Tag: amazon

Do you have a product idea in your mind which is not letting you sleep?‌‌

Do you want to turn your idea into a successful product that will make the lives of your customers easier and happier?‌‌

If yes, then this article is the one-stop destination for you.‌‌

This article will tell you how to make sure that your idea is unique and validate if it has demand in the market.‌‌

You will also get to know how to understand the needs of your customers.‌‌

Wait! There’s more to it.‌‌

You will understand prototyping, testing, manufacturing, funding, and finally selling the product.‌‌‌‌‌‌

This is going to be a big article but you will get so much information that you won’t need to read any other article.‌‌

So, bear with me, and let’s get this journey started!

The article contains the practical tips you will need to start your product designing journey.

Make Sure Your Idea Is Unique
Does Anyone Really Need Your Product?‌‌
Conduct User Research
What Would Be the Pricing Model?‌‌
Sketch the Product
Create a Virtual 3D Model
Create a Proof of Concept
Types of Prototypes
Methods of Building Prototype
Repeat the Feedback and Refinement Cycle
Test the Product
Protect Your Idea Legally
Time to Make Your Product
Fund Your Idea
Sell Your Product

Make Sure Your Idea Is Unique

You have come up with a genius product idea that has a solid USP and huge demand in the market.‌‌

You invest all of your time, energy, and money in prototyping and developing the product.

After months of hard work when you are about to launch your product you find your innovative idea on a local marketplace or e-commerce store.

You would be very disappointed right?‌‌

To avoid such a scenario, after coming up with an idea do rigorous research in making sure that your idea is unique.‌‌

Here, are 3 ways to ensure that your idea is actually yours:‌‌

Google Search

Google is the biggest search engine in the world which means that it has a huge database of several products and services.‌‌

Type in your main product keyword and other keywords related to your niche and industry.‌‌

Google will show you all the products that are related to your keyword. ‌‌

Don’t just analyze the first page of SERP, go beyond that and try to read as many pages as possible.‌‌

Google Image Search is another great option to see if your product already exists in the market.‌‌

Since you would see dozens of images you will get a better understanding if your product is unique or not.‌‌

Online Marketplaces

Try searching for your product on the following marketplaces:‌‌

• Flipkart
• Amazon
• Alibaba
• AliExpress
• Etsy
• Oberlo
• eBay
• Walmart
• IndiaMART‌‌

Make use of features like ‘similar products’ and ‘people who bought this also bought.‌‌

Patent Search

Try analyzing patent databases such as Google’s Patent Search or Espacenet to see if there were products similar to your ideas that were patented but never made it to market or which are on their way to market.‌‌

If someone has already patented your idea then you cannot move forward or if someone is already launching a product similar to yours then also you cannot move to user research and prototyping.‌‌

You again have to brainstorm new ideas.‌‌

Although, if you cannot find any product similar to your idea don’t get too excited yet!

Does Anyone Really Need Your Product?‌‌

After doing in-depth research you get to know that your product does not exist in the market.‌‌

But, maybe there is a possibility that the product is not there in the market because no one needs it.

Your product may help people in solving their problems but, your target audience might not consider the problem big enough to spend money on it.‌‌

Here, are 4 ways to determine if the product has demand in the market.

See If There Are Already Alternatives Products in the Market

Here, you need to use the research methods that are given in the first stage.‌‌

If you found out that there are alternative products that are solving problems then you may want to consider brainstorming another idea.‌‌

Although if your solution is cost-effective, easy to use, and futuristic then you may want to consider moving forward with it.‌‌

Try to see how many people are buying the alternative solution and for how long it has existed in the market. ‌‌

Read its reviews to see if there are any setbacks in the product which you can make better.‌‌

Understand the demographics, interests, and pain points of the people who are buying the alternative product to better understand their needs.‌‌

Run an Advert

Design a sketch of what your product will look like in the future and make a 3D model of it.‌‌

Then write down all of these features (don’t write anything very specific, rather be generic)‌‌

Then run an advert on various social media platforms by inserting the product image, its features, and how it will benefit people.‌‌

If a lot of people are interacting with this ad at a low cost per click (CPC) then it means that your product has some demand.‌‌

You can redirect the ad to a landing page where you can tell people that the product is in development and ask them what kind of features, look and price they would want in the product.‌‌

You can even collect their email ids. In this way, you would also build an audience for your product.‌‌

Conduct an Online Survey

If you have identified your target audience demographics and interest you can run a paid advert on various social media platforms that redirects them to a survey form.‌‌

In the survey ask questions like:‌‌

• Do you face this problem every day in your life?
• Did you find a solution to it?
• Would you spend money to buy a product that solves this problem?
• What could be the potential solution for it?‌‌

To incentivize people to fill out the form you can give them free products or discount coupons from famous e-commerce stores like Amazon and Flipkart to 3 lucky winners.‌‌

Use Google Keyword Planner and Google Trends

Type in your product keyword in Google Keyword Planner and see how many people are searching for this keyword every month.

