When you create a physical product for your business, you add a new dimension and can add immense value. It is truly exciting! It also means you are creating opportunities for repeat business, which is one of the main goals of being in business:
- Get customers
- Keep customers
Start with your Ideal Customer Avatar (ICA)
When you started your business you considered an ICA. You would have focused on the problem you are solving for them. Now consider how a physical product can aid them.
Research
It is really important to know for sure that your ICA needs and wants the product. Talk to your current customers, but most importantly, listen to their feedback and opinions. Because this product is for your customers, you need to rely on only their input in your product development.
Market research / Competitive analysis
Ask a lot of questions, such as:
- Who is your competition?
- What are their products or services?
- Who are their customers?
- What are the defining features or values they provide to their customers?
Now turn the research to yourself:
Ask yourself what you are doing well, and what you are not doing so well. This will help you validate your product ideas and uncover opportunities for new product ideas.
Measure the opportunity
It is really a lot of fun to add a product to your business, but consider: Is it worth it? If you create a physical product, will it enhance your business, and provide value to your customers? And of course, you need to be clear on the financial implications. And how and where the customers will buy your physical product – will it be online? Or do you need to build relationships with ‘bricks and mortar’ businesses?
If you are designing something from scratch, check the worldwide patent with a patent lawyer. Come up with a basic design and present it to your current customers for their feedback:
- What are their impressions of your idea?
- What do they like and dislike about your newly designed product?
- Do they know of similar products on the market?
- What are their price considerations?
- Would they buy this product?
Listen and learn
Create your mockup, but keep it simple. And if possible, do it yourself. – make it yourself (keep it simple). Try Instamorph:
“InstaMorph is a lightweight polyester thermoplastic that acts like clay when warm, but when it cools, becomes a strong plastic.”
Or a 3D printer.
The most important part of this step is to be flexible and open to anything and everything. Keep your original goal in mind and continually focus on the problem your product solves.
At this stage, you can use focus groups where members can review the physical product and marketing material. As well as the price point.
Listen to your audience on social media too. They are invaluable! And you may want to consider doing a survey too. You can use a poll on social media, as well as Survey Monkey.
Crowdfunding sites like Kickstarter can be used as big focus groups too!
Adding a physical product to your business is a big step, and will change a lot about your business. But it can enhance your offering and widen the scope of what you deliver.
Be prepared for an interesting journey.
