Anyone can develop a product, but to do so successfully requires some key steps. There's been much research conducted about why and how products succeed and fail. Whether working on new innovations as a person or a team setting, following these steps will make sure marketability, and a very fast and right process that encourages productivity.
Generate Ideas - Using several types of proven analyses to include marketing trends it encourages development of a product that is like nothing else available. This will slay any competition as it takes into account distribution costs and affordability as well as likely return on investment. Many teams also take into account various risk levels and outcomes.
Stick to the Criteria - This is where the person or team decides if the new product development will happen or not. It's considered screening, in which ideas are separated and it's decided which will be used and which will be dropped. By sticking to the criteria set forth, one can make sure that any bad ideas go back to the drawing board before they waste precious time; and as they say, time is money.
Evaluate Competitors - It's recommended to take into account the top three competitors to the new product development at hand. What is their market share? What benefits to consumers enjoy from them?
Testing the Concept - Testing the concept is different from what is known as test marketing for new product development. The main goals of this step are to:
Research the patent
Design due diligence
Explore legalities associated
Question whether there's a need or want for the product
Monitor Progress - A metrics system can help watch the progress during new product development. Things often included are averages, output, sales percentage and other maps and graphs that give valuable feedback. The team can agree on what criteria they want to include. It's important to not be frustrated with ideas that don't become products as they are still a learning process and valuable regardless.
Marketability Testing - This step includes beta versions, testing groups and panels being formed. This helps with any improvements that need to be made before launch as well as getting the word out about the product. Many use WordPress for beta testing depending on the new product being developed. It's proven to help programmers test code with ease as it's downloaded by millions, typically.
Product Development - The last step is of course, the new product development. Plans are made for production, distribution, financing and advertising. Having all the technicalities lined up before moving on will cut any possible headaches in the process.
All that's left to do after the new product development is to check progress. When consumers are purchasing and using the new good or service, continue to check distribution to make sure supply meets demand. Be sure to keep advertisements and marketing fresh to avoid boredom with the new product and keep the product name implanted in the brains of consumers.
Looking for improvements in product and pricing is also important. Gauge the overall value to cost of goods sold. Basically this means making sure any inside or internal costs aren't snuffing out overall profits. Continue to reevaluate the consumer's needs to the product and make forecasts to be ready to act when more competition comes around, or the product begins to lose popularity.
Knowing that the entire new product development journey is always changing will help the individual or group realize that there will be a lot of trial and error. Never lose hope if it must be reinvented, and always stick to the original goals which are laid out for the product from the beginning. The right team and implementation will ensure success!
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