Higher the volume higher the demand for the product.‌‌

Also, see in which countries people are searching for this keyword to understand the demographics of your target audience. ‌‌

Analyze the other related keywords as well to better understand what people want from your product.‌‌

You can even use other keyword research tools like Ahrefs, SEMrush, and Ubersuggest.‌‌

Then go to Google Trends and see how is the trend of your product in the last 90 days or 18 years.‌‌

If the trend is constantly going upwards in the last couple of years it means that there is demand for your product. ‌‌

See in which countries the product is trending to understand where your target audience lives.‌‌

Conduct User Research

After defining the product try to research and find out the age, gender, marital status, income level, place of residence, job position, interests, needs, fears, and desires of your target audience.‌‌

You also need to analyze your competitors and the upcoming trends in the market. ‌‌

The golden role is to never make a product for everyone. If you target everyone you will please no one.‌‌

First, make a customer avatar and then move to the next step.‌‌

What Would Be the Pricing Model?‌‌

Pricing is something that you consider at the prototyping and manufacturing stage.‌‌

But, let me tell you that you should consider the pricing model of your product at the early stage itself.‌‌

Let’s say you have come up with an amazing product idea and spent all of your time and money on it for a couple of months.‌‌

Later on, you decide to sell it at Rs 100. But, at the prototyping or manufacturing stage, you know that you need to spend 4 times more money to make the product.‌‌

To create a profit margin you need to increase the price of the product. ‌‌

But, the problem here is that you cannot sell the product at Rs 600-700 because you know that people won’t buy it.‌‌

It means that your idea is dead and all of your efforts have gone in vain.‌‌

To avoid such a scenario, try to decide at what price people will buy the product and what will be the cost of making the product. The figure doesn’t have to be very 100 percent accurate. ‌‌

If you get to know that the cost of making the product is not very high and you can sell it at a reasonable price and make a profit for yourself you can move forward.

Sketch the Product

You need to take the idea out of your head using sketching. ‌‌

Now, you don’t have to be Pablo Picasso or Leonardo da Vinci to sketch the product.‌‌

The sketch doesn’t have to be perfect but, you will bring your thoughts to life. ‌‌

Quantity matters here more than quality. Draw hundreds of ideas and then mismatch and make a perfect one later on. ‌‌

Don’t waste your time drawing a single perfect sketch.‌‌

The goal is to get a sense of what your product will look like so, you can explain the idea to your team members or other people.‌‌

Before drawing the sketch you should have a customer avatar in front of you. ‌‌

Basically, you should know the age, gender, marital status, income level, place of residence, job position, interests, needs, fears, and desires of your target audience.‌‌

If you don’t have the above information, conduct user research first and then come back to this stage.‌‌

Don’t make a product for everyone.‌‌

Once you start drawing you will get tons of questions about your product like:‌‌

• What will be the size and color of my product?
• What sort of texture will it have?
• What materials will be used?
• How will the target audience use it?‌‌

Write these questions on a piece of paper and try to answer them in detail.‌‌

If you have a lot of mechanical parts in your product you can draw them separately from the main product to get more clarity.

Create a Virtual 3D Model

Now, you need to transfer your sketches to 3D modeling software. This will help you to understand the size, shape, and design of a product in a much better way.‌‌

Another benefit of a 3D model is that you can explain your concept to team members more clearly. ‌‌

Once you make the 3D model you can continuously make changes to them and make your product structure perfect.‌‌

You can integrate the 3D model with augmented reality apps like Augment to visualize how your product will look in real life. ‌‌

To convert your sketches into 3D models you can use software like:‌‌

• SketchUp
• Tinkercad
• CAD

---

Top 16 AR Startups in India | 2022-Updated List

Here is the list of Top 16 AR Startups in India. These Augmented Reality focused Companies are changing the human lifestyle and businesses.

