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How to Turn Your Invention Idea Into a Successful Product From the Start

Have you ever thought about what makes one product more successful than the other? There is a popular misconception that 80% of all products entering the market fail. In reality, only between 35 to 48% of them actually do, according to the Journal of Product Innovation & Management publication. But still, the number is not that small. Then what are the factors that determine a product’s success or failure? Well, think strong foundation of the product concept development.

You reap what you sow

Developing a new product is, in a sense, like raising a child. The foundational values and concepts, attention, care and love that you give your child will influence his development. And, for the most part, they will determine his course of life.

Same is true for product idea development. The success of your invention is rooted in what you build your foundation on. That foundation is a precursor for the product concept development, and it includes:

 The philosophy you apply to your product idea. 

Questions to ask:  Does your product address the consumer needs? Does it solve one or a few consumer’s problems? Can your product be upgraded in the future to bring more solutions and satisfaction to its users?  Are you looking for the best product design companies that will include your product’s philosophy and help you realize your vision?

The amount of time and attention you put into details. 

Questions to ask: How much time do you invest into market and prior art search? How much attention do you pay to your target audience and their issues? Do you incorporate the future customers’ feedback into your product concept development? How much time do you spend for raising awareness around your product?

Your enthusiastic effort and perseverance.

Questions to ask: Are you willing to invest your heart and soul into your product? Are you ready to work every day towards realizing your idea? Can you see the future of your product and, at the same time, be focused on the tasks at hand?

Answering those questions and using these three key components as a basic blueprint will create a strong and long-term platform that, with time, will evolve into the success-launching pad for your product.

To help you navigate your steps very effectively, the LA NPDT team created Realizr – a professional product idea development tool. It allows you to build a structural platform for your product ideas, and increase their market value and viability. Get yours today.

 Invest in the platform that you can upgrade

When you begin to build a foundation for your product concept development, it is necessary to keep in mind the flexibility aspect. Many inventors tend to make their foundation rigid and fixed, thinking they can control it better.

However, similarly to a child upbringing, where you modify your parenting approach as the kid grows, you will need to apply a variety of methods and techniques depending on the stages of your product idea development.

Therefore, keeping your foundation open for modifications and unexpected changes will help you manage the process more effectively and achieve greater results. Educate yourself on the methodology your product development will require and look for the alternatives in case you need them down the road. Also, search the market for the best industrial design companies whose services ensure the success of your product.

Managing your time is also an important factor. It’s like invisible fabric that binds your platform and makes it stronger. Read our blog How to Find Time to Pursue Your Invention Idea to enhance your productivity and efficiency.

  Hardware vs Software

As a body of a child, i.e. the hardware, changes constantly in the course of its development, the body of your product goes through a similar process. Most especially it can be observed during the prototyping stage. Thus, it is wise to keep an open mind when creating a concept design and, later, a prototype. If you go to the industrial design companies for their services, then make sure that the team understands and integrates your vision of flexibility.

Unlike the body, the mind or software is somewhat more fixed in terms of modification. No matter how many of the new programs (beliefs, concepts, experiences) you introduce in a later stage of child’s development, the seeds of the very first ones will always prevail. Of course, some of the old programs may morph with time. But, for the most part, they stay unchanged, forming the foundation for adult life.

For this reason, the very first steps you take in product concept development are the most fundamental and crucial for a product’s success. It is because these first steps are the building blocks that you form the foundation on. For instance, if the philosophy of your idea was incomplete from the very beginning, then introducing new concepts later in the timeline might require sweeping changes in almost every stage of the product idea development. Creating a new marketing strategy is just one example. Those changes would ask for extra investment from you and your team, as well as it’d slow down time to market.

In case that happens, use this situation to your advantage. You can implement new changes later as a 2.0 version of your product after the first one entered the market. The second version may bring more solutions to your already customers and be a great way to further the evolution of your product.

When you bring up a child and put your heart and soul into their development, they grow up more open to the world and more successful in life. And the way you begin your process and the first steps you take during your product concept development will determine the product’s success in the long run. Open mind, integrity, and detailed attention are those three solid pillars that will help you successfully birth a new product into the world. Go for it!

Getting ready to start your product concept development? Our team of experts is here to assist your process.

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