Many of us have product ideas that occur to use occasionally. But not all ideas are worth making into reality. Some are marketable and sellable, while others are not. Creating a new product can take a lot of time, money, and effort. So before you go down that road, you should be aware of the factors that make a product more likely to succeed. Here are our tips.

Can You Sell the Product at the Right Price?

There are various factors that can influence whether or not you will be able to sell your product at the right price. Here are some of them:

Cost of Manufacturing

Consider whether the costs of manufacturing the product are low enough. Will you still be able to make enough profit after this expense?

Assembly Time

If you will need to assemble parts of the product, this can add to the time and cost of creating the product.

Product Complexity

A simpler product is easier to produce in large quantities, costs less to manufacture, and fewer things can go wrong when it is being produced and when it is being used.

Packaging and Shipping

Consider what the packaging and shipping costs of your product will be.

How Will You Market the Product?

Creating the product and web presence for the product is a lot of work, but it is still only the beginning of making sales. Consider how you will market the product and what the marketing costs will be.

Is There Demand for Your Product?

Before diving into manufacturing many units of your product, you can create some sample units and test the market to see how much demand there is for your product. Get feedback from people about how the product looks and functions so that you can improve it if necessary.

Can Your Target Market Pay Your Price?

Consider whether your target market will be able to pay your price. Are your product and brand inexpensive or high-end? Higher ticket products may be harder to sell but you need to sell less of them to reach your financial goals.

Will Your Product Idea Require Investors?

Consider whether your product idea will need investors or if you can create the product on your own. If investors are interested in your idea, it may be a clue that your product can be successful.

For guidance on creating a product, consult a coach today!