StartupTalkyAnagha S

---

Create a Proof of Concept

Proof of Concept (POC) tries to prove that your product idea is feasible and can be developed.‌‌

Now, POC is different from the prototype.‌‌

POC shows if your product can be built or not while the prototype tells how it will be developed.‌‌

Here’s how you can make a POC.

Describe the Need for the Product

First, prove the need for the product. ‌‌

It means that you need to tell who your target audience is and what problem they are facing.‌‌

You need to describe the pain points of your target audience in detail.‌‌

You also need to prove that people will buy your product to solve the problem.‌‌

To prove this you can release survey forms or conduct interviews with people and ask them what problem they are facing, did they find any alternative product to solve the problem, what desired solution they want, and whether will they pay money to buy the product.‌‌

You need to give facts and not assumptions.‌‌

Get Feedback

In the 2nd stage, you need to describe the solution that you have found to your target audience and ask them if they liked your product or not.‌‌

You can show the 3D model to your audience to make them better understand what they will get in the future.‌‌

Collect as much feedback as possible and make changes to your product.‌‌

Tell the Features, Cost and Profit Margin of the Product

Now, you need to tell the dimensions and feel of the product along with the features and benefits that the product will have.‌‌

Then tell the product’s rough cost, price, and profit margin.‌‌

You also need to describe the project’s timeline and what technology you will use to make it.‌‌

Prototyping

The prototype is an early functional sample of a product which is further enhanced and tested to develop a final working product.‌‌

Prototyping will help you test and develop ideas and understand the design flaws.‌‌

The goal is to test the idea of failure. This means that you really want to know where your design exactly works and where it doesn’t.‌‌

You also need to make sure that every prototype is better than the last ones, eventually ending with the best one that provides an excellent user experience and compels them to buy the product.

Types of Prototypes

Display Prototypes

As the name suggests, the display prototypes focus on the look and feel of the product. These prototypes may not even function but they try to mimic the design of the actual product.‌‌

Functional Prototypes

Functional prototypes try to show the functions of the actual product as closely as possible without accounting for the design and feel of the product.‌‌

Miniatures

Miniatures prototypes focus both on the display and functional aspects of the actual product. ‌‌

Although they are very small they don’t work at full capacity and may not accurately demonstrate the features of the actual product.‌‌

3D printing is used to develop miniature prototypes.‌‌

Rapid (Throwaway) Prototype

In the rapid prototype method, the prototype is developed in a very short period of time and in a cost-effective way. ‌‌

It is also called a throwaway prototype because the prototype is constantly modified based on user feedback.‌‌

Once all the stakeholders are satisfied the prototype is used for reference. Once the next prototype is developed the initial ones get thrown away. ‌‌

Rapid prototyping is usually conducted using 3D printing.‌‌

Evolutionary Prototyping

In evolutionary prototyping, a functional prototype is developed from scratch and new refinements are made continuously.‌‌

Once a first prototype is built that has some basic functionality it is presented to the users.‌‌

Feedback is collected from all the users and based on the suggestions changes are made to the prototype.‌‌

After making the changes the prototype is again presented to the users and again feedback is taken.‌‌

This cycle keeps on repeating until the users reach a point where they like using your product.‌‌

At this point, you stop refining your product. Since your product evolves at each stage this method is called evolutionary prototyping.‌‌

In this method, the focus is more on functions rather than design.‌‌

Evolutionary prototyping is suitable if you fully don’t understand the requirements of the project.‌‌

You can also use this product if you are developing a new product or technology that your target audience doesn’t know about. ‌‌

In this scenario, your target audience won’t be to give feedback unless they start using your product.‌‌

Once they start using it they will better understand your product and give you feedback.‌‌

Incremental Prototyping

If you are developing a product that has a lot of complicated technical components or if you are aiming to build a massive product then you should use incremental prototyping.‌‌

In this method, you develop separate small prototypes of your product simultaneously.‌‌

After developing different prototypes you test and refine them and then merge them together to make one comprehensive whole product.‌‌

Since each part and feature of the product is evaluated separately you are able to understand the intricate details of the product. ‌‌

You also get the freedom to innovate your product instantly.‌‌

Although the problem with incremental prototyping is that you may develop prototypes that look and function like completely different products.‌‌

To avoid this your design and developer’s team must come up with some principles in order to keep the aesthetics and function of the prototypes consistent throughout the prototyping stage.

---

Top 13 Best Marketing Strategies for Your Product Launch

Are you launching a new product? Do you have the right marketing plan for your product launch? Here, we have listed some best marketing strategies for you.

