Table of contents
The first is to hire multiple independent engineers
The second is to start with small batches
The third is to use the electronic module
The fourth is to make full use of manufacturer resources
The fifth is to build a customer base before building a product
The sixth is to pre-sell your products
No matter how well prepared you are in advance.
Bringing a completely new hardware product to market inherently introduces risk.
The brand new here means that your previous resources, supply chain, and technical reserves cannot fully adapt to the new market.
In this case, you will most likely need to start with 0:
Go deep into the market, understand the demand, and run through the supply chain at the same time.
From my personal actual product experience:
If you do not have unique advantages, or do not have matching resources in this market, the probability of failure is extremely high.
No matter how perfect the product is, no matter how sure you are that it will be a huge success.
You should always try to minimize your risk.
Of course, you can't completely eliminate risk.
But it is possible to minimize risk, protect investment and increase chances of success.
The odds are generally better for hardware startups.
As a start-up, you need to build every possible advantage to help you achieve your financial goals.
Here are six ways to gain a competitive advantage when you bring new hardware products to market, reducing risk and increasing your chances of success.
The first is to hire multiple independent engineers
One of the best ways to reduce risk and increase your chances of success when developing electronic hardware products is to hire at least two engineers:
- An engineer to actually develop the electronics;
- Another independent engineer to review the design;
- Prototypes are then produced.
No matter how good an engineer is, mistakes are almost always made when designing anything complex.
You should always strive to collect as much feedback as possible.
Design reviews are key to preventing errors, and it can be determined that:
Any hardware product developed by a large company is vetted by multiple engineers.
For start-up companies, if you have the ability to review.
This will undoubtedly save a lot of personnel costs and be more efficient.
The second is to start with small batches
Your first priority is to get the product to market as quickly as possible, and as cheaply as possible.
while minimizing risk.
Risk is something you should focus on before your product achieves significant sales success.
Take the smart lock product that I was personally responsible for as an example, and the market verification has been initially completed at that time.
Then began to build an assembly plant, made a lot of investment in mass production, and the capital chain was almost broken.
That is, if you go broke before bringing your product to market.
Then it doesn't make any sense to focus on maximizing profit.
The third is to use the electronic module
One of the best ways to reduce the complexity, and thus risk, of electronic products is to use proven electronic modules for certain functions.
For example, if your product needs wireless functions, you need to obtain the radio certification license of your region or country at this time.
Certification usually takes a long time, and some certification fees will be charged.
For example, in China you need to obtain radio certification SRRC.
For example, I personally used Bluetooth and WiFi when I was making products in the early days. At this time, I need to do SRRC certification.
At the beginning, because I didn't know the specific testing standards, it took about a month and went to the certification body three times.
An electronic module, on the other hand, is an independent component designed to perform a specific function, and is an electronic circuit that is easily integrated into other products.
For example, some networking modules of Tuya and Espressif.
Of course, the reality is that most products still require some custom circuit design.
This is because the unit cost will be greatly increased if the product is made entirely of modules.
Second, if your product is very small.
For example, in wearable technology, the module volume may be too large to be designed with modules.
The fourth is to make full use of manufacturer resources
Most manufacturers have resources that include assistance with design, engineering, 3D modeling, and prototyping during product development.
They may also connect you with suppliers, such as component and packaging suppliers.
If you have a viable product and maintain steady sales.
They can also provide you with billing terms, such as allowing you to pay within 30 to 90 days after shipment, etc.
This will greatly improve your cash flow and increase your competitiveness.
When you work with a manufacturer, they generally allow for the amortization of tooling costs.
The fifth is to build a customer base before building a product
From day one, you need market feedback.
Don't wait until your product is ready to hit the market to start thinking about how to sell it.
You need to gain some market traction as quickly as possible.
Hardware startups face serious challenges, and you can reduce risk and increase your chances of success by exploring these strategies.
This has two advantages:
- Firstly, you will be able to get quick market feedback from potential future clients;
- Second, once your product is available for sale, there will be a large number of customers ready to buy your product.
The sixth is to pre-sell your products
People may compliment your product.
But all the accolades mean nothing unless they're accompanied by sales.
You need to pre-sell your product and test it in the market.
Getting feedback quickly lets you know if the product is valuable and worth spending more resources on.
Collection catalog
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002-Advanced Product Manager: Introduction to Product Manager
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003-Advanced Product Manager: Core Qualities Needed by a Product Manager (1)
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003-Advanced Product Manager: Core Qualities Needed by a Product Manager (2)
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003-Advanced Product Manager: A Business Model Operation Guide for Entrepreneurs (Add Meal)
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004-Advanced product manager: the advanced path of product manager
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005-Advanced Product Manager: Product Development Timetable (1)
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005-Advanced Product Manager: Product Development Timetable (2)
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006-Advanced product manager: four elements of product success
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007-Advanced product manager: product design and development process (Samsung PLC process)
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007-Advanced Product Manager: Product Design and Development Process (2)
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007-Advanced Product Manager: Product Design and Development Process (IPD Process) (Updating)
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008-Advanced product manager: product manufacturing (updating)
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009-Advanced product manager: product project management (updating)
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