Startup Your Product Idea
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About this ebook
This real-world guide shows startup entrepreneurs the tools and techniques to profit from their product ideas. Follow this step-by-step roadmap from product idea to market launch.
These powerful methods streamline development time and get you ready to successfully launch your product.
You’ll discover:
* The roadmap from idea to market
* Why products fail and why those succeed
* How to perform market research
* Where to find free market research sources
* The methods and steps to plan product development
* Understanding regulations and certifications such as UL, CSA, and CE
* The need to perform a freedom to operate search
* How to create product requirements
* How to create a project plan
* How to make your product marketable
* How to get a physical product manufactured
* How your customer thinks
* The customer’s buying process
* How to position your product compared to the competition
* How to set pricing for profit
* How to create a marketing communications plan
* How to launch a product into the market
* How to use publicity when launching a product
* How to get product reviews
* Small Business considerations for a startup
The material is clear and concise. There's no fluff, just straight to the point facts.
Matthew Yubas
Matthew Yubas is a Certified Professional Marketing Consultant for the Small Business Development and International Trade Center. He has developed products for 24 years as an Engineer, Product Manager, and Consultant for startups, small business, and Fortune 500 companies. He has helped clients in a diverse number of industries that include photography equipment, auto accessories, soy candles, children's clothing, sporting goods, digital art, software applications, wireless devices, and home décor. Matthew is the author of several articles, kits, and books including "Product Idea to Product Success" which has been used by inventors, entrepreneurs, colleges, government agencies, and sold into 14 countries. He has been featured on television and radio and has been tapped for his expertise in bringing products to market in many syndicated publications. Matthew earned a B.S. in Engineering from Pennsylvania Spring Garden College in Philadelphia, and an M.B.A. In Management and Marketing from San Diego State University.
Read more from Matthew Yubas
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Book preview
Startup Your Product Idea - Matthew Yubas
Startup Your Product Idea
How to Turn a Product Idea into a Market Success
Published by Broadword Publishing
166 London Court
Cardiff, NJ 08234
www.broadword.com
Copyright Matt Yubas
matthewyubas@gmail.com
For Free Tips, Books, Consulting, and other Services, please visit my website www.ProductCoach.com
Smashwords Edition
No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher.
This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the author and publisher are not engaged in rendering legal, accounting, or other professional service.
This product is not a substitute for legal advice.
About the Author
Matt Yubas is a Certified Professional Marketing Consultant for the Small Business Development and International Trade Center. He has developed and marketed products for over 24 years as an engineer, product manager, and independent consultant for startups, small business, and Fortune 500 companies.
He has launched new products such as software applications, wireless devices, and websites. In addition, he has helped clients in a diverse number of industries that include photography equipment, auto accessories, soy candles, children's clothing, sporting goods, digital art, and home décor.
As an entrepreneur, he was a co-founder of a software company that developed one of the first personal information management software products. Matthew earned a B.S. in Engineering from Pennsylvania Spring Garden College in Philadelphia, and an M.B.A. in Management from San Diego State University.
He is a professional member of the Inventors Forum, Licensing Executives Society, and Product Development & Management Association.
Welcome
I’m excited for you! You have a great product that you want to develop and launch into the market. In this guidebook, we’ll cover a wealth of product development and product marketing information that has taken me years to discover through training, trial, and error.
No matter what your product is, these principals apply. Please follow the step-by-step instructions and you’ll be far ahead of the game to make your product a winner.
