How to Boost Your Product Development
Developing and launching a product can often make or break a business, especially a startup business. Some companies develop only one product, while others develop many. The stages of product development are varied according to the nature of the company and the management style.
A year ago we developed the brand TwiceTea to disruptive the tea industry. The strategies we did on TwiceTea have helped the brand become one of the leading innovators of the instant tea market. We focused the brand building through a story and the result was great.
Product Development Stages
Therefore, our team at Awelion helps you to follow the proper steps do product development of your company. Here’s how we do it:
#1 Develop a strategy for a new product
The first step in developing new products is developing a strategy. At this stage, the strategic requirements that must meet the ideas of a new product, such as maintaining market share or retaining a leading position in technology, are identified. The development of new products is one of the most important tasks for a company that seeks to maintain technological leadership.
Once the strategic roles of new products have been determined, you can set requirements for financial performance — or “barriers” that new products must overcome, including sales, gross profit, and return on investment.
“It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”
#2 Generation of ideas
Ideas for new products are everywhere – in the minds of sales representatives, customers, distributors, managers, secretaries, freelance product developers, shareholders, suppliers, etc. new products. In addition to the systems for generating ideas of new products, it is equally important to have well-defined and well-understood procedures for accumulating ideas for a new product.
Potential sources can offer their ideas in the process of developing a new product only if they are familiar with the nature of the process. In addition, the presence of such systems of accumulation can contribute to the development of ideas for new products.
#3 Selection of ideas
An effective system for generating and accumulating ideas provides many more ideas for new products than a company can use. Therefore, it is necessary to develop criteria and procedures for screening out ideas for new products in this stream. Final decisions do not have to be categorical – from a firm rejection of an idea to a decision to develop a new product as quickly as possible, using all available resources.
Procedures for screening out ideas of new products can be both highly organized and formalized, and rather erratic. When working with a highly formalized system, special forms, regular committee meetings, and specified significance factors can be used, which are assigned to several clearly defined selection criteria.
In selecting promising ideas, it is also necessary to answer a series of questions and consider a set of criteria that are related to the availability of the resources necessary to develop and implement an idea. The nature of this part of the analysis can be understood on issues that are suggestive, but not exhaustive:
- Do you have access to the necessary raw materials?
Does your current financial situation allow for a project of this magnitude?
- Does the new product provide a synergistic effect in combination with our current product line?
- Are your current customers a potential market, or do you have to explore entirely new markets?
- Is it possible to sell a new product by existing sellers and distributors?
- Does the idea match the capabilities of your product development department?
- Will the successful development of this product have a positive/negative impact on your existing products, markets, and marketing system?
- Will your production capacity and experience allow you to produce this product?
““We’re here to put a dent in the universe. Otherwise why else even be here?”
Development is part of the process by which scientists, engineers, and specialists create the desired product. In a company where research and development activities are continuously conducted, the R & D service itself can be the main source of new product ideas.
This strategy implies higher risks and leads to the fact that the company itself will contribute to the obsolescence of its own products. Therefore, a company seeking to improve technology must correctly manage its product portfolio and have developed strategies for using both mature products and new ones. In such a situation, the research group becomes either a weak or strong point of the company, since its success largely depends on its ability, if necessary, to develop new technologies.
Testing is part of the process of developing a new product, related to the collection of information. It begins with the testing of ideas or concepts of new products and involves the further evaluation of various product options in the laboratory and in the field. When a product becomes fit for sale on the market, a pilot batch of the product is tested. There are seven marketing research methods of potential value to a new product development process. We list them in order of cost, starting with the least expensive:
- Secondary research;
- Focus groups;
- Mail polls;
- Telephone polls;
- Personal interviews;
- Product Placement;
- Trial marketing.
#7 Product Marketing
At the stage of commercialization, the company directs all its efforts to market a new product. The novelty becomes part of the promoted product line and, along with other products, takes its place in catalogs, price lists, and dealer registries.
The marketing program of the new product requires careful identification of market segments, the development of short-term and long-term marketing objectives, and training of its own sales staff and distributor vendors. Such details as advertising, catalogs, auxiliary materials, demo samples, etc., require comprehensive attention. Trust me, doing all of them yourself is NOT THAT EASY!
Our team has remarkable experience in developing and launching a new products. Therefore, working with us will directly minimize the risk of losing yourself. In fact, doing all the steps above by yourself sometimes make you overwhelming.
“I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”
Work with Us!
We welcome anyone to work with us. There is nothing is too late as long as you have a willingness to keep moving forward. Don’t be shy to contact us. And most importantly, do it before your competitor does!
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