In this article we will have a look at 5 Expensive Product Mistakes To Avoid.
A lot can go wrong when launching a product, and certain blunders can carry a heavy cost. This blog post explores 5 very expensive mistakes that you must avoid when bringing a new product to market.
Skipping market research
Market research is key to understanding your audience. It also helps you to identify your competitors. Skip this stage, and you could end up launching a product that doesn’t appeal to your target market, or that is a carbon copy of another product. This could result in huge amounts of money then spent redesigning and rebranding your product.
A few market research strategies to consider include doing social media research, reading industry reports, analyzing competitor products, conducting surveys and arranging focus groups. There are market research companies that you can outsource to help you.
Not shopping around for parts/materials
The cost of manufacturing your product comes largely down to the materials and parts that it is built with. It’s important that you don’t just use the first supplier you can find – they may be charging more than other suppliers.
By taking your time to shop around, you can work out the average cost of material and try to find the cheapest supplier. Getting multiple quotes also allows you to negotiate with suppliers more effectively by asking for a price match.
Failing to test the product
Products need to be thoroughly tested before they are brought to market – both to make sure that they are compliant with industry-specific regulations and to make sure there are no faults that could lead to customer complaints and negative reviews.
You can carry out some testing yourself. In other cases, you may want to hire a third party company to carry out testing such as this BioPharmaSpec UK laboratory. You may also need to recruit volunteer consumers to test your product. Do not rush this phase – this could lead to defects being overlooked.
Manufacturing too large an initial batch
When manufacturing your product, consider starting with a small initial batch to give you an idea of the demand and to allow you to build up a marketing strategy. If you produce too many copies of your product and they each have an expiry date, you could struggle to sell them all before they expire.
Most initial batches consist of about 30 to 100 units, but it depends a lot on the type of product. It’s possible that you may be able to secure orders from wholesalers before you have even manufactured a batch, however generally you will need to produce a small batch first to showcase to wholesalers and retailers.
Using poorly designed packaging
Packaging shouldn’t be an afterthrough. If your product is going to be sold on shelves, you need to make sure that your packaging is attractive, as it will help your product stand out. If your product is going to be shipped to customers, you need to make sure that packaging is robust enough to protect the product in transit. With food and medication, you’ll also need to make sure that the packaging preserves the product and prevents contamination.
There are packaging companies that can help you design and manufacture the perfect packaging for your product. Set aside money to spend on this.
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Haider Khalid
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