Updated: Aug 22, 2021
Have you ever considered that in order to have a successful product, it has to meet certain requirements? If you were to sit down and analyze the top twenty most popular items in the world you would see a pattern.
In other words, the key to a success with the development of a new product comes from having something in common with other items.
We are not talking about every new product must be blue or have batteries. However, we are saying that there is a formula to success with new products. That formula includes the following five things.
1. It Has To Be Fun
Maybe this is too obvious a point but some inventors and product developers get so wrapped up in their own world of creating something new that they forget this part.
Popular items are popular simply because they are fun to use. They don’t always have to be fun as in a game, but whatever the product is you are inventing will stand a better chance at becoming popular if it contains some form of entertaining fun.
2. It Has To Provide Value
This is where things get a little more serious.
Value is an extremely important part of the equation simply because the product has to actually do something.
It has to accomplish a task or assist in accomplishing a task in either a faster or better way than before or it must improve that way in which a task can be accomplished.
A new product that has no real value in owning is a product that has no purpose and therefore is going to fail.
3. It Has To Be Commercially Viable
Stop us if you’ve heard this one already. A successful product does not cost more to manufacture than it does to sell.
The numbers have to be tilted in one direction and usually that is in favor of profitability. Sure, maybe your product requires a certain type of material that is costly to produce or source.
That’s okay if the finished product does not have an out of whack production cost to profit ratio. Otherwise, it won’t be a commercial success.
4. It Has To Be Unique
The further down we travel in this list, the more difficult the requirements become.
If you have spent any time researching patents as you embark on your journey to product development success, you will already know that this is another vital component in your invention phase.
The idea you have has to be something that is unique from whatever already exists in the market. Yes, it can do something similar to something else but it requires a uniqueness to set it apart.
5. It Has To Be Competitive
This is not the same as commercial viability. Your new product has to be different enough from all the existing competitors’ products that are similar to be considered part of the market.
Your gadget or item has to be strong enough at what it does to be able to sit on a shelf next to your number one competitor and cause consumers to stop and decide which one they prefer.
That is where your product will gain popularity – when it starts to outsell a competitor.
Is That All There Is To The Commercialization Of Your Idea?
Of course not. But once you navigate your way through these five tips, you will be that much closer to turning your product idea into reality.
It will also save you a lot of time and effort if you don’t really know what criteria your idea must meet.
We all want to believe that our new invention is the one that will set the world on fire, change the face of mankind and fill our bank account along the way.
However, for any of that to happen, your product has to satisfy these needs.
There is no such thing as a bad idea when you are creating something new. Even the ideas that are not perfect can still be tweaked into something that can become the next best thing. One way to keep focused and stay on track is to filter your idea through this list of five things that successful products have in common. Successful products are fun, provide some form of value and are also commercially viable. Ideas that can become new products also have to be unique in comparison to existing products and they have to have a competitive edge to them. If your idea meets all of these standards, then you could be on your way to commercial success.
What Is The Next Move?
It is a lot of work to get this far in the development of you idea. However, there is help.
Do you have a product in the works? We’re talking something that made it through you filtering it across this list of five things your product needs to have in order to be successful. Even if you are not completely sure if your idea meets all of these criteria we can still help.
Would you like to have one of our product development specialists review your product and offer their opinion? Our specialty is assisting new inventors get their ideas and products out into the marketplace.
We can put you on the right track or even help you to see how you can improve your concept to where it can become a useful and successful product.
For more information call us at (305) 521-9080.