Blog

Feb
07
New Product Development -- Not Sure Where To Start

New product development could be broken down into enough steps to fill a large book, but overall, it comes down to our simple steps. Each of these steps is crucial to the development process.

Skipping steps could result in a wasted investment if you release a product that isn't well received by consumers. Make the most of your time and money by taking your time going through each of the below listed steps. The future of your product MAY depend on it.

Step 1 -- Idea Generation

This is ultimately the birth phase of new product development. You may be improving upon an existing product or creating something entirely new. Take the time to flesh out the idea to ensure it's feasible and during this process check to make sure your idea doesn't already exist OR hasn't already been patented. The last thing you want is to invest thousand of hours (and dollars) on something that is already out there.

Step 2 - Research and Test

While the idea itself is vital, the research and testing phase is the most important. Creating new products is a risky move. In fact, FedEx's failed Zap mail cost the company $340 million USD and it is for this reason that it becomes critical to research the market to assess current consumer needs BEFORE development. Every time the product changes slightly, its important to research and test the idea again.

Step 3 -- Get Opinions

Of course, a new product can't leave the development process without first being subjected to a consumer validation process (focus group being an example). Remember to ask "would you buy it"?

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The final step is marketing. It may seem like post-development, but marketing helps build buzz long before the product is finished so get the word out early.

If you are feeling stuck in the product development phase and want to learn more then contact our friendly team today to find out how we can help you get from idea to market.