How to Turn Your Idea into a Successful Product

Heres how to turn your next great idea into a prototype, and then turn that prototype into a product and bring it to market.

Innovation is not an easy process, but it has the power to propel you into the business world and open doors. The first step in turning your idea into a product is sharing it with the world. But even electricity was a tough sell 140 years ago.

Many leading scientists denounced Thomas Edison in the late 1800s. These scientists claimed electricity was a fairy tale and couldn’t be harnessed on a wide scale. We now know that was a bunch of malarkey and live in a perpetually lit-up world, and it all started with an idea, a dream, and Edison’s perseverance. With the right mindset and an understanding of what it takes to invent something new, you could be the creator of a whole new line of products. Here’s what you need to know about getting started and launching your invention.

Bringing a new product idea to life can be an exciting yet daunting process. With careful planning and execution you can transform your vision into a tangible marketable offering. Follow these key steps to turn your big idea into a winning physical product.

Conduct Market Research

Before sinking time and money into developing a new product concept research the potential market thoroughly.

Analyze competitors and alternatives in the space. What value would your product add? How does it improve upon existing options?
Survey prospective customers to gauge interest and demand. Would they buy this product? At what price point?
Study industry sales data, trends, and growth projections. Is the market growing or saturated?
Interview prospective distributors, retailers, and promoters. Do they think the product would sell?

Solid market research gives you an objective read on the commercial viability of your idea before overcommitting resources.

Refine and Finalize the Design

With a sufficiently large, eager target market confirmed, it’s time to finalize your product design.

Sketch drawings or CAD models showing required features and specifications in detail.
Determine materials, components, dimensions, color options, and other physical traits.
Make prototypes and get feedback from objective testers on the design. Refine until user experience is flawless.
Consult with engineers, designers, manufacturers, and packaging specialists as needed.
File for any necessary patents, trademarks or copyrights to protect your intellectual property.

A thoughtfully engineered design optimized for usability, aesthetics, and production will maximize product appeal.

Source High Quality Materials and Suppliers

You need to identify cost-effective suppliers who can consistently deliver the materials your product requires at the scale needed.

Research domestic and overseas vendors offering the required raw materials, components, packaging, etc. Get quotes.
Vet suppliers thoroughly based on factors like quality, reliability, capacity, lead times, and pricing.
Build relationships with preferred suppliers and negotiate bulk pricing discounts.
Lock in supply agreements to ensure availability of inputs at favorable rates.

Securing affordable, high-quality materials from reputable suppliers is make-or-break for maintaining profit margins.

Calculate Pricing and Project Expenses

Work closely with your manufacturing partner to calculate a pricing structure that covers costs while remaining market competitive.

Estimate all production, labor, shipping, and overhead expenses per unit. Don’t overlook hidden costs.
Factor in projected sales volume. Lower volume necessitates higher per unit pricing to break even.
Benchmark competitors’ pricing and expected retail margins if selling via distributors.
Overestimate costs and underestimate sales volume initially. Revise pricing downward once your product gains traction.

Accurate costing keeps pricing reasonable for customers while avoiding losses for your business.

Select the Right Manufacturing Partner

Choosing the right contract manufacturing partner is crucial for efficiently scaling production with quality control.

Send request for proposals to manufacturers and compare services, capabilities, quality control procedures, and pricing.
Assess capacity to meet demand spikes, obtain certifications, manage customs/logistics, etc.
Visit candidate facilities in person to validate capabilities firsthand and build rapport.
Start with small test batches before large production runs.

An adaptable, proven manufacturer, ideally with expertise in your industry, can make the manufacturing process smooth and headache-free.

Plan an Effective Product Launch

Don’t underestimate the importance of a well-planned product launch. This critical phase creates buzz and ensures your product gets noticed.

Develop a marketing plan with activities before, during, and after launch. Leverage social media, PR, discounts/giveaways, and grassroots promotion.
Identify key influencers, media contacts, and promoters who can help publicize your launch. Send previews and product samples.
Time your launch to capitalize on seasonality, holidays, or external trends in your favor.
Plan adequate product inventory, staffing, technical support, and sales resources to meet anticipated launch demand.

An exciting launch executed across multiple channels helps your product take off strongly out the gate.

Secure Distribution and Sales Channels

Your product needs outlets for reaching customers and making sales. Evaluating distribution options should be part of your plan.

