a prototype and then develop the product by manufacturing a finished model.
7. Do a test marketing
This is done to evaluate the performance of the product in the market; it is an unofficial release of the product. Test marketing is done in different places where there exist potential customers. This step will help you collect information from the customers and make adjustments to your product that will make the product do better in the market.
After test marketing has been successful and after the necessary adjustment to the products has been made it is time to make the official release of the product in the market.
Effective implementation of the above steps will help turn your idea into a successful product. At times, you can tweak these steps to help steer the idea in the desired direction and help reach the set objectives.