When you are developing a new product you shouldn’t feel helpless and feel like you’re fighting in the dark. Developing a new product is only a small part of the new product development process, there is a complete journey from the initial idea, getting it on paper and to bring the product to market.
The sad fact is that the failure rate for new products and services can be as high as 90% in some sectors; this can deter people from developing a new product. You can overcome this by setting out the steps involved and sticking to them, this will make your process more focused and can be developed into any product.
Your product development plan needs to include various steps which are listed below.
1. The first step is to go on product development courses to make sure you are up to date with the principles of product development. London TFE offer product development classes in London over a period of 3 days.
2. The second step is to develop a product, it will start with the concept you come up with. Ideas will come from all directions, the best place to start is with a SWOT analysis which is weighing up the strengths, weaknesses, opportunities and threats, and this also takes into account market trends. You need to also focus on your customers’ needs and wants by conducting market research, listening to suggestions from your target audience and their feedback on your idea.
3. Idea screening is a very important step to rule out any unsuitable ideas as soon as possible, these ideas need to be looked at objectively by a group of individuals. To rule out any bad ideas there needs to be a robust criteria which needs to be set up in this stage, you can look at things such as market availability and affordability. This stage needs to be considered with a lot of importance because this can make or break the product and save you a lot of investment in the long run.
4. After your idea has passed the screening stage, it is now time to ask your customers what they think. By now the idea should have all the relevant information that it have developed into a concept that consumer can visualise the product. Does your customer base want or need your new product? This stage gives us a chance of developing the product further.
5. Once your concept has been tested, a business case needs to be put together to see whether the product is profitable. A detailed market strategy will need to be put in place, these needs to include costs, demands for the product and the competition in the market.
6. If you have come to the stage where the new product is approved, it will be moved to the technical stage. This is when the prototype is created; you will be able to actually feel the product in your hand to see the shapes and textures. You can also give the prototype to the consumers to see whether they like how it feels and what they feel about the packaging.
7. After everything is finalised its time to make the decision of launching the product into the market. The pricing needs to be set, marketing plans need to be finalised and the sales team needs to be briefed. In order to learn from mistakes for your next product, a review of the market performance is needed.
Developing and launching successful new products is a key marketing value driver. Find out more at our product development courses.