Commercialization refers to the process of introducing one or more products or production methods into a market. Although the term may be used to describe introductions into niche markets, most uses of the word “commercialization” refer to entries into the mass market. The process of commercialization usually begins with research and development. However, in some cases, it can begin through the work of either a single inventor or multiple inventors. As time goes on, systems and processes help turn the product in question into a viable commercial proposition. The process of commercialization culminates with the product launch – the final stage of new product development.
The following paragraphs will detail some of the ways in which commercialization as well as everything associated with it is good for any business. If you’re a business owner, take note of this information – it will serve you well today as well as in the future.
The process of commercialization involves much market research. This research often involves the conducting of surveys and polls, analysis of customer demographics, holding of discussion panels, and sometimes even tracking of potential customers. Businesses which conduct their market research as thoroughly and conscientiously as possible will stand to gain benefits beyond increased product sales. After conducting market research, you’ll not only learn about who your primary customers are, but also why they choose to frequent your business. You can also gain insight about why those who are not your regular customers prefer to use your competitors’ products, then retool your approach to turn them into your regulars. This shows that even the aspects of commercialization which don’t directly deal with products and services will be of worth to your business.
Public Relations and Media Strategies
Commercialization will also help your business fine-tune its public relations and media strategies. This is especially important at the time of the product launch. Media outlets will often carry stories about new products and innovations. When these media outlets showcase your business, you would definitely prefer them to do so by providing a positive impression of your business to outsiders. Therefore, a successful commercialization process will typically also include news media campaigns which target key figures in your area’s media industry. Whether a print news campaign, an online news campaign, or both are part of the commercialization of your product, your business will benefit from these campaigns in the long-term because public relations and media strategies can be used for purposes other than commercialization. You can use these strategies to bolster your brand’s credibility, provide added value, improve your brand’s public image, and attract more of your target market.
Commercialization of any product will make your business more profitable. This is because the research and development which is needed for commercialization ought to provide evidence of public value. If a product or service displays public value, more people will be inclined to purchase it and thus increase the amount of revenue the business receives. In addition, commercialization involves the consideration of costs, financial feasibility, and profit-making strategies which would also serve to place the business in an even more positive monetary position.
Intellectual Property Rights
Perhaps the most important business advantage of commercialization relates to intellectual property rights. When undertaking the process of commercialization, you ought to register for patents, trademarks, copyrights, or any other relevant form of protection for your intellectual property rights. In this way, you will ensure that none of your products or services will be simulated in a dishonest manner before they enter the market. Since these intellectual property rights will prevent anyone from unjustly providing the same product or service which your business does, they will guarantee that your business will provide something which is not present in any other business. This in turn will ensure that you will always have a steady stream of customers because there will always be some who seek the specific characteristics which are only found in what your business provides.
If you have the means to do so, it is in the best interest of your business activities to seek commercialization. Commercialization will allow your business to flourish in numerous ways. In addition, the steps which you must take in order to facilitate commercialization will benefit your business activities as you interact with the media, collect valuable data about customers, enhance your research and development efforts which drive profit-making, and spare your business from infringements of your intellectual property rights.
This article brought to you by Exy Intellectual Property