Is Every Idea a Good and Successful One?
When it comes to a new product design, numerous ideas may pop into your head. We think of several different ways to approach product development; however, not all of them can always work out. Sometimes there isn’t enough market for the product design or there already exists a similar product. It’s important to thoroughly ascertain if your idea has a success factor in the commercial market.
Is there a market for the idea?
Possibly the first thing you need to check is whether your new product design idea has a solid market for it or not. However excellent your product design may be, it won’t bring you great revenue if people aren’t interested in buying it. A good way to check this is to look at the market standing of your potential competitors or someone in the same category as your product idea.
You’ll also need to check if the market for your idea is new, long-standing or has been very static for a long time. In a static market, you might need a drastically creative idea to generate a response from the target audience. Another good way to determine a product’s market is by selling it in limited numbers in a retail store. Even if you do find a market for your product design, the process doesn’t stop there.
Does a similar product design already exist in the market?
It’s highly likely that someone else has thought of the same idea as yours. In a business world that is now so stagnated, coming up with a new product design idea that’s also unique can be tough. However, even if there is a similar product design in the market, you need not lose hope altogether. You can still add your twist and innovate it into a completely new product design.
Check the costs of any existing similar products in the market. Determine the cost of their product development and identify areas of improvement. Can you reduce the production cost and make it more affordable for customers? Can you add a new improvement or feature?
Do you have a budget to execute R&D for product development?
Every new product design requires thorough R&D to develop and manufacture it in mass units. Once you are able to determine a good market for your product idea, you will need to ensure that you have enough budget to execute R&D for that idea. If you do not have enough capital or cannot secure financial backing for same, your product development will never take off from the ground. This might also indicate that there’s something missing in your idea.
Is there an issue with an existing patent?
Chances are, a similar product idea has already been patented by another company. Even if you can find an improvement on the ide, you might end up with a lawsuit from the other party. If you cannot find a workaround for this patent, you will have to let go of your product development and think along different lines.
Determine how viable your idea is
At KM Design, we understand the importance of a unique and powerful business idea that will help you become market leaders. Whether it’s to conduct market research or determine product development routes, KM Design can help you in numerous ways. Get in touch for an expert consultation today and determine how viable your product design really is.