Developing a new product can be a challenge, but with this handy guide, the road to successful product development will be more focused, flexible and achievable.
Read on for our top tips on how to develop a new product in 5 simple steps:
1. Get your thinking hats on
The first and most obvious step is to come up with your concept. Begin by doing a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), which also takes into account current market trends. When you come up with a concept using this method, it’s easier to determine your company’s position and find a concept that matches your business strategy.
2. Get screening!
You then need to screen all of the ideas that have been presented to filter the good from the bad. Ideas should be considered by a group of people with factors such as return on investment, market potential and affordability taken into consideration. This will limit the chances of failure along the way.
3. Developing and testing your concept
The next stage is to get testing! It’s all well and good your idea being celebrated by your in-house team, but how will your customers react to the concept? Reach out to your true customer base to test your idea and see their reaction. If it’s a success – fantastic! If not, it’s back to the drawing board.
4. Create a marketing strategy
Next you need to get a detailed marketing strategy together with information such as your target market, marketing resources that you plan to use and product positioning. Detailed information pertaining to cost also needs to be included, as well as your competition.
5. Create a prototype
Once the new product is approved it’s time to create a prototype. This can be tested and developed further where necessary. This is also a great way to test your product on consumers and gain feedback from them regarding look, feel, effectiveness and so on.
6. Plan the launch date
Once your new product has been developed and tested, you then need to move on to planning the launch date. Marketing and pricing need to be completed; also, a sales team must be put in place to focus on the launch of this new product.
7. Launch!
Finally, it’s time to launch your new product! When are you going to launch it? Where? What’s the most effective way to reach your target audience? Once the product is launched it’s essential to keep a close eye on its performance to determine how successful (or unsuccessful) it is.
By carrying out careful steps towards new product development, you can gain fantastic success much sooner!
Searching for help with a new product or strategy? Then you've come to the right place. 8 Ways Media is a leading branding and web design agency specialising in creative, contemporary and effective services guaranteed to get your business noticed by the widest audience imaginable. Contact a member of our team today to discuss your business needs.
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