Obstacles for Bringing New Products to Market
Creators, entrepreneurs and inventors make life exciting. Bringing new products to market, things you didn’t even know you wanted, is very compelling. It’s unfortunate, then, that sometimes this exciting journey is brought to a halt by frustrating obstacles. Here are four obstacles you may face in bringing your new product to the market.
Regulatory and legal obstacles are some of the most frustrating you will face. Does your product have to undergo extensive testing? Are there import and export regulations that may inhibit your goals of distributing worldwide? Are there technical certifications you need to obtain before you can sell? These obstacles can drive many entrepreneurs and inventors crazy. If you’re facing this kind of obstacle, consider reaching out to a company to help you with regulatory compliance testing.
Sometimes the challenges you might face are socially driven. This is especially noticeable when marketing a new product to a different culture. For example, hygiene is a major market in the United States. Deodorant is a huge seller. However, in a third-world country, deodorant might be considered a luxury instead of a staple. Also, consider language differences. Anytime you market to a different country, you must consider their language. Does your product name, when translated, mean something completely different in another country? This could be a problem. Do your research as you proceed to market in different regions and cultures.
Sometimes a new product’s biggest obstacle is that no one knows they need it. You may have a product that is amazing and could benefit every family in the world. That’s great, but if your expected customer base isn’t aware they need it, it will never sell. To overcome this obstacle, you have to become an educator. Extensive advertising, white papers, product demonstrations and education are the only way to make sure people learn how essential your product is.
This is a technological age you’re living in. To be successful, you have to be aware of the different types of technology. If you market an app for smartphones, can it be used on both Android and IOS? You have a new media player which is vastly superior to others on the market. Will it be dead in the water because it uses an HDMI standard that most existing TVs haven’t adopted? Technical obstacles require a lot of planning and forethought to overcome.
Bringing a new product to market can be an extremely rewarding experience but it can also be fraught with frustration. Be aware of these potential obstacles and get ahead of them to ensure a successful product launch.