Designing a Product: Essential Considerations to Keep in Mind
Product design is a tricky business, as you have to create something that’s never been made before and hope that people will want to buy it once finished.
The uncertainties are why, before you start designing a product, you should consider whether it’s something people want, how easy it is to make, and whether there will be long-term support.
One of the most important aspects of a product, especially when trying to sell it, is it’s aesthetic. You can often sell a product on its aesthetic alone, even if it isn’t advantageous. However, you need to ensure that it will appeal to your audience and be prepared to change how it looks if it doesn’t.
Take Monopoly as an example; they have hundreds of designs with locations worldwide to appeal to as many people as possible. From a simple board game to an iconic name, Monopoly has diversified into multiple niches and platforms.
Now even entering the online casino space with various games with different aesthetics, such as Monopoly Megaways, Monopoly Heights, and so many more. This is an excellent example of how tailoring your aesthetic to fit your market can significantly increase your chances of sales.
Another essential thing to consider about your product is how well it scales. Consider scalability from the beginning if you want your business to be successful. It only matters how well your product sells if you can make enough to meet demand.
As well as the complexity of your product, it would help if you also considered how easy it is to get the materials required to make it. If your product requires scarce material, it may scale poorly, so pick your components carefully when creating your product.
Researching Human Behaviour
When trying to bring your product to market, it takes a lot of work to predict how your target audience will react. Will customers love it and buy up your stock within the first day, or will they hate it, leaving you with a warehouse full of unsold products?
The first scenario is the preferable one, so to give yourself a better chance of that happening, you should study the psychology of your target market. Look at how susceptible they are to cultural influences or viral trends and whether or not you can offer incentives to persuade them to buy your product.
Cost vs Price ratio
The most important thing you need to consider when selling a product is whether or not it’s profitable. If your product isn’t profitable, it doesn’t matter if it’s the most popular product in the world; your business will only last for a while.
It would be best if you looked at your cost vs price ratio, or how much it costs to make vs how much you’re going to sell it for. To figure this out, divide the cost by the price you will sell your product.
For example, suppose it costs £2 to make, and you’re going to sell it for £10. In that case, you have a cost-to-price ratio of 1:5. You must leave a healthy margin between your cost and price to allow for expenses that may come when your business grows.
While there are many things to contemplate when designing a product to bring to market, the most important considerations are the aesthetic, scalability, cost-to-price ratio, and the psychology of your target audience.