Hootan Melamed Shares How Entrepreneurs Create New Products and Introduce Them to the Market

The Seeds of Inspiration

Inventors may find that new ideas for products are constantly available. Entrepreneurs of this type are highly creative and will frequently formulate new visions. Having this spark of inspiration is important, but products can also be developed and introduced using a specific process.

Market Research

Part of the inspiration for new products on the market is drawn from market research. Without knowing what certain segments of the public need, it is impossible to determine which new products will be welcomed.

Identify a Market Niche

When deciding how to promote a new product, inventors and entrepreneurs should keep their market niche in mind. Focusing their efforts on a specific segment of the public will help them spend their marketing dollars wisely. It is extremely rare to create a product that is aimed at everyone. Most successful entrepreneurs know who is most likely to benefit from their products and whose business will comprise the backbone of their sales.

True Originality

Inventors and successful entrepreneurs have a well-honed sense of creativity. They are capable of looking outside the usual ways of doing business and formulating truly unique ideas. No matter how popular the original may be, a product that simply changes one or two characteristics of an existing item is not likely to make an impressive showing in the market. Entrepreneurs and inventors like Hootan Melamed need to be willing to discard their preconceptions and chase new ideas.

Further Steps in the Creative Process

After a new product has been created and its market niche has been defined, the next step is developing the concept and testing it. Prototypes should be built, and these items should be tested with real consumers. Concept testing keeps companies from investing in poor ideas while helping them solidify their plans for a new product.

Branding

Entrepreneurs need to think about how their new product will affect their existing products’ branding. Even if an entrepreneur introduces their first product, they need to devote time and thought to brand concerns. A new product may provide a fresh direction for the brand or conflict with existing products. It is up to the entrepreneur to decide what to do about branding.

Understanding How to Create a New Product

Entrepreneurs and inventors like Hootan Melamed have introduced several successful products to the market. They favor a careful and measured approach to product development, taking market research, market niche, originality, marketing, and branding into consideration.

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Entrepreneur & Inventor located in Los Angeles, California

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Hootan Melamed

Hootan Melamed

Entrepreneur & Inventor located in Los Angeles, California