Bringing a Product to Market

Updated: Feb 19

Paul Taggart is one of the founders of OGIO, an apparel and bag company that distributes products worldwide. He considers himself a serial entrepreneur and has been involved with many companies producing a wide variety of products and services. Throughout the interview, Paul’s words of wisdom as a father and entrepreneur serve as trail markers to help us along the path of bringing a product to market.

Trail Marker 1: Ask the right questions, and a lot of them

Bringing a new product to market is a somewhat daunting and challenging task that all entrepreneurs will reach sooner rather than later. Entrepreneurs should begin with two key questions: Who, and why? Who is going to buy this product, and why? While Paul doesn’t necessarily explain how to answer these questions, he suggests taking time to write out the ideas you come up with. Consider forming a test group and discussing your ideas with its members. Why they would buy—or not buy—your product?

Taggart goes on to ask the internal questions: What can you do to get the best advantage? How good is our management? These insights can be used to further develop product and strategy. By asking the right questions (and a lot of them), budding entrepreneurs will find greater guidance along their journey of bringing a product to market.



Trail Marker 2: Get out there and find your guide

By getting out and talking to people, OGIO was able to market its products in some of the best spaces possible—all because they went out and found the right “guide” for their journey. Just like a trail guide on a hike, a product development guide is someone who has been on the same journey you will be taking. They will point out the best opportunities or give you warnings when danger or obstacles are in your way.

When it comes to doing something that is new and foreign, like bringing a product to market, Taggart instructs that having someone to guide you along the way can be the difference between getting your product to market or not. In order to get his guide, Paul went to places that would sell his product and talked with people that were in his target market. He talked with everyone until he found the right person to help him out.

Trail Marker 3: Plan, plan, plan

Over the many years that Paul Taggart has been bringing products to market, one key step that he wished he had done sooner was surprisingly simple: plan. Plan how to sell the product, plan how to source the product, plan how demonstrate the product, and plan for possible obstacles. Many companies fail or relinquish much of their ownership because they fail to take the time to plan how they will use their funds and possible future expenditures. The companies that take the time to plan and think about the future, both good and bad, are the ones that have the best chance to succeed in the journey of brining a product to market.

Conclusion

Remember that failure is an opportunity to grow and try again. It wasn’t until Paul Taggart reached 56 years old that he finally nailed the big success he was looking for. Have patience, and remember that the process of bringing a product to market is a journey—not just a destination.

So, are you ready to embark on your journey? Are you ready to ask the right questions, find your guide, and plan your product’s journey? If yes, then what are you waiting for? The world needs your product, and that product will not bring itself to market without your help!

What to hear more? Check out Paul Taggart’s full address at our Global Perspectives Summit at our YouTube Channel: https://www.youtube.com/watch?v=W2AvQrpHMws&t=49s