Bringing your product to market is the moment of truth. All the years of effort and planning come into focus when you place your product in front of the public and witness the results. However, this is not something you can do overnight. As long as you took to develop, test and fund your idea, you must plan on additional time to market your hard work.
If your research and focus groups have shown that there is a market for your product, perhaps the only thing stopping you from success is helping your customer find you. Like any good business venture, marketing your product begins with a solid plan.
Researching the market
Among the steps you have already taken, there is research. You may have read some current articles related to the demand for a product like yours, spoken to others in your industry and searched for information about your target audience. Trade shows are an excellent way to learn more about marketing your product and perhaps to network with people who can help you get your business off the ground.
When your research has provided the answers you need, you can create a business plan. This includes your goals, target market, price and customer base. You will also outline your plans for advertising and your budget. There are numerous legal aspects of a marketing plan, for example, liabilities, trademarks and business startup issues. A skilled attorney can advise you in these areas.
Your next steps
With a marketing plan in place, you are closer than ever to making your product available to sell to the public. Your next steps include the following:
- Setting a date: Choose a date between six and 18 months in advance to launch your product.
- Considering your market: Decide whether you want to start small and build your client base slowly or launch on a larger scale from the beginning, then create a strategy.
- Advertising: In addition to print, internet and TV ads, seek opportunities for interviews and other personal ways to promote your product.
- Moving forward: Make a plan to take at least one action each day to advance your product and your business, including advertising, public relations and networking.
Every new entrepreneur can use the guidance of business and legal professionals. You may also find that seeking advice from an Ohio attorney provides you with information and guidance that improves your chances of launching your product successfully.