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Everything You Need to Know About New Product Development
From idea generation to organizing a launch, this guide is here to help you learn everything you need to know about new product development.
The Stages of Product Development
The list below outlines the different steps necessary for successful new product development. The list should help you better understand what product development entails and how to plan your upcoming product development strategy.
The first step to new product development begins with idea generation. Idea generation is the process by which you create, develop and communicate an abstract concept. During the idea generation process, it is typical, to begin with, a free-flow brainstorming session. The key concept to successful idea generation is ‘no idea is a bad idea’. You should try and keep judgment out of this process; there will be a lot of time to be critical later on. The main aim is to simply generate as many ideas as possible.
Once you have come up with a number of possible ideas, it is time to begin thinking critically. The purpose of this step is to reduce the ideas you have on the table to those that offer you the most value.
Before you start eliminating concepts, you should first come up with a criteria for judging ideas. This will help you make sure that you are not throwing away concepts without properly assessing their value. It will also help your team stay on the same page and remain decisive.
When you are coming up with a criteria to judge your products, it is useful to do a little bit of research. You should do some research into who your customers and target market is. It is also useful to conduct research into your current marketplace and market trends. Take a look at your competition to determine to judge the level of competition for your intended product.
Once you have completed some research, you can begin to focus on the ideas' practicalities. For example, you should ask yourself questions like, how profitable will this idea be? Do we have the technical capability to manufacture this product?
The purpose of this step is to formalize your idea in a legal setting; namely, you want to make sure that you are legally free to develop your intended product. You will need to check that there are no intellectual property and patents currently preventing your manufacturing intentions. This is an important step as it helps you to avoid potentially costly lawsuits later.
During this step, you will need to find the materials that will be used in manufacturing your product. Finding the right materials involves more than simply finding a suitable substance at the right price. As Polymer Chemistry Innovations explains, you will also need to think about other concerns like the environmental impact of a material and its sustainability. You will need to consider how the materials feel and their impact on user experience. The earlier that you begin considering these factors, the better able you are to find the perfect material, one that fulfills all of the required criteria.
Once you have formally understood that you can continue with your intended product development, it is time to begin creating a marketing strategy. At this stage, your marketing strategy will be focusing on ‘big picture’ ideas. For example, you will need to come up with a working price point for your product. You will also need to start conceptualizing how you will market this product. Starting this step early on is vital as it helps you to create a cohesive product that is built to appeal to your target market and effectively represent your brand.
Now you are ready to create a prototype product to evaluate its successes and weaknesses. You will need to assess every aspect of the product, its design, aesthetic, functionality, and usability. It can also be useful to test your product with employees or focus groups to receive more feedback about the prototype. Once you have all the information you need, you can review and make any necessary adjustments.
Once you have finalized your design, you should now be ready to launch your product. It is vital that your ramp up your marketing efforts before launching your new product to get your customers and target audience excited about the drop. It is useful to come back to your launch a few weeks after it has been completed to review your success. The information you gather can prove invaluable when you are launching your next new product.
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DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.
TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.