6 Step Guide: From Product Concept to the Market Share: Async Labs Date Published 20 July 2021 Categories Blog Reading Time 6-Minute Read Which marketing philosophy should you follow to achieve the desired goals? “How can people know what kind of car they want until they see what is available?” — A famous quote from General Motors, one of the best descriptions of a product concept One of marketing’s primary functions is to achieve the desired outcome with the help of target markets. According to statistics, 42% of failed startups release a product that doesn’t meet customers’ needs. A quality product builds a strong brand image and attracts a target audience. If you can make the best product that your customers need and demand, you will successfully implement the product concept. There are five essential marketing concepts: Product concept Production concept Selling concept Marketing concept Societal concept In this article, we will describe and explain the product concept, its advantages, and things to avoid when creating successful product concepts. What Is a Product Concept? Over time, manufacturers realized that customers would pay more for better products. This is how the product concept evolved. The focus of the product concept is a product’s features, quality, and performance. According to the product concept, consumers like to choose better products and pay more for great quality, features, and performance. The product concept follows a simple formula to improve your product at a low cost and gives an identity, usability, and functional value. Some examples of good product concepts in action are Microsoft, Google, Apple, etc. What Are the Product Concept Benefits? The main advantages of product concepts are: Quality The product concept is a marketing philosophy that prefers quality over quantity, which means that consumers will choose the highest quality product. Companies that follow this concept care more about customers’ needs and wishes and create high-quality products with unique features and improved benefits. Higher Profit Margin Companies that follow this marketing concept may charge a higher price for their product, even when there are competitors in the market. There is a quality image that companies create in customers’ minds. Therefore, customers are willing to pay more for the product. Such companies provide a quality product with different features from competitors’ available products, consequently bringing them higher profit margins. Curiosity Humans are all curious creatures. Every new product creates and develops a curiosity in people’s minds. It encourages them to buy the product and satisfy their curiosity. What to Avoid During the Product Concept Process Irrelevant Features Sometimes companies create products with features that do not add any value to the product. In the name of those features, the company charges a higher price from the customers. For example, skin features in games are only aesthetic. They do not affect the gameplay. Avoiding the Consumers’ Interests Customers often get the product which the company has conceptualized and not the one the customers really want and need. Consumers Are Price-Conscious Some customers care more about the price rather than quality and tend to choose cheaper products. On the contrary, some customers are always ready to pay more for the right, innovative product with better quality and features. How to Create an Excellent Product Concept? Create a winning product concept that gets attention, generate interest, and make a sale with the following steps: 1. Detect Market Demands Do the research, define the market, and detect the problems your target audience has. Ask yourself, Is this product going to meet consumers’ needs? Based on the collected data and information, create a list of the product’s features and benefits to make the concepts more brand-worthy. 2. Put Yourself in Your Customers’ Shoes Successful products meet the needs and desires of their target market. Successful products meet the needs and desires of their target market. Don’t just think about what the product is, but how it will fit into the consumer’s life. Describe how consumers will use the product, why it’s valuable in their life, and why they want to choose your product. Make sure you use language appropriate to your audience and keep it simple. Talk about the product’s benefits, and avoid the scientific or the technical aspects of how the product works. 3. Design and Prototype Getting a working prototype of your product is necessary to see if your design translates to real life. Based on the product specification, the design team can make initial sketches and a product prototype. Product sketching allows all initial ideas to be formed and aligned. Design principles help determine what we want the product to have and become. After the product is sketched, designers use tools such as Figma, Sketch, Invision, or Adobe XD to design and build a clickable prototype. The finished product prototype helps visualize and display the functioning of the product. When you have a working prototype, you can do market testing. Go back to users who helped you define product requirements, and allow them to use and test your product. This will help you fix flaws and make a product even better. 4. Create a Marketing Plan After you successfully test your latest prototype, it’s time to find a way to distribute and sell it in the market. Develop a clear and concise marketing plan so that potential audiences understand why they need your product in real life. Bring Your Ideas to Life The product concept in marketing helps achieve greater profitability and better respond to your customer demands and needs. It is essential to bring concepts to life by creating displays of suggested products or services so that the target group can see what the product will look like. At Async Labs, our design team can take your initial ideas and turn them into beautiful mock-ups that ensure the initial idea is clear. Remember that continuous improvement and innovation are what turns a single creation into a global product line. If you have an idea and don’t know where and how to start, we hope these steps will help you prepare for your next product development. For more details on creating a product concept and bringing it to the market, read our full article “6 Step Guide: From Product Concept to the Market”. For help getting started on your marketing strategy, consult with our team of experts about marketing concepts that best suit your business needs.