An introduction to commercialising new lighting products.
As it is popularly said, it is all about the money! Businesses thrive on turnover and profit. After scaling through the hurdles of the previous stages of developing a new product, selling the product comes next. Developing a new functional product is great, commercialising the concept is even more crucial. At D2M we partner with our product marketing partners to offer advice and consequently increase your chances to make the most of your innovation, maximise profit while retaining the worth. In this article, we highlight the steps taken and tips needed to sell your new lighting product idea.
No one likes seeing their products held up at a warehouse rather than in the hands of the consumers! The following are helpful tips on selling your new lighting product.
DETERMINE YOUR TARGET MARKET
This basically means understanding who your target audience is. For example, children’s night light will be targeted for children of course, but might be for children from middle income families. Try to be as specific as possible, this gives you a better understanding of marketing and appropriate retailers. It can also help in determining the mode of advertisement, packaging and even delivery.
Also, knowing other details about the customers help. For example, knowing what drives them to buy a lighting product, when they are likely to buy one, how and where they like to buy their light products.
PROVE YOUR PRODUCT WILL SELL
This is important. Here, cost effective and functional prototypes can be made and reviewed with potential customers. This step helps you know how well your product is received by people. Remember that the goal of this step is to test how well your product will do in the market. Even with your first batch, only just breaking even is good. Therefore, don’t be too worried if you are unable to make profit or break even in this stage. Objective feedback from early users is priority. Trust me, no one is more honest than a person that spent his hard-earned money on a product. Much more so than any focus groups pre launch where no money is involved!
KNOW YOUR COMPETITION
The market space can seem like a jungle at times. The importance of research when developing, marketing and selling a product cannot be overstated. What you should be focused on is trying to make your product and marketing strategy more unique than your competitors. Also, if your competition is doing really well, study how the products are being marketed and what exactly draws customers to the product. After finding that out, then do it twice as well!
CREATE A SELL SHEET
A sell sheet is usually a one paged document that basically “sells” your idea or product to people. It is a form of advertisement to attract individuals. First impressions they say, last long. A good sell sheet is catchy, highlights the product while explaining the functions and benefits of the product in clear and simple words. Fortunately, creating a sell sheet is one of the many services D2M offers. D2M also makes professional product presentations using CAD (Computer Aided Design) and photorealistic renders to display your product in action and emphasize the salient features and benefits.
GOOD DESIGN AND PACKAGING
You will be surprised how a good-looking box or concept can increase the sales of your product. Attracting the customers should be taken seriously!
So, your product has been launched and it is beginning to gain traction, it is important to remain consistent. Respect your customers by staying true to your product quality. Also, availability matters a lot. Demand without supply could hurt your sales and reputation. When your product is unavailable, people tend to move to the next best thing. Maintaining supply dictated by demand is crucial.
A patent typically helps to protect your design and stops other people from making or selling your invention. Patenting your design is great but knowing how and when to patent it is so important. Patenting your design can seem a little expensive but it is money well spent when done right. It prevents people from infringing on your intellectual property. When a copy of your product is being sold, simply calling the retailers can put a stop to the stocking of the copy products. No retailer wants a bad reputation.
With an impressive network of chartered patent attorneys, you are sure to be properly guided on patenting your product. Our partners provide valuable information on if the idea is novel. Also, we offer patent drawing services by producing images that are required for patent application with the help of the patent attorneys.
Scaling through the stages of designing, prototyping and manufacturing a new lighting product is no easy task. Ending your innovation journey due to poor turnover shouldn’t be your case. Selling your products at a reasonable price while maintaining traction and turnover is important.
Collaborate with D2M to create a minimum viable product which is of quality, attracts consumers and can be sold for an appropriate price in the market.
Read more about developing a lighting product here.