Product Development-7 Strategies for Success
Traci Peraza Williams, having a strong Latino and American Indian heritage as well as a mother who was raised in the rural south, came to know homeopathic remedies, naturopathic concoctions and folk medicine as a normal aspect of her upbringing. Traci had an interest in chemistry and natural sciences which drew her attention to the ingredients of every product used in her home. This produced a concern within young Traci about the ineffectiveness of some of the harmful and harsh ingredients in these products. By the time Traci was in high school she began making her own skin and hair care products using her close friends as her test market. Traci shares with us these seven basic steps that helped lead to her success:
A. Idea Conception– a.k.a Idea Screening and IDEATION ( the active creative and thorough thinking through of bringing an idea to fruition.:The Lemonade Stand and the the Bake Sale Ex.) There are 13 key questions you want to ask during this stage:
1. How do I want the consumer to use, enjoy or experience about my product?
2. What should my consumers expect from my product, what will be my product guarantees? ( ask for input)
3. What problem will my product help the consumer resolve?
4.What might be a competitive price point for this product? ( This key question helps you determine your ingredient list- your product quality, the quantity or amount of the product you can afford to offer and yet make a profit etc)
5, How will I communicate the value of my product to my consumer?
6. What other products in the marketplace might my consumer consider?
7. What do they value about the competing products on the market?
8. Are the current products on the market lacking in any way?
9. What can I do so that my products stands out from the rest and addresses some of the current market deficiencies?
10. What might help them decide to purchase my product?
11. What would make make the consumer consider using my product, if they are already committed to a competitor’s product?
12. What benefits and features will encourage consumers to choose my product? ( EXPLAIN BENEFITS AND FEATURES)…It has this so you can do that.
13. How can I reach consumers who are in the market for a product like this?
B. Concept Development– Once you have asked the aforementioned 13 questions, you will take those answers into consideration and develop your product. You will narrow down your benefits, your features and have an idea of what it will take to produce and/or manufacture your product
C. Testing Market Analysis- You will test your product on a small segment of your target market, perhaps family and friends. Their feedback will help you tweak the product and identify what features and benefits have the most impact on your bottomline.
( Make sure to offer questionnaires, have test parties etc, use social media to gather as much data about your product as possible.)
D. Business Analysis– Once you have review the results from your testing, have made the recommended adjustments, if any to your product. You will need to calculate the cost that is required to manufacture your product and take into consideration future costs that will be later determined like marketing, etc. and than determine what your profit needs to be.
E. Prototype– You will manufacture your actual product
F. Actual Testing- You actually test a sample of your target market based on the findings of your previous test analysis to make sure that your product meets your target market expectations.
G. Production/Release– Aka Commercialization-You will produce your product for release to your market.
What idea have you allowed to draw cobwebs on the shelf of your mind? What is stopping you from stepping out on in Faith to produce, bring to pass and accomplish what has been burning on the inside of you to be released? Don’t let fear or the presence of competition keep your gift hidden. The world is waiting for it! Just do it!