As you all know, we are strong advocates for “IP” (Intellectual Property/Patents), when necessary.
However, your patent is often only as strong as the product and sales you generate. That is unless you license. In which case, the amount of revenue you would receive is drastically less than if you were to take a product to market, gain leverage through sales, and then sell it off…..but I digress.
The purpose of this post is to discuss two considerations that most product development florida companies should assist you with to insure a successful product:
- First to market. While not rushing through development, you want to get your innovation generating traction as swiftly as possible. All too often entrepreneurs and inventors spend thousands and thousands of dollars on patents and IP while disregarding the development of the product itself. While this most certainly CAN be beneficial, if one can afford it, a physical well produced product grabbing attention, and market share in its category is just as important
- The next step is pricing. Pricing your new product correctly at launch can prove highly beneficial when dealing with buyers and retail channels. At BerryGood Products, product development florida, we stand firm in our belief of patience with pricing. We work with buyers and retail partners to find common ground that gets your product generating sales as efficiently as possible. We see way too many products launch at absurd price points, only to be quickly outsold by a competitor that calculated more feasible price points for the market at hand
So YES, patents can be an EXTREMELY effective tool for product development and design. However, first to market and pricing are two very important aspects to consider when aiming to successfully launch a new product.