Identifying product opportunities should be the key driver for companies that manufacture products. A product opportunity exists when there is a gap between what is currently on the market and the opportunity for a new product resulting from emerging markets or global trends. A successful product must meet customer expectations and be perceived as useful and desirable. It wasn’t until Starbucks implemented the espresso and cappuchino coffee house experience in North America that its coffeehouses became another alternative hangout for bars, as well as a place to buy coffee, tea, cups, and more.

A problem worth solving?

You can make an invention to improve pretty much anything, but that doesn’t mean every problem is worth going to great lengths to solve or improve. If the invention is expensive to design and manufacture, it is not worth the cost of the product to the average consumer. The problem solved must outweigh the acquisition costs.

Rate your product

First, evaluate the market it will be launched in to get a clear idea and vision for your product and see if it has a good chance of success. You can use the following questions as a guide.

What problem does this product solve?

Be clear about this if you want to communicate it to your customers. The answer to this question will help you clearly communicate the value. It is good to have 3 value propositions your solution offers. The product may save you time, money and energy.

Who does this product help?

Who is your target audience? Is your product gender specific? Age specific? Culture specific? Religion? Country?

The answer can be either hyper-specific or extremely broad and will shape the reach of your marketing efforts.

Coca Cola, whose target market is almost everyone, launched a hugely successful “Share a Coke” campaign in which they began branding Coke bottles with names so they could buy them and give them to someone they loved. They could appeal to a large population and still provide both personalization and a reason to buy their product that the majority of people could identify with.

Evaluate the market

Find out if the market you are trying to capture is oversaturated with similar products or big enough to be worth the business risk. Having as large a population as possible is not necessarily the key to success. Larger markets can often be filled with products similar to yours.

Most companies and startups entering a new market don’t have the budget to order as much volume as the larger top companies. This means that the cost of their products will likely start out higher than that of their competition. This means that your product or its marketing needs to be better in order for people to be willing to pay the extra money for your product over the competition.

You don’t need a big market to be successful. They may be the only company and option in a niche or smaller market. This will be much more cost effective to build a customer base than competing with large companies that have spent years, sometimes decades, serving their customers.

What makes your product different?

This is a selling point and it will also help you rate your product. Studying the competition will help you answer this question. What sets you apart can be anything from affordability to a feature of the product to branding, company vision, or customer experience. This needs to be marketed to the public to show why they should buy your product. Perhaps one of the bravest and most brilliant long-term marketing campaigns to show how different it was from a competitor was the “I’m a Mac, I’m a PC” ad that Apple ran for over 14 years. These tongue-in-cheek commercials humorously and effectively show what Apple’s Mac has that sets it apart from the competition.

How are we going to market this product?

A marketing plan is a must. Your target audience will play a crucial role in marketing your product. For example, if you want to sell a product to a younger audience, cable television is not the best way to get your product known. Most cable television subscribers are over 65 years of age. The most common forms of modern marketing include Google ads, YouTube ads, social media campaigns, TV and radio advertising, and podcasts.

From product design to the packaged product

You will be guided from product design to finished and assembled packaged product when you use GTS to manufacture your product in China. Contact us for a free quote. We make sure that your product arrives at the desired destination. Whether Germany, Great Britain, Italy, France, other EU countries, Canada or the USA, we are there for you to help you with the custom-made product. Your manufactured product will be assembled, packaged and shipped to the country and city of your choice.