Research distributors, retailers, ecommerce platforms, and other sales channels your target market uses. Weigh pros and cons.
Pitch to distributors by emphasizing your product’s market fit, profit potential, promotional plans, and team’s previous success.
Consider niche stores if your product has a specific geographic or demographic appeal.
Enable direct ecommerce sales through your own website, Amazon, eBay, Etsy, etc.

Securing retail distribution or sales partnerships right away allows you to get your product into consumer hands quickly at scale.

Optimize Packaging and Branding

Don’t overlook the importance of packaging and branding in making a strong first impression on customers.

Work with graphic designers to create sleek, professional packaging that grabs attention on shelves while communicating your brand effectively.
Carefully evaluate packaging material, shape, color, labeling, messaging, and compliance with requirements. Balance aesthetics, functionality and cost.
Develop a consistent brand identity and messaging that resonates with your target audience and stands out from competitors.
Leverage quality packaging to reinforce your brand promise, product benefits, eco-friendliness, or other differentiators.

Compelling packaging and sharp branding boosts sales by commanding shopper attention amid crowded shelves.

Analyze Feedback and Refine Accordingly

Launching your product is really just the beginning. Soliciting ongoing customer feedback provides invaluable insight for future improvements.

Gather feedback through surveys, reviews, focus groups, social media monitoring, and direct outreach.
Track sales volumes by distribution channel, geography, and demographics. Drill into metrics exposing strengths and weaknesses.
Use feedback to guide marketing, partnerships, feature enhancements, product line extensions, and geographic expansion.
Refine pricing, packaging, messaging, and positioning periodically to adapt to market shifts and competitive forces.

Your product should continually evolve and improve based on real data from ongoing user feedback.

By carefully executing each step, you can transform your promising idea into a high-demand product people love. With the right combination of strategic planning, promotion, and iteration, your creation can thrive in the real world. Turn your vision into reality.

how to turn an idea into a product

Work on your elevator pitch.

Even before you have a finished product to sell, you’ll need to talk it up to your friends and professional contacts. Lininger emphasized the importance of developing a great elevator pitch: a concise sales speech that includes a hook, a value statement, statistics and other data, a description of your product’s unique aspects, and a call to action. For more information on this topic, see our tips for perfecting your elevator pitch.

Do your research.

Inventing a product requires a lot of initial investigation, patience and resilience, Lininger said. Before you start, set aside the time to do your due diligence. This is especially important when you’re looking at patent protection for your idea. Ask yourself, “Would my design infringe upon someone else’s copyright or intellectual property (IP)?”

“Do some research into intellectual property and familiarize [yourself] with the process and the jargon used in the field, including patent, copyright, trademark, etc.,” Lininger said. “There are numerous reputable sites you can learn from, such as the United States Patent and Trademark Office, World Intellectual Property Organization, and the World Trade Organization. If patent protection is something you are interested in, contact a patent lawyer.”

Visit the U.S. Patent and Trademark Office (USPTO) website and investigate any patents on items similar to the one you want to make. If you have questions or want to ensure your invention is legal for you to create and sell, consult an attorney who specializes in patents and IP law.

You should also look at what’s out there to size up your competition. Marco Cirillo, co-founder and CTO of social planning app Kibii, recommends researching who your competitors are, what your target audience likes and dislikes about products already on the market, and if your product is unique enough to stand out. [Read related article: How to Do a Competitive Analysis]

“Many founders and business owners will leave marketing as an afterthought,” Cirillo said. “To get the highest return, you need to conduct research and set targets before you even launch your product. This will help the team stay aligned and have a common vision so you can ensure a successful product launch.”

What to do after you come up with an invention idea

How do you turn a great idea into a new product?

If you’ve got a great idea for a new product, be it an intricate mechanized invention or a redesign of a common item, follow the six steps below to turn your idea into a new product with the potential to succeed in the market: 1. Document your idea All great things come from great ideas, but ideas are infinite and intangible.

How do I develop an effective product idea?

Here are some tips for developing an effective product idea: Brainstorm with a trusted peer or colleague: It may be helpful to share an idea with another person, as an alternative perspective can provide useful solutions and an opportunity to refine a concept. Be sure to take detailed notes you can refer to later.

Do you have an idea for an invention?

You have an idea for an invention. It’s pretty brilliant, actually! And you can make a profitable product out of it. Somehow, your competition gets wind of it and beats you to the punch by launching a similar product before you’re ready with your own. That would be infuriating, wouldn’t it?

How do you create a successful new product?

Creating a successful new product requires a foundation of careful planning. Making sketches of physical products, or creating an outline and breakdown for intangible creations like an app or a service business, creates the structure you need to begin working on and refining your idea. 4. Build your prototype