Is My Product Idea Profitable?

Lots of customers frequently need to know if their product idea is worth the money. The key here is knowing three important points about product sales:

1. Ideas that solve people's problems, sell: As long as the product idea is focused on giving a solution to a specific need of a potential customer, it will turn out profitable.

2. Ideas with certain innovative features, sell: In the world we live in, competence is key. Bench-marking can be a great exercise to help you spot new and fresh ideas that can give your product a unique touch.

3. Ideas with benefits to the customers, sell: Always have in mind that your final customer will always appreciate any effort made to give your product a meaningful end that has been thought to make the product easier to use, carry, charge, among many other things.

Usually, the initial start up cost for design can be pretty affordable, to over $250,000 depending on the following factors:

1. Size of the design

2. Material of the design

3. Complexity of the design

4. Design uniqueness

5. Whether you want to patent

6. Manufacturing Style

7. Advertisement (marketing)

When designs have a large initial start up cost, we recommend you to make sure that the product can definitely make the sale. That means you have already spotted all the characteristics of your potential customers in order to deliver a product that suits their needs:

1. Target Customer Demographics

   1. Target Customer Age

   2. Target Customer Income

   3. Target Customer Gender: Male/Female/Other

   4. Target Customer Education

   5. Target Customer Hobbies

   6. Target Customer Location

   7. Any significant personal preferences

   8. Target Customer online browsing habits

In order to enhance your product and make the best out of it, there is also important to consider a series of steps to ensure its credibility with your audience, and give customers a sense of compromise with the product you are delivering.

1. Time-To-Market: Time to market is a metric used to gauge how long it takes to start the design and get it to the market. Our goal in ISS is to keep this time as short as possible.

   1. Opportunity cost: For every day you are not in the market, you are losing an opportunity to make money. This happens because that's one day you could've been making a sale and failed.

   2. Crowdfunding: It can be a fast way to raise finance with no upfront fees. This helps pitching your product through an online platform, giving your product a valuable form of marketing and resulting in potential customers.

2. The Value of Prototyping and Testing: Client's who don't prototype their design first run a higher risk of failure and having designs that fail in customer's hands.

   1. Prototyping (physical or virtual): In order to validate your design, prototyping constitutes a fundamental role. This helps you to validate your design, find the bugs, and correct any potential issues that will lead to returns or customer complaints.

   2. Patenting Your Design: Patents add credibility to would-be investors, protects your design from thieves, and gives you a distinct competitive advantage.

On ISS, our goal is to to give clear directions with confidence in our findings, work, and leadership to assist you through the whole process of design and manufacturing of your products.