New product development is a combination of engineering and marketing that converts idea to customers. It requires a full understanding of marketing, customer needs, competitions, product design and manufacturing. During the product development process, there are lots of uncertainties and challenges to overcome. If you are a startup, entrepreneur, or a matured company, you must know how a new product is developed.
Here below we would like to share an overall structure of new product development process that might guide you from an innovative idea through commercialization to achieve your goals.
Come up with an idea
Any of new product is initially started from an good idea that resolve a certain problem or create special value for customers. If you are striving to develop a new product, you should always observe the social problem, and work out a solution to help your clients by means of a new product. We know it is not easy to have an innovative and attractive product idea, but there is always a way if you really want it.
When you have a good product idea, you should perform a deep marketing investigation that get simulation data from your potential customers, as well as good understanding your competitors. Since this investigation will be quite useful for your marketing and product strategies. At this stage, all of customer’s demand, interest, proposals should be collected and concreted into your products. Meanwhile you should realize and understand why your product will be needed existed in the market.
Feasibility Analysis of Your Product
While your product idea seems available for market, it’s time to analyze the feasibility of your product. Normally people would choose to prepare a prototype to show to their investor, customers, or marketing show. Since the prototype can be easily validated for the product functionality, appearance, and overall feelings, which really reflects market acceptance of the product.
Product design is one of the most important stage of product development process, as any of good product come from a good product design. Therefore we should focus on it and develop a much better products than any others in the market, which will become your company’s advantage and heritage in future.
It’s not easy to design a good product, it will take lots of engineering people and energy towards it. The most effective way of designing a good product is to learn from your competitors’ products, and absorb their advantages to combine it to yours, In this way, your products will be the most attractive and competitive one in the market.
Engineering and Production
After the product design is completed, all of product prospective and specification are defined, it would be transferred to production. However, between the product design and production, we must take serious engineering process to make the design into manufacturing. Whatever how perfect your design might be, there is always a necessary to engineer and optimize for a real product. Otherwise you might loose lots of money for future’s engineering modification or improvement. Needless to say, it’s the most important stage for our product development.
Launch to Market
Launching the product to market involves in marketing deployment, sales channels determination, and advertising strategies, which enable your product will have good marketing acceptance and sales performances. On the other hand, it’s a good opportunity to listen to customer voice and collect customer’s feedback regarding your product, since those customer comments would be valuable to improve your product in future.
Continuous Product Development
Since our product is to solve customer’s problem and satisfy customers. We should take a long term plan to improve our product prosperity, Instant feedback from customers is helpful to for us to make appropriate improvement for the product, so that we can be able to continuously meet and exceed customer’s expectation.