New products, whether or not they take the shape of new applications, new innovations, or entirely new goods, are critical factors to the success of a business. The concept of new product development process is to provide new value to the customer. It’s what keeps the company growing. Your business needs to engage in the process of developing new products to keep up with client preferences, increased competition, technology advances or just to capitalize on a brand new opportunity. It can be summarize as follows:
1. Provide or offer new value to existing or new customer
2.Add value to improve services
3.Sustain and overcome competitors
4.Acquire new customers
What’s Involve in Developing New Products?
Idea Generation and Screening – This is the first step of the new product development process. It involves analyzing your product idea using the SWOT technique: evaluate your idea’s Strengths, Weaknesses, Opportunities and Threats.
Research and Testing – This helps to identify key perceptions, user needs and wants associated with the product or service. It allows you to determine potentially booming new product early on, in order that you’ll focus limited research and development resources on new product ideas with the best likelihood of consumer acceptance.
Design Final Product – This is the most interesting part when you will need to decide how your product will look. It will just be a prototype but it’s good to get actual customer reaction or response on the way it looks and feels. Apply these feedbacks to your marketing strategy and depending on the results, adjust your strategy for the final launch.
Launch – Your product is now ready to debut to market and be generally available for purchase. Remember that a successful launch requires much more than simply activating the “buy” button beneath your product. It requires a great deal of planning and lead time.
Product innovation is a challenge no matter what industry you’re in. Not only must you meet your customers’ needs, you have to do so in a way that is better than the alternatives offered by the competition. New product development process is not an easy game.
If you have a product or idea that you want to bring to life, talk to us! We offer free consultations and estimates.