You have an idea that can impact people’s lives for the better. Awesome!
However, the journey from an idea to a product is often exhaustive. Unfortunately, many startups fail every year because the ideators fail to take an effective approach to make their ideas work.
You may be getting started with your idea but there are many reasons people fail to commercialise their business and ideas including (but not limited to):
- Lack of funds
- Not entering the market at the right time
- Not protecting your idea through patenting
While all the above three aspects are crucial in determining a product’s success, commercialising your invention is the key to the success of your product.
So, what is idea commercialisation? How do you enter the market at the right time?
You will find answers to such questions in this article, so make sure you read till the end.
What is the Commercialisation of an Idea?
Commercialisation of an idea (or idea commercialisation) refers to the conversion of the idea into a valid and successful commercial business. It is a 3-step process that involves creativity, business strategy and engagement with stakeholders.
We also suggest you make an audience persona of your target audience. More on this later in this section.
Imagine idea commercialisation as a funnel and ideation as a funnel opening. You may get several ideas towards the funnel’s opening (or before starting your startup), but not all the ideas can get through.
Choose an idea that resonates with your company’s brand voice. You should focus on developing an effective business with complete ideation to appeal to your customers.
Your idea should solve the problems experienced by your target audience so it will generate profits. Try to narrow the scope of the problem faced by your clients/customers and supply a solution that fills that gap.
Remember, an idea’s true success will depend on your customer’s satisfaction as well as your satisfaction and the longevity of the brand and product. Short term success may not last if the business and branding are not planned correctly and properly implemented.
How To Enter The Market The Right Way
Have a Clear Approach
Again, when commercialising your idea, your approach should be to solve the customer’s problems. You have to give people a reason to buy your product and the simplest of reasons is that the product solves a problem.
Problems lead to a demand for solutions.
Also, remember that when starting, you may not have all the funds in the market and the expertise to succeed. So, it makes sense to try inexpensive solutions. Publicity does not always cost money and some of the most inexpensive videos have gone viral leading to millions of dollars in sales.
Keep Analysing Your Target Audience & The Industry
Analysing your target audience and the market opens your business to new possibilities. Be agile and adapt with your target market.
Constant adjustment to understanding of your target audience, its preferences and demands will help you offer relevant solutions and keep the brand fresh and vibrant.
You can also scrutinise your business and the results you obtain when you change your business to understand how you can improve marketing.
Register Your Idea
It doesn’t matter how much you invent or create or improve; if the idea isn’t yours, or you don’t have rights to protect your idea or brand from others, anyone can easily replicate your offerings and trade off the reputation you just built.
It is crucial to understand the intellectual property law in your country and have your lawyers to register your idea (ie: patent it) and your brand.
If you have exclusive rights over your idea, you can restrict your competitors from using your protected material, or can even licence rights to your competitors to create a separate income stream. But you can also enter the marketplace with your brand or product at just the right time to ensure success of the brand.
Organise Idea Generation Meetings
Brainstorming is also a great generator of ideas. Hold idea generation meetings to get a different perspective on products, how they can be developed and how they can be branded. This is all part of commercialisation.
They say the best ideas are born with brainstorming. Imagine multiple brains coming up with exciting ideas that can skyrocket your startup’s success.
Commercialising an idea requires extensive research, ideation and planning. Be meticulous in planning and in spending time to come up with the best idea that can be commercialised. Once finalised, please do not delay in protecting those ideas so you, and only you, can commercialise them.
What are your thoughts about this article? Let us know in the comments!