Hootan Melamed Shares How Entrepreneurs Create New Products and Introduce Them to the Market
Entrepreneurs constantly create new products and new opportunities and introduce them to the market. Inventing a new product is a complex process and one that requires a great amount of talent and skill. Knowing how the new product meets the public’s needs is essential for determining its future success.
Hootan Melamed, an inventor and entrepreneur from Los Angeles, California, shares how entrepreneurs are inspired to create new products and ensure their products’ success in the long run.
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.
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.
Entrepreneurs should examine the current landscape in the business area where they would like to create a new product. They should look carefully at their competitors in the field and decide where they have an advantage. If they are creating a product that is essentially the same as someone else’s, they will have difficulty differentiating themselves from the masses.
Business owners sometimes neglect market research because they are reluctant to hear negative feedback on their products. This amounts to self-sabotage since knowing the strengths and weaknesses of a potential new product is essential to determining whether it could be successful on the market.
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.
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.
Determining the cost of bringing a product to market is another important consideration. If the costs of introducing and marketing a new product are prohibitive, even the best idea may not have the chance to succeed.
Technical development needs to happen next, together with marketing development. Products that have gone through business analysis and idea screening will make it to this point. Many products are complex to manufacture and require a lab phase and a process to develop the manufacturing side.
At the same time that the manufacturing side is being examined, the marketing team needs to test the product and its messages. Ideally, the marketing team will have access to prototypes or early production models.
The product launch does not stop the process of fine-tuning. Marketing messages need to be adapted as the product comes to market, including unforeseen aspects. The marketing team will have real-world data on how the product is performing, and they will be able to decide how to change their tactics if necessary.
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.
Becoming an inventor is exciting, but people who want to introduce new products should know that there is a low success rate. Only the best products will make breakthroughs in the market and create prosperity for their inventors. Hootan Melamed encourages all would-be inventors to study the market they want to access and decide whether their ideas are truly original and whether they have a good chance of breaking through into public success.