In today’s competitive business environment, it’s necessary to develop new product to win customers. Because every business man want to have a unique and attractive product, so as to have more market share and less competition. However, developing a new product is a long and venture period, so at least, you must be very clear of how to develop a new product successfully without loosing money and timing. Here below are our shares of developing new product.
Identify the business opportunity
First of all, a product is used to solve a certain kindly problem of your customers, this is the core soul of your product. It also can be called product function.
Prior to develop a new product, you must identify the business opportunity as why your product is needed by your potential customers, and how they want your product to be. This is a serious question that you must go through it, as well as telling to your investor, partner, or customers in future. Meanwhile you must be sure your potential customers really need your product? Or do they have any other alternative choice instead of your product? And what is the unique of your product to offer? If you can explain it clearly, then you can start your product development.
Verify the potential market
Whatever how perfect your product idea might be, there is always necessary to verify if your product will be acceptable in the real market. Sometimes people might come up a idea by themselves and did not get feedback or correspondence from actual market. Then started product development and failed easily.
Our suggestion is that you should make some marketing investigation, and get real questionnaires from the real clients. Then analyze those collected data. It will be much closed to real market instead of thinking it by yourself.
If possible, you should prepare some prototypes of your product. And show it to your clients to listen the real voice from them. This is the most practical way to get first hand feedback to your potential customers.
Make a product development plan
It’s important to have a detailed product development plan before you carry out it. You should write out tasks, timing, and budget that need to meet. Organize experience team member to participate your project, get funds from your investor, and find reliable product design and development company to assist you. The product development plan can give you a clear guideline when and where to go.
Normally people have to make a schedule for quarterly, monthly, and weekly. And follow those actions step by step, which ensure every your project action will be moved forward.
Product design and development
Product design and development is the core action towards a product development. This process will define product specification, structures, and appearance. For most of startups, they will need to find some product design and development company who can provide turnkey product development and manufacturing services, and finally get “ready-for-sell” product. However for some established brands companies, they have their own engineering team, they are more flexible and better protection for intellectual property.
During the product design and development process, we must work out good product concept and detailed CAD design(including 3D and 2D drawings), since these two steps are the top important to any of product design and development. This is why we would like to emphasize it. Secondly making prototypes to verify the product is also quite necessary, because the prototypes can be a visual and real model to check the function, fitting, and appearance. A successful prototyping process can be a good reference to optimize the product, meanwhile it can also avoid lots of modification in future. If everything is OK, it’s the time to move forward to product lanuch
Launch your product
After lots of engineering actions, you might think it’s the time to launch your product. Then you can do it right now, and get it quoted by few manufacturers. And choose one of them to produce your project. When choosing a product manufacturing company, please be sure their capability and reliability. This is to ensure your product will be developed in the last stop. Otherwise it might take your project on high risk.
While launching your product, you should release some formal and written document that communicates between you and your manufacturer, which can avoid any unnecessary misunderstanding. For example, manufacturing contractor, 3D and 2D drawing, critical specifications. Ensure your product is accurately manufactured under control of timing and quality.
The above all is our experience on how to develop a new product, however this is not the fixed rule for every product. If you have any project to run, or any query on product design and development, you are welcome to contact us for help.