Successful product development all comes down to careful planning, innovative thinking and an eye for detail. If you have a great product idea but are not sure how to go about creating and launching it then follow our key steps on effective and powerful new product development.
SWOT Analysis
Once you have your great product idea, your ‘Eureka’ moment, you will then want to weigh up how commercially viable your product idea actually is. The best way to go about that is with a SWOT analysis. Going through the strength, weaknesses, opportunities and threats surrounding your product is really important, and this requires a substantial time investment in order to really go through these points with a fine tooth comb.
Looking into the competition in the market, the budget you have available, all your overheads and costs and from there your expected ROI. You will need to research if the market is saturated or whether there is a gap in the market for your product. If it all seems viable and like it could really be a serious business venture, then you will need to put in in-depth research about how to go about it, weighing up all your options and preparing yourself for as many potential problems, as possible, that could come your way.
Production Process
Depending on the product that you create, you are going to need to get your head around a certain production process. Whether your product is something industrial, that is on a large scale where your focus is on large expensive items, or whether it is a small ‘impulse buy’ mainstream product or gadget, where you expect to move ample units. Your production process will depend on the exact product that you are looking to create and you will need to understand all the different parts of that process. Whether you will need a powder coating company to professionally paint your industrial products, or whether you will need a partner who will be able to mock-up different versions of your mainstream product that will allow you to create an entire range. There is a huge amount to consider and you are going to need the help of a wide range of specialists to help you put together your vision and take it to the finished product.
Market Research
Once you have your prototype made up and you have your production team all set up and ready to go you are going to need to take a little time to dip your toe in your target market and to do a little market research. Rushing in head first and producing a large amount of units before you have gauged the reaction from your target market is not a good idea. Therefore spending time getting feedback and reviews about your product will allow you to get an idea of any alterations or minor tweaks that you can make before you actually produce your product and set about piling all your money into it.
Proper planning and forward thinking will allow you to go into your new product venture with confidence that you have properly thought everything through and that you are going about things in the best possible ways to get you moving towards success for your new product.