StartupTalkyNiku Mandal

---

Methods of Building Prototype

Now, there are many ways to make a prototype. ‌‌

I will run you down the most used ones that are incorporated while building plastic, rubber, metal, wood, and electronics products.

3D Prototyping

3D prototyping allows you to conceptualize your product ideas quickly without making a hole in your pocket.‌‌

It is a technology that allows you to create a three-dimensional solid object from digital files using CAD software and a 3D printer.‌‌

In this method, a fabricator starts building the design from the bottom and builds up successive layers until the product is finished.‌‌

Depending upon the structure and dimensions of your product the 3D printer might create your product within a few minutes or hours.‌‌

If you have a large model you can leave the 3D printer switched on overnight. In the morning your prototype would be fully developed.‌‌

Back in the day, 3D prototyping was very expensive. Now, you can easily buy a 3D printer at a low price.‌‌

Using websites like Shapeways and 3DHubs you can easily print the parts of the product and get them delivered to your house at a very low cost without the up-front investment of buying your own 3D printer.

CNC Machining

Computer Numerical Control (CNC) is a process where machines are controlled by computers. ‌‌

You just need to make a 3D model of your product using CAD and then input the details into the machine. ‌‌

That’s it! Your work is done. The machines will automatically start manufacturing the product according to the specifications.‌‌

Using this method, you are able to build products that are very close to the end product.‌‌

You can easily create prototypes in just a few hours and make modifications to them in one go.‌‌

Although CNC machining is more expensive compared to 3D printing.

Vacuum Casting

If you are looking to make plastic prototypes then vacuum casting is for you.‌‌

Using your method you can make prototypes that have the same color, size, texture, and feel as the final product. This is an economical and rapid way to develop prototypes.‌‌

Vacuum casting uses a solid master pattern to make a silicon rubber mold.‌‌

The pattern can be any physical solid that’s a copy of the finished part. The pattern is often a 3D-printed part.‌‌

The master pattern is suspended in an empty casting box which is filled with liquid silicone.‌‌

Once the silicone is cured it’s cut open and the pattern is removed; leaving behind a hollow cavity that can now be refilled with casting resin to make a copy of the original.‌‌

If the master pattern has a gloss finish or a textured finish this would be reproduced on the surface of each casting. ‌‌

Parts can be over-molded and resins come in a variety of hardnesses – from extremely rigid to rubber-like materials.‌‌

The silicone molds last up to about 20 copies.‌‌

Vacuum casting will not work if you are making metal or wood components.

Repeat the Feedback and Refinement Cycle

I know you feel very happy when you make a functional prototype. But, don’t get too carried away.‌‌

Instead of just making 1-2 prototypes and sending them straightway to the manufacturer you need to constantly make new prototypes based on the previous feedback and spend a lot of your time and energy at this stage.‌‌

Although, don’t waste too much of your time developing prototypes. ‌‌

This is because after making the prototype you need to find a good manufacturer and make arrangements for supply chain management which will also take a lot of time.‌‌

Basically, you need to find a balance at this stage. There is no fixed number on how many prototypes you should make in a particular time period. ‌‌

It all depends on your product. ‌‌

The key thing to remember is that you need to make several prototypes, test and modify them constantly and then select the best one.

Test the Product

Once you have made the prototype it’s time to test it.‌‌

In this process, you try to check its build quality and if the product is functioning properly as intended.‌‌

Sometimes, the recent changes that you make in the prototype can hamper the other functions which were working perfectly fine before the changes.‌‌

You also want to check if the product can withstand rigorous everyday use.‌‌

You should test the prototype both on your target audience and teammates.‌‌

You can give 2 prototypes that have different names, color schemes, and textures and ask your audience which one they would buy.‌‌

Different products have different testing methods. But, are 4 testing methods that would apply to any product:‌‌

(Make sure that while taking all the tests you are regularly taking the feedback of the people and making necessary changes.‌‌

In any of these methods if your product breaks down or doesn’t work properly you will again jump back to the prototyping stage).‌‌‌‌

Usage Test

Here, you are making sure that the people are able to use all the functions of the product.‌‌

• Can the users easily use your product without any confusion?
• Are all the screens, buttons, and levers working effectively?
• Can your product easily solve the problem of the user?
• Can users open certain parts of your product without breaking the other parts?‌‌

You got the idea right? ‌‌

Heavy Testing

Not everyone will use your product with care. Some people will use the product with extreme force.‌‌

