Launching your own product
Launching your very own product can be a dream for many people, but it doesn’t come as easy as we think. There are many steps to the process, from developing the idea to finding a manufacturer to figuring out distribution, the whole process can take months of extensive research and communication between parties. The process can be difficult, and it’s common for beginners to make mistakes along the way.
The good thing is that many people have started their own product line from scratch before, and will provide the perfect opportunity for you to learn from their mistakes. Don’t be afraid to take inspiration from other people who have been in your shoes before, and learn from their experiences, so you don’t commit these rookie mistakes.
Mistakes to avoid when launching a product
1. Launching in an already saturated market
It’s important always to be aware of the market you’re launching your product in. Are there already too many brands trying to sell the same thing with the same value proposition? How many different your product actually is? Are you innovating the market and catering to the necessities of a public that was once ignored?
All these questions are essential for you to find your niche market and be sure that your product won’t be swallowed by competitors from a very early stage. After all, if you’re a small fish trying to compete with decade-old sharks, you might have a rough time finding space in the market and putting your brand out there. In order to not waste time and money, be sure that your product has something to offer that competitors can’t, and find your niche audience to cater to while building yourself a solid client base.
2. Not caring about quality
Different brands have different priorities, and you need to set your priorities straight. For small businesses, quality can be an essential differentiator from the big brands. While a bigger brand with huge production numbers tends to eventually give up on quality to make more profit and speed up the production process, for a small business, offering a quality product can be a strong point in your favor.
3. Choosing the wrong kind of manufacturing
There are a few kinds of products you can choose when starting your business. The white label provides a faster and cheaper production time at the cost of little to no customizations. Contract manufacturing, on the other hand, is the opposite, the production will take much longer and be way more expensive since every step of the process is personalized for you, and the machines in the production line need to be customized to be able to produce the product as you imagined it. Bigger brands will go for contract manufacturing, while beginners will opt for white labels and rely on branding to differentiate their products.
Good for you, there is a third option, private label manufacturing. In this one, you can customize certain aspects of the production, such as the composition of the formula of cosmetics, for example, or the color and size of the product. For many brands, private labels can be the best of both worlds, a cheaper way of producing while providing customizations in the process.
4. Not studying your audience
Understanding the market you are entering and your audience is an essential step to keep in mind when starting a new product line. Understanding your consumer and their necessities is crucial for the success of your product and should not be overlooked.
5. Not taking advantage of benchmarking
Someone has probably done something similar. If not the same product, then the same market, the same audience, or the same competitors. Take their experiences as a lesson, and learn from their mistakes, so you don’t need to make yours at your own cost.
Create your own product line with Wonnda – the European platform for white label, private label, and contract manufacturing
Are you interested in launching your own brand but don’t know how to get your production up and running? Whether you’re an aspiring startup entrepreneur with an innovative product idea or an existing retailer looking to diversify your assortment with your own products, launching your own brand through a private label or contract manufacturing could be just the step you need to take your business to the next level.
Here at wonnda, we work with top European producers for private labeling and contract manufacturing. The first step in getting your product to market is probably the most crucial – finding the right production partner for your project. The great advantage of wonnda.com is that you can let us do the heavy lifting. Just tell us quickly about your project or product idea. We will then approach the most suitable producers for your project and connect you with them. Sounds interesting? Then fill out the form!