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July 18, 2021

5 Steps For Developing New Products

The path to creating a product from the initial idea through the final product is not an easy one. Sometimes, several choices are made and discarded before you determine which direction to take with a new product. 

Product development is typically an iterative process. You start with the idea, then assess the competitive landscape and marketplace needs, conduct some markets research, run a new product planning workshop, investigate technology options and run a costing analysis to determine your initial costs. Then you develop product specifications, set up a pilot and launch test.

These are some of the phases that you have to pass from one product to another:

Identify an Opportunity and Generate a New Idea to Fill It

New ideas are much easier to generate after you understand the motivations of the customer. This comes from doing market research and allows you to work from observations based on real people.

First, develop a written description of the opportunity to find out whether it is real and large enough for you to want to invest in it. Then, use models and other tools to test if the idea really has potential. 

Develop the concept

Developing the concept for a product involves many considerations. 

First, ideation becomes the priority. Come up with as many concepts as you can – some radical, some practical. From there, choose the best concept and brainstorm to determine exactly what features that specific product needs.

Testing, Testing

By conducting independent testing of your product, your company can show consumers that they are safe to use. It will give you insight into how easy the product is to use and whether it performs as you intended. Send it to a couple of friends, get feedback and re-work the product until you’re confident that it’s something worthwhile.

Position and Launch

When you are close to your launch date, it is time to start evaluating any changes that could be made to your product. This will include your marketing and packaging materials such as your sales presentation, product pricing, packaging design, etc. This will ensure that the product has the desired impact on the marketplace during its launch period.

Conclusion

A great product has to survive several iterations of product development before it is sold to consumers. Mapping out all the potential elements for a new product is crucial: design, pricing, durability, purpose, etc. Through these rigorous process, you are sure to end up with a product that not only fits your target audience perfectly but is profitable for you business.