Commercialisation

The Innovation Framework outlines four steps to successful innovation. Each step follows a process to help you complete it successfully.

On this page:

What is commercialisation?

Commercialisation is marketing or selling a product or service. If you have developed and tested a product or service you will want to commercialise it.

As with previous steps you should bring together a multi-disciplinary team with design, manufacturing, finance, sales, and marketing expertise. All will be vital to fully executing the concept.

Watch this animation to learn the basics of the commercialisation process.

How to commercialise a product or service?

You will need a clear marketing strategy to commercialise your idea, deciding when, how and where to launch your product will determine its early impact on the market, so careful planning and preparation is essential. 

  • Billboard

    Marketing

    Your marketing strategy should:

    • Define your value proposition: that is why someone should pay money for your product or service.
    • Establish aims and objectives, including realistic and achievable sales targets. 
    • Analyse your competition: check their pricing and where they promote and market their product or service.
    • Include a pricing strategy: consider production and operating costs and margins. Think about setting a market entry price and minimum and maximum prices.
    • Select promotional channels: paid and organic media options are available; consider both online and offline channels such as social media, paid advertising, press. 
    • Set a defined marketing budget.
    • Provide a proposed delivery timeline including target delivery dates.
    • Outline monitoring and evaluation methods.
    • Provide an opportunity to implement learnings and recommendations.
  • Branding

    Branding

    If you already have a brand, could you market the product or service as part of it? Or you may wish to create a totally new brand.

    If you already have a brand, could you market the product or service as part of it? Or you may wish to create a totally new brand.

  • Whiteboard

    External support

    If you already have a brand, could you market the product or service as part of it? Or you may wish to create a totally new brand.

    Continue to monitor and evaluation the product or service’s performance; return to the Innovation Framework regularly to ensure your business remains competitive and retains market share.

  • Implementation

    Implementation

    If you have successfully trialled new process which will add additional value to your business you will want to implement it either by using a new process, new technology or by taking a new approach.

How to implement a new process?

Developing a comprehensive implementation strategy will enable you to integrate a new process or business model in to your business activities. The implementation strategy should:

  • Define your value proposition: what is the value this new process will bring to your business.
  • Establish aims and objectives, including specific targets and measurements.
  • Identify your audience – Board members, shareholders, management, staff, trade unions, suppliers, distributors and customers if they are impacted by the new process.
  • Address staff engagement: avoid rumours or confusion by involving employees throughout the process; communicate regularly and listen to their feedback.
  • Select communication channels – such as intranets, information notices on shop floor or staff rooms, workshops, briefing sessions or training sessions. 
  • Include training plan, if required.
  • Set a defined implementation or transition budget.
  • Provide implementation timeline including target delivery dates.
  • Outline monitoring and evaluation methods.
  • Provide an opportunity to implement learnings and recommendations.

Tools, techniques and guides

  • Article

    Planning your product launch

    Visit Hubspot for 18 tips for planning a successful new product launch

    Get launch tips

    External Link: Hubspot

  • Guide

    Sales and marketing alignment

    Reaching more customers and making more sales could help create more value

    Read more

    External Link: NIBUSINESSINFO.CO.UK

  • Guide

    The basics of exporting

    Once established locally, think about exporting 

    More on exporting

    External Link: NIBUSINESSINFO.CO.UK

  • Guide

    The sales process

    A step-by-step guide to achieving sales and building customer relationships

    Follow the guide

    External Link: NIBUSINESSINFO.CO.UK

Next steps

Step 4 is the last step on the Innovation Framework, however, the innovation process does not end after you commercialise or implement your idea. To ensure your idea creates value for your business, you must continue to:

  • Gather data & feedback
  • Adjust and refine your offering or process
  • Continuously aim to improve performance

Once you have completed all steps of the framework, you should fully integrate innovation into your business culture and structure. Return to Step 1, Ideation and continue to identify problems which you can solve and seek out new opportunities to exploit. 

Nurturing innovation in your business gives you the best chance of becoming a more efficient, more productive, and more successful business.

 

support

Get advice and support

The Northern Ireland business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance.

Go to Support Finder

Innovation Assessment

It's easy to take part in the Innovate NI Programme. Simply complete the assessment to discover where you are on the Innovation Framework today.

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