Creating a new product from scratch is no easy achievement. It’s also no guarantee of success. In this article, we’ll take a look at what the new product development process entails, highlighting key steps that need to be taken to make sure a product doesn’t flop as soon as it enters the market.
All good products start their journey as a unique and powerful idea. The creative process to get to this new product can often be the most frustrating, time- consuming, and ineffective step of the new product development process. A killer to the creativity needed can be groupthink, so make sure you research ways to avoid it. Be prepared for this process to take a long time. This means trying not to rush the process at all, because if this step isn’t done right, it doesn’t matter how well you execute any of the other steps.
To start to mold this idea, concept testing needs to take place. This is when public feedback is sought after, about the concept that has been created within your creative process. This is a crucial step, as it allows you to gauge whether this is something the public is interested in, therefore knowing if it’s commercially viable.
Once an idea has been run past the public, more in- depth research can be taken. This will involve seeing if it’s financially viable to make the product, look at how the market itself is performing currently, while also creating the first prototype of the product. Each of these areas will hopefully raise any red flags before it’s too late.
For example, a great product idea is amazing, but if the production costs look like they’re going to be very high then you need a substantial and definite return on investment. If the market is not performing well, it doesn’t necessarily mean the product shouldn’t go ahead. However, time needs to be taken to work out if the product can reinvigorate the market, or if it’ll sink alongside other failing products in the market. While a prototype can help reveal any practical problems that come with turning a concept into a reality.
Simultaneously to this being done, marketing strategies can start to take place. The earlier you do this, the higher chance there is of a smoother product launch. Of course, like many aspects of business, there’s a fine line between being adequately prepared, and overkill. Communication between departments is key for there to be a successful marketing strategy that naturally fits with the product itself.