Commercialization is the process of bringing new products or services to market. The broader act of commercialization entails production, distribution, marketing, sales, customer support, and other key functions critical to achieving the commercial success of the new product or service.
Product commercialization is a branch of product lifecycle management, which involves all the activities that occur over the course of a product’s life, from conceptualization to launch to retirement. Product commercialization occurs during the launch phase of a product’s lifecycle.
To the average consumer, commercialization might seem to refer solely to advertising and marketing – the promotional work that lets buyers know that a product exists, what it does, and where to buy it. Regarding product lifecycle management, however, commercialization can include ideation, research, assessment, development, prospecting, marketing, and more. In other words, commercialization encompasses all the processes that need to be completed before a product is ready for release. The specific activities relevant to commercialization largely depend on the type of product being brought to the market.What follows are some of the steps commonly involved in successful product commercialization:
- Perform research: Research helps to identify what, if any, market exists for a given product or innovation.
- Gather feedback: This stage involves soliciting the opinions and feedback of other stakeholders to determine what a new product should include to resonate with buyers, based on your market research.
- Obtain a patent: This step entails obtaining the credentials that identify you as the inventor from a governing authority. Patent protection is crucial to your intellectual property.
- Identify target audience: This is the prospecting stage, where you go out and identify the most likely customers for your new product offering and the best way to reach them, which includes marketing. Audience identification can be incorporated with your overall sales strategy.
- Monitor sales performance: After product launch, monitoring sales performance can help you with production and determining whether the new product is resonating with your audience.
Product commercialization may be the most consequential stage of product lifecycle management. The commercialization process is largely where all the planning takes place. This includes not just marketing the product, but conducting the relevant research and collecting pertinent feedback to determine if there is an appetite or buying interest for a new soft drink, hard candy, plush mattress, or whatever your new product may be.
Supermax Distributor is commercializing a full line of its brand name products, by bringing new options to the market at great competitive pricing; without compromising the high-quality standards demanded by our customers. Please visit our Supermax Brand products section for more details on our products.