Product development is a necessary way to survive and invigorate your business in the market. Whatever you are a startup company or a famous brand company, you are always suggested to develop new products continuously and keep your business unique and competitive than others.
Product development strategy is the way on how you perform your project during the product development process. It seems a complicated process, however there are some basic rules to follow. As a professional product design and development company based on Shenzhen China, we would like share our product development strategy as below:
Developing a totally new product in the market
You might come up with an innovative idea or brainstorm, and develop a new product that never exists on the market. Perhaps you should start as a real user and the beginner for your product, for example, you are a fan of outdoor sporter, you might come up with an idea to develop a simply flying device that you are able to track your team member and fly to anywhere easily when you are travel in a forest.
However there is a lot of risk when developing a new product, because sometimes the market might not accept your innovation, or the demand is not really needed. So you might lose your money and time. To start a new product development, you must systematically get your innovation evaluated before you are going to invest money and team, meanwhile making prototypes to test the market and collect information from your potential customers is also very effective way to avoid project risks.
Improve existing product with better quality
As we know, there is lots of risk to develop a new product. Therefore it’s a good solution to develop a better quality product that already exists on the market. Since the existing product has been tested and accepted by market and you don’t need to withstand any project risk. The only thing you need to do is improve the product quality. For example, a milk bottle for baby, this is very mature market, and the product is widely and continuously needed in the market, you just need to improve customer feeling and optimize a better and safe material, then your products must be identified by your target customers.
Improve existing product with more functions
Improving existing product is the most effective and quickest way for product development, instead of developing a totally new product. Except for improving product quality, you are alternatively improve your product with more functions. In this way, you can greatly differ your products from your competitors. For example, at the very beginning of mobile phone business, the phone is only used for making calls or sending message( like Nokia). After years of development, you can the smart phone with lots of functions that we have been using for( like Iphone). This is something we never thought before. However this product development has been accepted by the market. So just use your imagination to get your product with more function, and you will be totally different and increase your market share.
If you still have questions on new product development process, you can contact InnoPD team to help, we are ready and always be here for you.