Launching a product is not easy to do, it is filled with twists and turns and a few unexpected surprises along the way – emotionally and financially. So when, or if you are interested in launching a product, these are a few top tips that we want to share with you, to help the process from development, to final product.
Tip 1 – Budget and add 20%
When you have listed your budget and expected P&L for Year 1, add 20% in as a buffer. There will always be expenses and items that crop up, that must be paid and therefore allocating a spend against ‘flexible’ is perfect and a good way to protect having to take money away from anything else that is needed.
Tip 2 – Understand what a ‘full cost’ means
For example, a product will need designing, potentially 3D printing, graphic design, testing and samples. You will then need to decide between having a ‘wet’ copy or a proof of concept initial run of product. Understand what your total cost is for product development or you will be caught out.
Tip 3 – Proof of Concept
When you have your product created and in your hands, you will need to gain a proof of concept. This will be through gaining letters of intent from retailers or from selling your first ‘batch’ and showing this as proof of sales and customer intent to purchase. You will find resourcing funding very difficult without this.
Tip 4 – Project Management
Write out a project plan with a gant/excel chart and include all dates for items to be completed by, delivery deadlines and even payments due out. You need to ensure that the project isn’t one that continually slips and all deadlines are met by all parties involved – and when launching a product, that can be more than 8-9 parties at any one time!
Tip 5 – What is your brand?
Does your product fit your target market? Does the brand fit your USP’S? Is the product something that people have expressed the need to have? Make sure you complete a thorough Marketing Brief before you complete any stages of product development so you can tailor your proposition to the market identified.
We at Portcullis Market Access, help early stage brands launch a business into the retail market. We specialise in products that need support launching into the UK retail scene or a global reach especially in the USA. Would you like to know more? Email us as we would be keen to have a conversation, so we can understand your needs and see if together we can develop your brand into a world wide selling product – email@example.com