The pandemic that troubled people all over the world over the last years has caused a series of damages to many companies as well. Things have turned upside down, and regardless of the remarkable efforts that many governments have made, the landscape in the financial background could not be more shaken than that. In order to remain sustainable, businesses would have to invent many outbreaking ideas about the ways they would deliver their products but also about the ways they would occupy their employees. Finally, it was inevitable to make some changes to the products themselves as well. Some products ”retired” while others were born in the blink of an eye. New services and phone applications found their way to the market, and some new but still old-fashioned products seemed to receive great feedback. The success of a new product is not related to where the heart of the consumers beats at that particular moment but to whether the whole marketing strategy has been developed wisely, taking into consideration all the parameters that will affect the cost and the sales. For beginners, conditions are unfamiliar and exciting, but for existing companies and well-known brands, launching a new product is not that hard. Popular firms will have to deal with the fact that they will probably have to chase consumers worldwide, which can be a challenge. However, if you already have a brand, there are only two ways to gain a new product on your list.
Today we will talk about the two ways that exist out there to include a new product and how each one works:
The acquisition is mainly about buying another company. In fact, stores on Amazon seem to work that way nowadays very often. So, e-shops or products sold on platforms may follow this road in a quick and simple way. If this sounds too scary or too big, consider the possibility of buying a patent. There are people who sell their products and have a patent to exclude competitors. Many times, marketing can be too challenging for them to handle, and they end up selling their patent for ridiculous prices, only hoping that someone else will carry that burden. Actually, only 3% of the people who have come up with a brilliant idea that they turned into a patented product have managed to keep the profits for themselves. Most of them prefer to sell the idea to big companies and let them handle the complicated finances and the whole marketing procedure. So, 97% of all patents end up being used as a ”money machine” for large corporations that know how to handle marketing. If a patent is not the case, perhaps you will want to buy someone else’s license to produce. Last but not least, let us not forget that you can directly buy the product itself, which is also an option.
- New product development
New product development includes a lot of approaches again and is not as plain as it sounds. This option is to follow the traditional road and create your own product. In this case, the product has not been tested in the market already, which increases the risk on behalf of the investor. At the same time, though, it allows you to be the first one who gets to determine the price of the product and put your feet in a world where there may be less competition at first. You can also use an existing product and make the proper modifications in order to sell it as a different product. It will still be a new product, maybe not something that will surprise consumers, but who says surprise is what consumers are looking for? Finally, you can launch a very similar product to one of your existing products under the name of a new brand. Especially if the existing brand comes with too many products already, perhaps you will want to lighten up things a little bit. In the meanwhile, you will not have to see your profits shrinking. On the contrary, launching the same product under a different name will make consumers curious about it, wanting to learn what the fuss is all about.
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