This is a process that involves introducing new products or new production methods in the market. The broader aspect of commercialization involves research development, time, and money. In order to be successful in commercializing your product, you have to incorporate sales, marketing, distribution, customer support, and other key functionalities.
In product development, its launching is usually the final stage. Here, sales promotions and advertisements play a key role in the adoption of the product or the production method.
A Little More on What is Commercialization
Commercialization often comprises of the following components:
- The idea generation phase also referred to as the funnel.
- The business development phase which involves knowing the ultimate goals and how to achieve each milestone.
- Stakeholder involvement and this may include the customers.
The ideation stage is viewed as the tunnel’s mouth where people bring in many ideas, but only a few will be implemented in the long run. The idea generation phase aims to come up with new products that often meet the demands of the consumers. This stage makes use of the 4 P’s in marketing; product, price, place, and promotion. Most companies will make use of these concepts to know what new product they can bring in. They also consider the price that it will go for, their target market, and strategies they will use to market the product.
For a product to be considered fit to enter the market, or rather for commercialization, it has to meet stakeholder and consumer satisfaction. The product’s value must be measured so that the analysts can tell whether the product will be profitable to the company.
- Commercializing by use of research helps to generate new products that help to solve some of the problems that consumers are facing thereby improving the quality of life.
- Commercialization gives the company an opportunity to meet new partners and investors in the industry. The investors can provide additional funding for generating the new product.
- Bringing in a new product is good for growing the general economy, a new way of revenue generation, and employment opportunities.
- Commercialization in major areas like education, healthcare, wellness, and fitness is a major contributing factor to societal growth. These directly impact the day-to-day lives of people.
How to sell the new products into the market
The company should protect the new product by use of trademark registration, patents, and any other legal ways before it is introduced into the market. This ensures that the intellectual rights of the new product are put into consideration even if the manufacturing may have been done by a third party or in-house.
Commercialization can be profitable to both the company and the community at large. Companies should strive to come up with new products in the market, which will help solve the problems that consumers face and not just focus on making profits. This will guarantee customer loyalty, and you might get new clients in the process.