What is Colombia’s Product Development Think-tank about?

As a corporate founder or solo-preneur, developing concepts and prototypes of products is challenging as it takes time, expertise, and resources, which sometimes business owners don’t have.

6/22/20233 min read

smiling man standing between brown concrete buildings at daytime
smiling man standing between brown concrete buildings at daytime

At Marketplace Colombia, we identified this issue and launched the country’s first Private Product Development Think-Tank. The combination of both services is superior for those looking to research, develop, test, brand, and scale new products.

When creating new products, and an adequate plan is mandatory. By implementing a solidified strategy, you better understand what’s working in the market, trends, price points, target markets, quality, and more. When accessing this information, you optimize the chances of success, making the product launch more successful and risk-free.

By merging each of these services into a comprehensive package, and here are the primary three reasons:

WHY SHOULD YOU CONSIDER A PRODUCT DEVELOPMENT THINK-TANK?

When starting a new project, the business world can quickly show its ruthlessness. It’s known that 20% of entrepreneurs fail within the first year, which usually occurs from poor strategic planning, business fundamentals, and, most importantly, product development.

Therefore, by combining our white-label product and think-tank expertise, business owners can reduce their probabilities of failure and scale exceptional brands effortlessly. Here are the primary reasons why this service could help you:

  • Branding – Undeniably, branding plays a significant role in success. It’s a reflection of what the company offers, the owner, and how the consumer identifies the business. With our private label facilities in Colombia and our revolutionary product development think-tank services, we can develop well-research branding designed to boost growth.

  • Profitability – When launching a white-label product, testing is essential to optimize performance. Our services support this by enabling clients to order in small batches and evaluate how the target market responds. We can guarantee the best quality products that beat competitors by doing this.

  • Cost-effectiveness – Product development consists of various fundamentals: research, test, evaluate, and scale. The product development think-tank service we provide allows us to offer support in each area to ensure optimal success.

Many oversee product development as an essential aspect of a business’s growth. However, you should take a look at global brands like Dyson. The founder of the vacuum, James Dyson, developed 5,127 prototypes before releasing their heavily successful bagless device. Such high levels of globalization are directly linked to research, testing, and improvement, which are all aspects covered by the service.

HOW CAN WHITE-LABEL PRODUCTS BE USED?

The most effective way to scale a pre-existing brand is by introducing white-label products to your stock, as they’re cost-effective, already have a foundation, and can be scaled without any issues. It’s a service we specialize in and matched with our product development think-tank package, allows optimal growth.

To visualize this better, let’s discuss some examples. Our most recognizable private label service in Colombia Fashion Branding & Coffee:

STARTING A FASHION BRAND WITH WHITE-LABEL SERVICES:

The textile industry in Colombia is booming and is creating private label fashion brands in multiple industries such as casual apparel, jewelry, kitchen apparel, and much more. If you would like to know more about how the private labeling business is working in Colombia, we recommend you read the following article How To Start a Fashion Business & Why Colombia is Key.

Lastly, if you would like to view directly the presentation for building directly your fashion brand, you can click here.

STARTING A COFFEE BRAND WITH WHITE-LABEL SERVICES:

We match customers with Micro Lot coffee producers to select how many coffee bags they want to use for a testing initial period as there’s a multitude of different flavors and qualities to test from. After matching this with our Product Development Think-Tank service, our clients can obtain valuable insights into the market to develop a fully customizable coffee product that best fits your brand strategy. For more in-depth information on how it easily works, click here.

However, it doesn’t stop there because there’s an abundance of niches you can select, ranging from CBD, skincare, and more, making it a valuable, cost-effective growth solution for all business owners.

For more information about how we can help you start, build, and scale a product, please contact one of our helpful representatives today, and together, we’ll develop a successful brand.

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