There are several equally important components that work hand in hand when product launches on the market. However, the price and good producer are the most vital components if you want to succeed in marketing your product. If your product is not correctly calculated, it would be extremely demanding for survival in this competitive market, especially in this economy where customers and consumers look to price more than ever.
As a company, it’s important not only to understand the market, but you have to figure out how to find a manufacturer to make sure your product is of the highest quality and most importantly it is a PROFIT. There’s nothing worse than getting your bad quality products done, and you’ll find out later that you’re not actually making money… or worse, losing money!
This usually happens when the manufacturer does not work well enough or does not have a good understanding of all costs associated with launching the product. Be extremely careful and prepared to properly calculate your costs before you even produce your product. Understanding your costs will allow you to determine the profits you need to make sure you earn money.
If this is the case, go back to the product development phase and work with the manufacturer to determine if there are ways to reduce costs to meet the cost structure requirements. Look for help from partners who have the experience and expertise that can help you find a possible solution that will allow you to successfully launch.
In my opinion, it would be better not to produce a product if it turns out you will not get a profit. I know it might sound harsh, but be real… you should be in business to make money. If you do not have so much money to spend, it would be a waste of time, energy and money.
You might have invented the next big thing, but if the numbers do not make sense, it is very difficult in my opinion justify investing in something that will not bring you the return that you need to recoup the investment, stay in business and make money. Your long-term goals may be personal, but your business goal should be profit-making, otherwise you will be out of business.