You’ve been working on a product that’s going to change the industry. You’ve poured hours and mental energy and sleepless nights into developing this product and testing it to be sure it works. Now that you’re confident in it, the question becomes when to put it on the market. If you put it on the market too soon and it flops, you may miss your chance with it. If you wait too long, someone may beat you to it or make the need for your product obsolete. Timing is everything. How do you know your product is ready for the market?
You’ve Protected Your Product
Before you put your product on the market, make sure your intellectual property is protected. For instance, if you have a physical product that has a distinctive look or is unique in how it works, you’ll need to patent it to make sure no one else can make the same thing and steal your invention. More abstract or artistic products will need to be copyrighted. Trademarks are often used for slogans and logos. We broke down the differences between these three forms of intellectual property protection in a recent blog: Trademarks, Patents, and Copyrights: What’s the Difference? But they all serve to ensure that your product can’t be replicated or stolen by your competition, which is absolutely crucial to your success when you start to market.
You Have a Thorough Marketing Plan
It’s one thing to create a good product. It’s another thing to know how to market that product. Do you know who your audience will be? Can you explain, succinctly and in a way that customers can understand, what sets your product apart on the market? What are your goals when it comes to profits and where you’d like your product to be sold? Take some time to set out a thorough marketing plan, including:
- Goals and objectives, including the immediate and plans to scale
- A picture of your target audience
- A pitch for your product and why it stands out
- Price, expected profit, and expenses
- Clear, engaging branding that is protected by federal trademark registrations and possibly also protected by federal copyright registrations.
You Know Your Competition
No matter how good your product idea is, it won’t exist in a vacuum. You will, inevitably, have competition. Do you know who yours will be? Before you set a launch date, do some research about your competition. Take down names and take a look at their own products as well as their websites, social media platforms, and other marketing resources. How does your product differ from theirs? You can emphasize these differences as strengths for your product when you market. What marketing techniques do your competitors use that seem to work for them? Remember, they’ll likely have the same target audience as you, or at least similar.
You’ve Walked Through the Process as a Buyer
Do you plan to sell your product online? Go through the steps on your website to make sure there are no bugs that could make it difficult for a buyer to purchase your product. If your product is going to be in a brick and mortar store, check out the locations near you to make sure the buying process is still smooth. Is it easy for your customers to know where to find your product? Little inconveniences can be enough to send your buyers into the arms of your competition, so you want to make sure everything is clear and easy for them to use.
Is your product market ready? Contact Garcia-Zamor today for legal advice regarding trademarks, patents, copyrights, and anything else you may need to protect your product before your launch date arrives.