New Product, New Opportunity - 10% of New Products Succeed Which Means 90% Fail
New Idea
Many aspiring entrepreneurs get stuck on creating a new idea, and often because they’re waiting for a stroke of genius appear and help them develop the perfect product. While building something fundamentally "new" can be exciting, many of the best ideas are the result of building upon on an existing product. A fresh angle on an existing idea that consumers are already familiar.
The SCAMPER model is a useful tool for quickly coming up with product ideas by asking questions about existing products. Each letter stands for a prompt:
- Substitute
- Combine
- Adapt
- Modify
- Put to another use
- Eliminate
- Reverse/Rearrange
Research
Product research ensures you’re creating a product people will pay for and want to use. However you decide to go about researching your idea, it is important to get feedback from a variety of people and an unbiased audience. This can provide details on whether consumers would buy your product. Be wary of over-valuing feedback from people who “definitely would buy” if you were to create your theoretical product—until money changes hands, you can’t count someone as a customer.
Design and Development
The beauty and cosmetics industry includes a wide range of products that is constantly expanding, due to wellness and self-care trends. From makeup to bath products to skincare, many beauty brands are focusing on all-natural ingredients and sustainability, which makes it easier to prototype a product on your own using everyday ingredients. But so much more is needed than a few oils from the kitchen. Professional help is the difference between a successful idea and a flop.
Private labeling is popular in the beauty industry, this process of finding an existing product or manufacturer, then packaging and branding the products they already produce can save money. Whichever route you decide to take, mass manufacturing for cosmetics is usually done by working with a lab and formulator to make sure quality stays consistent at scale.
Other factors to consider:
Labels and warnings. Identify all materials used in the product and any potential reactions.
Laws and regulations. Research Health Canada, FDA regulations and any other market area to see how they pertain to your product and packaging. Both where they are produced and most importantly where you intend to sell them.
Shelf life. Conduct tests and add necessary expiration dates to products.
Prototype Pilot
Pilot phase of Project: An actual implementation of the working system with real customers, on a limited and controlled scale.
Suppose you’ve built a basic product but at this stage, we can only make it by hand, in small quantities. We know some customers are interested, but we need more customer-use to iron out any problems, and justify scaling-up our production capability.
Key Points
It assumes the product is either done or near done and ready to start working in a real world situation. The difference between a pilot and a beta is:
- Beta is usually public where as Pilot is invited or controlled.
Pilot phase is handful if you’ve really solved problems, or if a product will work for you.
Proof of Concept- evidence, typically derived from an experiment or pilot project, which demonstrates that a design concept, business proposal, etc., is feasible.
Don't forget to review the PROTOTYPE PILOT DATA!
Successfully launching a new beauty product requires creating a buzz or interest in it. The first step to an effective launch is making your target consumer base aware of its presence. The second, and even more critical step, is to entice these consumers to try the product. Giving away free samples of the product, showcasing the impact the product can have on the consumer, and making the consumer curious about the product's effectiveness can help to gain a following for the item.