By JORDAN O'CONNOR
An idea is such a complex combination of thoughts & emotions, mixed with time to allow “alpha” brain waves to form a new concept. When this wonderful amalgamation of consciousness takes place, some people arrive at a point whereby a brilliant new idea has formed! But unfortunately, it is just that, an idea. As a product designer, it is our job to get ideas, and turn them into a feasible reality. There are a billion amazing ideas that have the potential to solve real world problems every day, however, as forbes recently reported, 90% of new product launches fail for a large number of reasons.
To mitigate this, a product designer is used as a master problem solver, a researcher, and a maker all in one. If you came to us with a brand spanking new idea that’s going to make you your millions, we would first go through all the steps that may be involved in your journey and in turn, the product’s journey. We will highlight many of the often overlooked steps and obstacles you are going to encounter as well as the many stakeholders who need to be considered along the way. Unfortunately, this can almost sound like a bit of a dampener, but trust us, it is imperative that these things are known to you before making a big decision to invest time and capital in a new idea.
It’s not all doom and gloom though! as after you’ve weighed up your options and you’ve made that big decision to push through and bring a product to market, you have begun a truly exciting journey of discovery, development, and ultimately opportunity.
New avenues for raising capital now allow for higher chances of getting a project funded. Take Kickstarter for example and other similar crowd funders such as Indiegogo, they all enable you to bypass strict pitch meetings with investors, and go straight to a proof of concept with your potential market. The benefits of a crowdfunder are threefold;
1) Get your idea invested in. Once funded, not only have you made a first round of sales, but with the right costings, you’ll be in a position to not only produce the second batch of units but also use your newly formed marketing budget to increase foothold in the industry. Now begins the scale up.
2) Have an initial pool of customers already waiting to use your product. Pre-orders are great! As you move through the manufacturing process, quality control, to fulfilment, how great is it to know you’ve already got customers! Lower your risk.
3) Free and powerful marketing! Even if your crowdfunder fails, its had good exposure, and you’ve been able to see a response to it. It’s not uncommon for a project to fail, and yet have backers reaching out to you, wanting the product you showcased. Build an email list, if you go through another route to market, you’ve still begun building that pool of customers.
“Good design is good business”
Thomas Watson Jr.
Getting to a stage of crowdfunding is no easy feat either, you will want to have your minimal viable product ready with the manufacturing processes finalised and the entire logistics chain fully costed. You don’t want to reach your campaign goal to find that you will make a loss fulfilling your orders and as a result be out of business before truly beginning.
So on top of providing you with a host of costings and manufacture sources, a designer’s job will always focus on ensuring the end product is desirable for your market, the product offers a good solution to the problem, and the campaign has a strong story connected to it that allows your customers to feel connected to the idea.
Next up is communicating the amazing features and story your product offers. This is important regardless of who is investing in the project. Whether you’re using a pitch deck for venture capital, a designed campaign page, or even an beautiful animation and video. A clear and memorable message is needed to show how your idea benefits the target user.
The amazing thing about product designers is that they can do all of this. From concept to reality, they can be with you every step of the way, designing a physical product as well as the route to market.
Get a plan up front, minimise your risk, then go for it!
DONT LEAVE IT
If you are thinking of bringing a new product to market but are unsure on some of the steps that lay ahead, give our friendly and professional team a call for a completely free discussion on some of the obstacles you may face.
+44 (0) 7593 709713
Routes to market are some of the most important things to consider when deciding to pursue an idea, for there are many, each with their own pros and cons. In next weeks blog I will talk a little more about these routes, and if patenting is right for your product.