If your product is not durable your sales would eventually go down.‌‌

To avoid such scenarios make sure that your product withstands extreme forces.‌‌

Drop Test‌‌

Products often get slipped out of hands or get dropped off the table. ‌‌

If your product easily breaks down in such scenarios, you need to again go back to the prototyping stage and improve the build quality of the product.‌‌

To test the durability, drop the product on a solid surface like concrete.‌‌

Standard Test‌‌

When you buy products you see the logo of ISO behind the product. ‌‌

This logo shows that the product meets all relevant standards and safety requirements.‌‌

You also need to make sure that your product meets the requirements of all the standard tests.‌‌

P.S: When doing all these tests don’t oversell your idea. Instead, just give your product to your users.‌‌

Let them handle your product any way they want. Your target audience might find something which you and your team might have not focused on yet.

Protect Your Idea Legally

Once you have made an awesome product you need to stop other people from stealing your product idea.‌‌

You can easily protect your idea legally using the following methods:‌‌

• Patents
• Trademarks
• Copyrights
• Non-Disclosure Agreement (NDA)‌‌

The golden rule of protecting your idea is not to tell about the product to anyone unless they can be trusted and it is required.

Time to Make Your Product

Here, comes the most exciting part of product design. ‌‌

It’s time to turn your prototype into a full-blown working product. Without wasting time, let me tell you how you can make your product.

Who Is Making the Product?‌‌

Are you going to manufacture the product or do you want a manufacturer for it?‌‌

If you are going to manufacture yourself then you know what to do. Skip to the‌‌ next step.

On the other hand, if you need a manufacturer keep reading the article.

How Many Products Are You Going to Make?

You need to answer the question first before you start finding a manufacturer.‌‌

Do you want to produce small quantities of products and then sell them locally? ‌‌

OR‌‌

You have big dreams and want to produce products in large quantities and sell them all over India or worldwide.‌‌

The answer to this question will help you decide which of the following manufacturing routes you will take:‌‌

Commission

Manufacturing products on commission means that the products get produced when you order and pay for them. ‌‌

Customized shirts and paintings can be produced using the commission strategy.‌‌

Small Batch Production

In small-batch production, products are produced in specific groups in smaller quantities. Similar components are produced together.‌‌

Since you are producing goods in smaller quantities they are cheaper to manufacture and you don’t need a big warehouse to store them.‌‌

You can catch the issues in your design easily and if there is a trend you can tailor your product to it.‌‌

Even if you get poor-quality products you don’t have to worry a lot since you don’t have a lot of products in hand.‌‌

On-Demand Manufacturing‌‌

The On-demand manufacturing is a process where products are only manufactured when they are demanded and in quantities required.‌‌

Using the internet and cloud-based technology manufacturing companies can develop advanced online platforms that allow customers to upload models and get quotes for parts in real time.‌‌

Customers stay connected with the manufacturer till they get the order.‌‌

Mass Customization‌‌

Mass customization refers to a manufacturing process where customized goods are produced according to the customer’s requirements. ‌‌

The whole business model revolves around computer-aided software. Customers get a variety of predefined features that they can choose and personalize. ‌‌

The cost of the final product will depend on the level of customization.‌‌

Mass Production

In mass production goods which have the same specifications are produced over and over again in large quantities.‌‌

In mass production, multiple assembly lines are involved where people are given a set number of tasks that they have to repeatedly do on a daily basis.‌‌

The manufacturing cost is low since repetitive and standardized processes are used to manufacture goods.

Which Method Is Ideal for You?‌‌

If you are new to the business and want to test out your products or if you are unsure about the demand for your product you can opt for small batch production.‌‌

On the other hand, if you want to produce goods in large quantities then mass production is an ideal manufacturing process for you. ‌‌

If you want to provide customized goods in large quantities then go forward with mass customization.

Choose Your Manufacturing Method

You also need to decide which manufacturing method you will use.‌‌

The method that you will choose will purely depend on the type of parts you are using and the type of design you will be incorporating.‌‌

Now, there are tons and tons of manufacturing processes you can opt for. I won’t be diving deep into this topic.‌‌

But, here are the top processes that you can use:‌‌

• Injection Molding
• CNC Machining
• Welding
• Forging
• Rolling
• Weaving
• Blow Molding
• Laminating
• Vacuum Casting
• Stamping
• Punching
• Extruding‌‌

If this process is very confusing for you consult a freelance product designer or a product development firm.‌‌

Don’t try to do everything by yourself.‌‌

Trust me, spending money at this stage and making sure your design and manufacturing process is perfect is very important.‌‌

If you don’t spend money now, you will spend much more later on when you tweak your design or change your manufacturing process.

