When you develop a new product, it is essential that you launch it effectively, to generate return on investment. Turner Little asks: what should you do after creating a new product?
Protect your intellectual property
Before you do anything else, provide this new intellectual property (IP) with legal protection. By pursuing this course of action, you can ensure that your competitors cannot benefit from your product, allowing you to safeguard your profit margins. In order to protect your IP, you need to determine whether to file a patent or register copyright.
How to safeguard your IP
If you have invented a product which is new, involves an inventive step and is capable of industrial application, you can protect it legally by filing a patent. The invention must adhere to a number of additional criteria e.g. it is not a discovery, scientific theory or mathematical method, for your application to be successful. If you have developed a product that can receive a patent, it will probably not come under copyright. However, it may be covered by UK copyright law in certain instances.
Copyright can be applied to a number of works including broadcast, TV or film recordings, sound or music recordings. It also applies to original literary, dramatic, artistic or musical work, including photography and illustration and original non-literary works such as web content and software. You should also move to protect essential branding IP, such as logos, so you can market your new products effectively. Turner Little provides the Trademarking advice you will require to safeguard IP.
Conduct market research
It is key that you determine the right price point for your new product. If you overprice your product, it is unlikely to appeal to consumers and generate revenue. In order to determine the value of your business’ product, ascertain overheads so you can cover the costs of production. After you have determined this minimum price point, conduct market research to determine how much your target consumer is willing to pay for your product.
Small Business points out that you should also carry out market research to familiarise yourself with your target audience. For instance, when conducting market research you may want to ask respondents which social media sites they use most frequently. This will allow you to target your marketing efforts more effectively, maximising your marketing budget so you can increase the profit potential of your new product.
Market the product
Consult your market research to determine whether offline or online channels would prove most effective when promoting any new product to your target audience. Understanding where your audience spend time online is key. Marketing campaigns should have a realistic budget. Social media can prove effective, allowing you to reach a vast audience at minimal cost and gather valuable brand ambassadors. Create a “buzz” around your new product and its unique selling points and communicate this information to potential and existing customers.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.
