90 days is all it takes…
An Entrepreneur’s Pragmatic Guide for Bringing a Product to Market
IDEAS at SJSU | Cameron Dalton Lutz
Imagine you’ve had a long day at work and you hop into a relaxing shower. Just before you go to shampoo, you’re struck with an epiphany, a solution to a problem you’ve been dealing with constantly.
This is how most entrepreneurs get their start.
But more often than not, the idea sits idle in your head and never ends up making the impact it potentially could.
So the question is, how do you take an inkling of an idea from inside your head to the hands of the people who could use it most?
Today, we’ll look at a proven and pragmatic process for entrepreneurs looking to bring a product to market.
“The way to get started is to quit talking and begin doing.” -Walt Disney
The very first step in product creation starts with asking yourself, “Is there a demand for the product I hope to make? Or am I the only one with this need?”
Chances are, you’re not the only one.
Determine the existing patents, the most similar products to the one you’re trying to create, and the resources you’d need to execute production.
You should confidently know the four P’s of your business:
Product: Focus on the things that your customers need, not what you think they want. Think about the beginning and end of your product cycle - function and design to warranty and customer service.
Price: By looking at similar products and competitors, get a feel for the price that your customers are willing to pay. This will help you stay on track with manufacturing and margins.
Placement: Think about how you will get your product into the hand of your customers. E-commerce has never made it easier to move products to market, but retail is still a viable option.
Promotion: Ponder who is your ideal customer. Keep in mind the 80/20 Rule, the vital few, that says roughly 80% of the events can be drawn from 20% of the causes. This applies to understanding your ideal customer and designing your products to meet their needs.
Once you have an idea of what the product can become, then you can move onto the next step of market research.
Market research is critical to understanding the needs of your customers, identify new trends and mitigate potential risks.
You must address certain questions in your primary research that will help you get bearings on which direction to take your product or business.
You can acquire this information through a market research firm or through good ole surveys, experimentation and careful observation.
Here’s some questions that you should ask yourself to guide your market research.
Who are my customers?
Create customer profiles, marketing strategies
What are the products that my customers want or need?
What are the factors that influence the buying behavior of my customers?
Price, customer service, warranties, branding, convenience
At what price would my product be competitive?
Who are my most immediate and distant competitors?
What are their strengths and weaknesses, can you address them?
Getting to know your customer is the most important part of any business growth.
Jeff Bezos at Amazon pridefully shares their secret to success: the utmost priority of the company is servicing the needs of the customer.
Having a customer-centric mindset rather than a competitor-centric mindset will help you maintain focus when scaling your business.
The best way to guarantee growth is building thorough customer profiles.
You can reach most potential markets through social media, web and in-person surveys.
When formulating your surveys remember to:
Keep it simple and as short as possible
Make sure it’s easy to read and visually appealing
Keep questions easily understandable
Make sure to pre-test your questionnaire before putting it out, then refine and improve
Incorporate an incentive for engagement
Avoid leading questions
Don’t provide too many or too few questions; 6-10 questions is a good rule of thumb
Primary research is where most of your time and energy should be spent.
Secondary research includes reading books, studying competitors, assessing macroeconomic trends, and determining the demographics of your customers.
These are things you must address before moving on to the fun parts of building a product and business.
This process should take about 50 hours of dedicated effort.
Three hours a day, for two weeks.
“You have a divine duty to share with the world the solutions you have for it.”
In the next part, we’ll look into the steps of product development and the processes that can help you bring about your vision of tomorrow.