If you truly want to succeed in the business world, you want to be coming up with the best products possible. Nothing will run you out of business quicker than a dry product idea will. So, in order to keep on churning out and implementing new product ideas, you’ll need to have a streamlined new product development process.
From product concept to product launch, plenty of blood, sweat, and tears goes into this process. It requires juggling a lot of things, from customer satisfaction to effective price points. If you work closely at the following steps in the process though, you should be moving towards developing that exceptional product in no time.
Finding a Need and Coming Up with an Idea
The first step in the new product development process is coming up with a product concept.
When coming up with a product idea, it may be beneficial for you to utilize what is referred to as SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. When implemented correctly, this ideas strategy efficiently analyzes your business’s internal processes as well as current market trends.
During the concept stage, you’ll want to pay special attention to any ideas or suggestions that come from within your company. Also, engage in any necessary market research while, at the same time, paying special attention to your competitor practices.
Evaluating the Idea
During the initial ideas process, you hopefully came up with a number of feasible product ideas. Next, you should present these ideas to members of your company and evaluate them.
You should use this evaluation stage as an opportunity to discuss and narrow down potential products. Discuss important advantages and disadvantages of the ideas. Which will generate the most revenue? How much time and how many resources will you need to put into your proposed products? Collaboration is key during this step, so ask as many questions and bounce as many ideas off your team as possible.
By the end of this stage, you hopefully narrowed your list down to one or two actionable product ideas.
Consumer Testing the Idea
Your next step is to move from the research and evaluation phases and into the consumer testing phase.
An effective consumer test gauges the reaction of a small group. This small group should represent your most loyal consumer base. The idea that you present to these would-be customers should be as fully formed as possible in that the subjects should completely understand the point of the product and know whether or not it is something that they need.
The feedback you receive from the consumer testing phase lets you know if you need to tweak your idea further and also provides greater insight into your marketing message going forward.
Market Testing the Idea
Next comes the marketing phase of the new product development process. During this phase, you need to create some sort of prototype of your product and assess how effective your product concept truly is, looking at everything from its usefulness to its cost-effectiveness. You will want to share the product prototype with selective customers as well as people within your company. Use the feedback you receive from these prototype tests to craft effective marketing materials. This can include email campaigns, promotional websites, posters, and billboards.
Remember, it is still not too late to tweak your product during this process. So take any and all criticism into consideration.
Preparing for Launch
The final step in the new product development process is preparing for launch. Here, you’ll want to know how many products you need to produce based on your consumer reactions and market testing. Engaging in effective advertising during this time is important as well. You’ll also want to communicate with any potential distributors, depending on how you envision your product being sold.
Your launch phase needs to be extremely detailed, and you need to really examine your product as a whole at this point. In the early stages, you were looking at the product’s functionality, but you’ll also want to particularly focus on any economic factors as well. Can your product thrive in the current market? Customers may have responded positively to your product during the initial phases, but can they afford it? You’ll want to answer those questions and more during the launch phase.
Trusting The New Product Development Process
The new product development process phase is all about testing and retesting. Seeing what works and what doesn’t. When you take all of its facets into account, developing a new product may seem like a complicated process. And it’s certainly no cake walk. But if you surround yourself with the right people, conduct effective research, analyze the data that’s in front of you, and engage in top-of-the-line marketing strategies, that next product idea could be the one that rockets your business to the next level.