Steps To Convert Your Idea Into Product
How to Turn Your Idea Into Product? It might have happened that you had an idea about developing a product though you didn’t work on that. However, someone else launched a similar product in the market after some time. You immediately thought, "Aghh!" I thought about that before. If I had worked towards its development, I could be a billionaire!”
Needless to say, not taking action to convert your idea into a product is the only difference between the ideas that come to life and those that just remain in the back of someone’s mind.
To help you out, in this blog, we will discuss the steps you need to follow if you want to transform your idea into a profitable product.
How to Turn Your Idea Into Product - An Overview
Product idea refers to the proposal of a service or product that solves a problem or offers convenience to businesses or consumers. You can either work on developing products for consumers or industries.
Also, there are a few elements that can ensure that your product idea has success potential. Some of the factors that determine whether your idea will be a success are:
Your idea should offer the best or new solutions to the consumers.
The product should be easy to understand and use.
The end product should be scalable, reliable, and secure.
You should have a well-planned marketing strategy.
Steps To Convert Your Idea Into Product
Research Market Trends
Apply for Patent
Prepare a Business Plan
Launch a Minimum Viable Product (MVP)
Market The Product
Turning your idea into a product can help you in launching a company, offering job opportunities, and fulfilling customers' needs.
However, before gaining such benefits, it is essential to successfully convert your idea into a product.
1. Idea Documentation
Just having an idea is not enough. You need to write down everything you can think of when it comes to the product to be developed. This document should include everything from the day you came up with the idea to what it is, how it will work, and how it is going to be developed and marketed.
The main reason behind idea documentation is, it will act as a source of truth at the time you file a patent application. Apart from acting as proof, it will also be helpful to keep track of the process it will take to build your product.
2. Research Market Trends
To develop a product, you need to do a lot of research from both business and legal points of view. You need to familiarize yourself with all the market jargon related to your product.
While your closest friends and family might think that you have got a great idea, that doesn’t mean others will buy your product.
So, before you invest too much time and money into converting your idea into a product, do some initial research to know whether a group of people has shown interest in such products or not. You can review whether there is a market for your product, understand the competition, and try to build a unique solution.
Also, if you want to patent your product, before hiring an agent or attorney to file a patent, remember to do minimal research to ensure no one else has patented the idea before you. You can check the patent for free at www.uspto.gov.
3. Create Prototype
It refers to an early model or sample of the product that helps in testing an idea, concept, or process. The prototype represents what we want to achieve from the product - it can be designed using digital tools, paper, 3D models, etc. With prototyping, it becomes easier to identify the design problems, make necessary changes, and verify if it is operational.
Also, before filing for the patent it is essential to create a prototype of the product - as you are more likely to come up with new features to add or discover a flaw.
You can start by sketching out all your ideas, creating a concept mockup, and using tools to create a virtual prototype.
4. Apply for Patent
Now that you have gone through the prototyping phase and have finalized your product design, move on to filing a patent application. You can either go for a design patent or a utility patent depending on your product idea.
But ensure that you hire a skilled professional to do so, it will help avoid any legal issues in the future.
5. Prepare a Business Plan
The next step is to plan how the product will be developed and sold. Some of the key elements to create a business plan for a product include:
Creating a document to inform about the benefits it will bring to future customers.
Outline legal provisions for future stakeholders
Developing project roadmap to show short and long-term goals.
Come up with an estimated budget to develop the product.
6. Hire Developers
Once you have documented the project idea, created the prototype, and came up with a business plan, you need to hire a development team. You can discuss the tools and technologies that will best suit your product, choose the team members that seem the best fit for your project, and start working towards product development.
7. Launch a Minimum Viable Product (MVP)
Before developing a large-scale product, try going for an MVP with basic features and delivering it to the customers to collect feedback and suggestions from them, then evolve the product accordingly to create a successful and fully functional product.
8. Market The Product
Even when you have created an incredible product, it won’t reach the targeted audience without the right marketing strategy. To create a marketing plan for branding and promoting your product:
Set targeted market
Take advantage of social media channels
Build a budget.
Brainstorming ideas with trusted peers, examining the industry market, using social media resources, measuring trends, and testing the MVP in the market can prove to be helpful when working on your dream project.
Just like product ideas, there can be abundant types of products in the market. However, the steps to convert your idea into a product will remain the same.
Also, with our experts' help, you can bring your idea to life, gain a competitive edge, reach your target users, achieve higher profits, and more. So, what are you waiting for? Contact us and let your idea be converted into a successful project at a pocket-friendly price.
What to do if I have an idea for an invention?
If you have an invention idea, you can proceed with its documentation, market research, patent, business planning, prototyping, development, launch, and marketing.
How do I get my idea manufactured?
To get your idea developed or manufactured, you need to collaborate with an experienced development team, share documentation, and product prototype, and leave the rest to them.
Should I patent my idea before manufacturing it?
If you want to sell your product and gain profit from your idea then yes it is crucial to patent it.