Many products have found success in the billions from the simplest ideas. The Post-It was a failed invention that saw more than $2 million in revenue generated its first year. Now sold in over 100 million countries, it has generated more than a billion dollars as of 2012. Other brands such as Velcro, Kleenex, and Band-Aid were other simple concepts that sought out equal success. Before launching your new product, consider the following 8 tips to pave your own path to success.
1. Substantiate your product concept and investigate its validity.
2. Analyze your competition and barriers to entry.
3. Target your ideal customer and focus on a niche market.
4. Define your value proposition.
5. Create a market strategy.
6. Test your concept and marketing approach and refine as needed.
7. Launch your campaign and start to roll out the initial stages of your product.
8. Study your product’s lifecycle.