Best Success,
Matt Yubas
For Free Tips, Books, Consulting, and other Services, please visit my website: www.ProductCoach.com
Table of Contents
World Of Opportunity
Multiple Strategies to Market Your Product
Product Failure And Success
Why Products Fail
Why Products Succeed
Research Your Product Market
Primary and Secondary Market Research
Market Research Sources
Focus on Your Product’s Benefits
Product Startup Market Plan
Your Future Customer
Product Positioning
Pricing for Profit
Match Your Customer’s Shopping Styles
Marketing Communications Strategies
Create a Launch Checklist
Organize Your Product Plans
Requirements for Product Features and Functions
Check for Needed Regulations and Certifications
Patent Infringement Search and Freedom to Operate
Manufacturing Your Product
Organize Your Project Tasks
Set a Budget
Develop Now to Make Your Product Marketable
How Your Customer Thinks
Create Your Product
Decide to Make or Buy Product Components
Create a Bill of Materials
Determine Level of Product Quality
Keep User Documentation in Mind
Patent Marking for New Inventions
Beta Test Before Production
Integrated Marketing
Branding Your Product
A Marketing Theme to Enhance Branding
How to Package Your Product
Launch Your Product
Announce the Launch with a Press Release
Create a Product Launch Kit
Boost Sales with Product Reviews
Business End Of Your Startup
Business Entity Types Advantages and Disadvantages
Sole Proprietorship
General Partnership
Limited Liability Partnership
Corporation
C–Corporation
S–Corporation
Professional Corporation
Limited Liability Company (LLC)
Business Startup Checklist
WORLD OF OPPORTUNITY
As the products roll down the assembly line, the inspector tests the current batch. At the end of the line, products and documentation slide into the packaging. As one, they are placed neatly into the shipping box. The box is taped, weighed, and positioned onto the pallet.
From simple novelties to high tech gadgets, ideas are turned into products on a daily basis. Perhaps your creativity will make a difference in my life and the lives of millions of people.
A win-win situation exists when you help others and at the same time are rewarded for your efforts. When you focus on ways to best serve people, you’re compensated for your labors.
An invention doesn’t have to be a breakthrough medical device, fire prevention tool, or technological masterpiece. A wonderful and profitable invention may save a person 30 minutes of housework, eliminate the drudgery of a repetitive task, or provide entertainment.
Possibly the only reason your invention is not moving forward is your lack of knowledge to get into the market. Now you are stuck or uncertain how to proceed. No problem. Help is here. By reading this book, your thinking will change from, How do I do this?
to Wow! I now know how to capitalize on the many opportunities waiting for me!
Multiple Strategies to Market Your Product
Your product has value just waiting to be unlocked. When you turn your product idea into a finished product there are tons of opportunities waiting for you. With a finished product, you sell direct to customers or through distributors, sales reps, and retailers. The following are options available to you:
Advertising Specialty – Maybe you’ve seen the pens, calculators, flash drives, and unique products with a company logo? Advertising specialty is a $19 billion industry. Your product as a promotional item is given away by companies to lure prospects and to thank existing customers. This is an opportunity to sell hundreds or thousands of units at a time.
Amazon – Selling your product on Amazon.com gives you instant credibility and direct access to millions of shoppers in one place. When customers place an order with Amazon, you receive an email notification, and then you ship direct to the customer.
Auctions – With stiff competition from Amazon, eBay is changing its business model. eBay wants to emphasize more new products for sale via non-bid Buy it Now
transactions and eBay Stores. With millions of web visitors per month, eBay and other auction websites position your product in front of a large audience.
Brokers and Agents – Product brokers and agents have established relationships with retailers and distribution channels. For a commission or flat fee, they put together a deal on your behalf.
Carts and Kiosks – You’ve likely seen people selling products and services from carts and kiosks. They sell at shopping malls, airports, zoos, theme parks, train stations, sporting events, and elsewhere. With annual retail sales of $12 billion they are a viable distribution channel for your new product.
Catalogs – Selling products through catalogs accounted for over $400 billion last year. Catalogs sell products via print and online giving you a huge audience and big opportunity.
Consignment Shops – For a new unproven product, some retailers are willing to sell on consignment as a test. With consignment, you are not paid until a product is sold to a consumer. Consignment shops carry an assortment of products or specialize in certain categories such as automotive, clothing, furniture, gifts, and sporting goods.
Direct Mail – Even with the internet, direct mail still works. While email often ends up trapped in spam filters, direct mail puts physical product information directly into the home and business.
Distributors and Wholesalers – You supply the product and the distributor / wholesaler takes inventory, sells to customers (retailers or end-users), and ships the product.
Fairs – There are nationwide opportunities to sell arts and crafts products at fairs. If you like the free-wheeling gypsy lifestyle, you can take your product on the