How to Commercialize a Product
What is commercialization? How to commercialize a product? What are the commercialization processes?
What happens to a product if it is not commercialized?
Ideas, design, creation and invention is priceless except it will be turned into something functional. Numerous products were not profitable because they have not been commercialized.
The initial step in commercializing a product is to guarantee the consumer that it is usable, it is well developed. As for the originator protection and security of being patented is to be considered.
Work out on a plan to make your product be made known to the public is part of commercialization, you will require to calculate approximately how large your target market will be and establish the estimated cost of expenditure that you will use to build up the product. Supposing the product had been launch and accepted by consumers, you need to take account of the distribution of the product, advertising, endorsement and funding.
Since commercialization is launching new innovative products to the market it is important that the timing is right before you launch your product, you know where to introduce your product, feature of the product, cost of the product and your target market.
What happens to a Product if it is not Commercialized?
If you don’t commercialize, business enterprise may apply less competent approach to obtain improvement in the market.
What are the things you need to do to commercialize a product?
Here are Some Tips:
- Investigate on your market. Make a study on other products, check on their cost and their strategy in supplying the market
- Be prepared to present the best and distinctive description about your product to your prospective customer
- Present samples on your product, making a video or presentation about your product is a good marketing strategy, you may send this to your target companies
- Asking your customers for feedback is necessary, once received avoid ignoring them as it may cause rejection from the marketplace. Customer feedback is important it will help you improve on your product
- You only have one chance to introduce your product to companies. Having an unsuccessful commercialization for a product in not only financial drastic but it will also leave a bad impression towards the product in the marketplace.
- Once you have introduce your product to companies and had been accepted it is time for you to set goals of what you want your product “would be” in the market.
- Set goals for measurable and attainable sale target
- Schedule sales activities
- Widen your market through other channels such as creating websites, introducing your product through E-bay, posting them to social media like twitter or face book
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