A business needs to expand in order to survive; it cannot stay the same size, selling the same products, and expect that it’s going to be able to hold onto the market share that it already has, that’s simply unrealistic for anyone to believe.
There are many ways, though, that a business can expand. If you run a business that is based around the idea of servicing the public directly, maybe selling them foods or goods from a storefront, your idea of expansion will be to add additional stores in underserved markets so that you can tap into new groups of people as customers. If you run a factory or a production facility of some sort, expansion means adding to your production capability, purchasing new things to help you better produce more product, of a higher quality, faster. If you run a business that designs products like electronics, on the other hand, this can mean that you’re having to produce new models to keep up with the changes in technology. This is the process of product development and research.
Research of a new product refers to the actual technical process of looking at what you can offer to the market, and then putting it together and providing it to the market. What you produce might be something entirely new, or it might be something that is an updated version of an older product; look at video game systems in the last generation. The first runs, released at the initial launch date, bore little resemblance to the designs being put out at the end, both in the external appearance and in the internals that were running the system. Each updated version was trumpeted, sold at a price close to the higher prices at launch, and then slowly went through the same process as those that came before of becoming slowly outdated.
The development part refers to the marketing that each product will have to do at some point or another in order to ensure that, when it launches into the open market, it sells at least somewhat well. For most small businesses, this means you’ll need to hire in some marketing muscle, because you’re not likely to have the people on staff you’ll need in order to get marketing work done. Luckily, there are product development firms in existence, which are well equipped to help you. Here’s just three ways they’ll assist you in bringing your product to market.
In order to bring your product to a successful launch, you need to know who you’re making it for. This is referred to as ‘targeted marketing’ by some, marketing that is designed to target various segments of the population.
How do you decide which segment ought be targeted, then, or segments? You choose segments based on who it is that you’ve found to be most perceptive, not only to the message that you have to send, but to the product that you’ve designed and are trying to sell.
One of the crucial reasons you need to find a product development agency is so they can help you design advertising. This doesn’t just meant that they’re going to design a few commercials that will be good at getting the attention of anyone who happens to be sitting in the room at the time ( a trick that can be easily accomplished by just raising the volume drastically when the commercial begins transmitting); it means that the message that the product has to convey to the people you’re trying to reach needs to be something that will resonate with them, even after they’ve turned off the television and left the house and gone to work or whatever else.
3. Internet Presence
You need to have a website. I can’t believe that, in the year 2015, there are still businesses that think they can get by without one, but it’s not possible.
Your website is the public face of your company, not just to people in your city or town and state, but to the world. People from one side of the globe to another can look at your website and learn about what you have to offer, at any time of day, from anywhere, and with little effort on your part to explain yourself to them. Get. A. Website. I can’t stress this enough. Businesses have collapsed for not keeping up with new trends.
So, if you’re looking to hire some marketing muscle, hire a local product development firm. You’ll be glad you did when the money is rolling in.