Inventing a new product can be very exciting. It may be something that you have been thinking about and planning for a while but have only just been able to start to produce of it may be something that has become apparent very recently. When anyone launches a new product or service it is important to do your market research. You need to know that there is a call for your product, that it is going to be priced at the correct price and also who (if any) your competitors are.
You may decide to carry out this research yourself or you may enlist the help of a specialist market research company. Do not be tempted to skip this step as it is vital to ensure that the product is successfully launched.
If you find for example that someone else is in the process of launching a very similar product you need to try and get yours launched first but also try and ensure you have a USP (unique selling point). IT may be that you are able to add in a function that their product doesn’t offer, giving you the upper hand when it comes to selling your products.