Wonnda

Product idea development: 6 steps to turn your private label brand into a success

product ideas

Whether you’re an aspiring startup entrepreneur with an innovative product idea, or an existing retailer looking to diversify your assortment now is the time to get started and turn your innovative private label product idea into a success. Private label products have been gaining market shares in Europe over the last few years, with private label products accounting for 34% of sales in Europe in 2020, according to a study conducted by the GfK.

Retailers, entrepreneurs and creatives could make use of this opportunity by developing their own private label product. However, coming up with a product idea from scratch and turning it into a successful private label brand is easier said than done. So if you have an innovative product idea – where do you start? Let us break it down for you and guide you through the product development process. 

1. Define your product idea

Once inspiration has struck and you have got a product idea in mind, put your thoughts down on paper and note every detail running through your head. Get specific and define your product idea as detailed as possible. Which problem are you trying to solve with your product? What makes your product unique? Write down all the points why customers should buy your product. 

2. Identify your market 

Define your target audience, their habits, needs, complaints and overall purchasing behaviour. Who is your ideal customer and what is that customer looking for? Based on your target audience, research potential competition and define where you want to position your product in the market. 

3. Build a prototype 

Develop a prototype to visualize your product idea and test the basic features of your product. Start with a drawing of your product idea which you can use to create a mock-up model. Test the mock-up and once you are satisfied build a full-working prototype. Let others test your prototype, use it and most importantly take their feedback into account to improve the prototype before finalizing your product. 

product idea

4. Review your product idea

Even when having the greatest product idea, it is important to keep reviewing your product to continuously improve it. The consumer market is very volatile and the needs and preferences of consumers change all the time. Your product idea or final product should be able to adapt to these changes. The more you are able to anticipate changes in the external environment the better you are at staying ahead of your competition.

5. Develop a business plan 

After figuring out what your product will look like it is time to get more concrete and develop a business plan. Doing so will give you an idea of how your private label business is going to function. Having an elaborate business plan will not only help you organize your business, but also give investors more insights to place their trust in you. Think of a financial plan, a marketing strategy, an execution plan etc. 

6. Find the right manufacturer with wonnda

In order to bring your product idea to life, it is important to have a manufacturer that matches your needs. Finding the right product manufacturing partner and reaching an agreement can sometimes be difficult, which is why we at wonnda have made it our mission to make finding the right product manufacturer for your project as easy as possible.

Here at wonnda we work with top European producers for private labeling and contract manufacturing. The great advantage of wonnda.com is that you can simply let us do the heavy lifting. 

Turn your product idea into reality with wonnda

Are you ready to turn your product idea into a successful business and are looking for the right production partner? 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 just fill out the form or send us an email with your desired product.

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