Companies are creating new products every day in order to stay competitive. The product developing process is very important for any company just because it takes a lot of effort to come up with something that is going to be profitable. If it is not done the right way it can cost the company a lot of money and in the end, it could be unsuccessful launch.
Planning a new product can also be a frustrating process and can make your head spin mixed with new innovative ideas that are not tested. In this article we will go through the process of every new product development and find out how to plan this process.
- Generate Idea
This is usually the hardest part of any new product developing. Just because there are millions of products out there, it doesn’t mean that everything is invented. There are always new innovative methods that you can use to come up with something different.
This step obviously is brainstorming and coming up with ideas, which is why you have to lay down all of them on the table no matter how ridiculous they might seem. SWOT analysis is also a good method to determine your strengths, weaknesses, opportunities, and threats and find out where you should aim. Coming up with the right idea is a creative process which is why you have to encourage members of your team to join the process.
- Choosing the Right Idea
Once all ideas are on the table, the next step is to start the process of elimination until you are left with the best option. You have to look at every variable and determine costs, possibility, production time, target audience and etc. This will help you get to the right idea for your new product.
- Market Analysis and Testing Concept
After you know what your goal is, you must research the market for that particular product. Every new product developing process is followed by extensive research. This will make sure that the product will have a successful launch. Market analysis is gathering information such as the target audience, competition level, market size, price range, quality of products and etc.
After all the research is done, you know what to aim for with that product. Designing a concept for development is about combining all the relevant information that you gathered and forming a goal. You must determine your strategy for production and where you want to position yourself on the market.
This is the phase where you will design the developing phase of that product and all the investments that come with it. Basically, it is the last step before productions so you have to be ready for everything.
- Design and Development
Once you have a clear idea about the production method and market launch, you have to put the idea into production. Designing the product is also a creative stage which can implicate future sales of the product. You have to come up with interesting design that people would feel comfortable buying it. There are different ways for any product development so make sure you choose the one that does not compromises the quality and it is not too expensive.
Every new product prototype must go through serious of testing before its annual launch. Once you created your first beta testing product you have to give it to close people that are ready to tell you their thoughts about the product. Anything can go wrong at this stage since it is an untested product, which is why it is important to make sure you cover all product basics. The feedback from the selected users will be extremely valuable just so you can make last-minute changes to improve the product.
- Product Launch
After all the previous phases are completed, it is time for the product launch. This part can also determine the future of this product so you have to choose the right way to introduce this product to your customers.
Your marketing strategy needs to be ready and backed up by your previous market analysis. The first thoughts of your customers are very important so you have to catch their attention.
Hurray! You finally did it. You successfully developed a new product for your company. This process does not end here, as you have to produce marketing support for the product over the first months in order to find its place in the market.
Just like the Breeders Cup results, the results from the launch are crucial to the future of the new product which is why you have to follow them, and carefully analyze them and make improvements if necessary.