Have you a great idea for a new product?

Now that beats sleeping on the ground when you’re camping. No more arthritic pain?

 

New product ideas and opportunities are everywhere like never before.

In business, new product development involves a complete process of bringing a new product or service to market. However, nothing happens until you capture the new product idea or opportunity and start to take action to bring it to reality.

The objective of new product development is to cultivate, maintain and increase your market share and profitability by satisfying a consumer demand. Not every product will appeal to every customer, so defining your target market for your new product idea is critical.  This must take place early in the new product development process. Market research should be conducted during all phases of the design process. From inception, while the product is being designed and after the product has been launched.

New Product creation model

Conceptual models are used in order to facilitate a smooth new product development process. Parts of your new product development model might include:

  1. Understanding and observing the market, the client, the technology, and the problem to be solved.
  2. Gather the information needed to move forward as a first step.
  3. Visualise new customers or your business using the new product.
  4. Prototype, evaluating and improving your idea, opportunity or concept.
  5. Implementation of design changes which are associated with more technologically advanced procedures.
  6. Marketing ideas for the new product along with associated services.

Take the customer experience into account

Customer experience can be defined as your customer’s perceptions, both conscious and subconscious, of their relationship with your organisation.  Perceptions resulting from all their interactions during the different stages ‘customer life cycle’.  There will always be demands for new products and services if you pay careful attention to this important aspect of business.

 

“If you have always done it that way, it is probably wrong”. Charles Kettering

 

Use a development plan

Ever wondered how your competition, or other businesses, managed to get ‘that’ new product off the ground? It’s likely they created a product development plan to help them design, create and build that product.

Use a development plan to help you get your new idea off the ground. I read somewhere that you first have to learn the rules, then, you get to break them to fit your circumstances. Understand what you want out of your business when pricing your products. A well thought-out product development plan can help you avoid wasting time, money and business resources by:

  • An accurate description of the product you are planning will help keep you focused and avoid problems and disappointments.
  • Understanding customers problems, frustrations, wants and needs so you don’t waste time and resources.
  • Avoiding poor outcomes because you accurately plan and resource each product development project.
  • Not overestimating and misreading your target market, so you organise your research.
  • Never launching a poorly designed product or a product that doesn’t meet customer requirements.
  • Incorrectly pricing products because you know you need the right margins.
  • Not spending resources you don’t have and in so doing putting the business at risk.
  • Avoid running out of resources to develop the product because you plan ahead.
  • You understand developing too many products at once can lead to chaos because you don’t have the resources.
  • Not exposing your business to unnecessary risks and threats so you can handle unexpected disruptions.

 

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Personal Experience:

Some people say it’s hard to come up with new ideas and to generate opportunities. My advice to them is to get out and see the world, as much of it as you can afford anyway.

And when you are out there attend trade shows, seminars and conferences, particularly outside your industry.

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