---

The A-Z Guide of How to Hire A Freelance Graphic Designer

Looking for graphic design services? Find & hire freelance graphic designers for your web site, business card, or logo design project. Before you hire a Freelance Graphic Designer, read this article.

StartupTalkyYash Gupta

---

Fund Your Idea

If you have followed all of the above steps properly, you must have understood how much money you need to manufacture the product and at what price you would be selling it.‌‌

Once you have gotten a figure, you can raise funding for your idea.‌‌

Now, there are several ways to raise money. But, if you don’t have a huge manufacturing cost you can invest your money in the project and sell a small batch of your products.‌‌

The profit you earn gets reinvested in the business and this cycle keeps on repeating.‌‌

See, you must put some money into your business even if you are raising money. ‌‌

This is because investors will see how much money you have invested before giving you the money.‌‌

Apart from self-funding, you can even take loans from your family members.‌‌

If you want to raise a small amount of money you can even use your credit cards and repay the money on time.‌‌

Now, let’s see some other legit ways of raising funds:‌‌

• Crowdfunding
• Angel investment
• Apply for loans under government schemes
• Get funds by winning contests
• Startup incubator
• Startup accelerator

Sell Your Product

You did it! After months of researching, prototyping, refining, contacting a lot of manufacturers, and raising money your product is ready to sell.‌‌

Let’s understand different ways of selling your product:‌‌

List on 3rd Party Ecommerce Stores

At the start of your journey, you can list your products in various e-commerce stores and start selling them with little upfront costs.‌‌

Obviously, these websites would take a commission from you but, this is the fastest way of selling your products.‌‌

You can list your products in the following stores:‌‌

• Amazon
• Flipkart
• eBay
• Snapdeal
• Pepperfry
• IndiaMART
• Myntra

Build Your Own E-commerce Stores

If you are confident about your products and want to scale them rapidly then you can even build your own e-commerce store. ‌‌

The best part here is that you don’t need to be a coding ninja!‌‌

You can use WooCommerce which is a WordPress plugin that allows you to create your own store where you can sell any product. ‌‌

You can integrate a major payment gateway with WooCommerce and build fast loading and easy-to-use e-commerce website.‌‌

If you don’t want to use WordPress you can opt for Shopify. With tons of templates and easy customization, you can design a beautiful-looking store.‌‌

You can easily set up payments and shipping and start selling within a few hours.‌‌

BigCommerce has the same functionalities as Shopify. Using this platform you can host and build your online store. ‌‌

All 3 of them provide you with a free trial so, you can try them first and understand which one suits your requirements.‌‌

Sell in Bulk to Retailers or Distributors

Instead of directly selling your products to the customers you can sell them in bulk to retailers who will then sell to customers.‌‌

When your products are present in retail outlets customers are available to physically check the product due to which they are able to make more informed decisions.‌‌

Retail outlets also give access to a huge consumer base and if your product is good your sales would also increase.‌‌

Although since you are adding another person into the supply chain your profit margins will get reduced.‌‌

In the start you may face problems in selling your products but, as your sales increase your cost of manufacturing per unit will get lower. ‌‌

Licensing

If you are able to patent your idea you can sell the right to manufacture to other companies. ‌‌

The company which is using your product idea will initially pay you a lump sum amount in advance and then pay you royalties (a percentage share of each sale).‌‌

According to your product, the royalties will range from 2% to 10% of net revenues. The royalty rates change from product to product and industry to industry.‌‌

Conclusion

That’s it! I have mentioned all the steps that you need to take in order to turn your genius idea into a high-selling product that makes the lives of your customers easier.‌‌

The process might seem lengthy and difficult but surely a fruitful path to cover. All the topics related to the process like researching, prototyping, manufacturing, and licensing has been covered in the article.

FAQs‌‌

What are the 4Ps of designing?

The 4Ps of designing are people, products, partners, and processes.

Why is product design important?

With a good product design, the efficiency of the product can be improved and it can also give it an upper hand in the competitive market.

What are the 7 elements great of design?

The 7 elements of a great design are space, line, light, color, form, texture, and pattern.

What is the main focus of product design?

The main focus of product design is to blend customer satisfaction with a business goal t have consistent growth in the market.