20 Dec 24
Streamline Product Development with Prototype Manufacturing
Every great product begins with an idea. But how do you take that idea from a concept on paper to something tangible...
Rewarding New Product Development: Key Steps for Success
Someone’s dare to think out-of-the-box and bringing those unbelievable product ideas to life have revolutionized the human civilization. These new products have certainly made our lives more comfortable and easy. In the 21st century, rewarding new product development not only fuels the economy but, at the same time, it also wins the heart of people wherever it goes.
Rewarding new product development holds a long, rewarding history, and during this course of time, we came across thousands of success stories that inspired us and failure stories that taught us a lesson and left us thinking, “What went wrong?”
So, is there any way to aid entrepreneurs avoid or overcome product development pitfalls? According to the GID Company, there are many tricks to ensure successful, rewarding new product development, even if you are new and don’t know anything about custom product development.
In the last 40 years, The GID Company has helped hundreds of businesses transform their ideas into rewarding new products. This not only helped businesses boost their economy but simultaneously helped them sustain the fierce competition and create a vibrant brand name in their respective industry.
Rewarding New Product Development Tips
As the need for every new product development is different, the journey of every entrepreneur is also different. Here are six tips to get you started on the path of rewarding new product development success, and they are as follows:
Take a Fresh Start with Your Idea
When it comes to successful, rewarding new product development, there is nothing like a shortcut. Before you initiate a new product development process, it is recommended to thoroughly analyze your market, understand your end users’ requirements and expectations, what features are needed, and most importantly, what your competitors are offering.
Keep your mind open and try to collect as much data as you can before you make any move. Some other points to consider are overall manufacturing cost, product’s retail price, your profit margin, and competition in the respective market.
Don’t Forget to Validate Your Market
This step is one of the introductory steps to rewarding new product development and according to the product development experts, this step should never be ignored or overlooked. We are creative, and when we own a new product idea, we get mesmerized by our concept and tend to put earmuffs and blinders on.
For instance, you work in a company where your task is to advise your boss as to which product will yield maximum ROI. The most reliable method to find out this is to ask them—your targeted customers—about their likes, dislikes, and expectations by conducting surveys.
Keep It Simple
Often times, due to overexcitement, we include showy features that are unnecessary. These unnecessary features not only make the manufacturing process complex but also increase the overall manufacturing cost and time. Developing premium quality products with only necessary features and an affordable price tag can generate more sales and more profit.
Fund Raising
You will need a lot of money for manufacturing a product from scratch; hence, to overcome the financial problem, you can try options such as microloans, credit lines, crowdfunding, and other online funding alternatives that suit your business. To help you in your venture, here are some options from where you can raise the funds, and they are: SoMoLend, Opportunity Fund, Accion USA, Kiva Step Ahead Loan Program, and Kabbage. Moreover, with mere efforts, you will easily find an investor for your project.
Product Prototype Development
Product prototype development is the most important phase in rewarding new product development. Once you approve the product design, instead of initiating the bulk manufacturing process, start with something basic like rapid prototyping of the concept that can be refined repeatedly. It does not need to be fancy or costly. The reason behind the product prototype development is to test the functionalities and to conclude whether your idea is feasible or not.
Have a Business Plan Ready
It has been observed that most entrepreneurs ignore the importance of the business plan. But, the fact is, a tactically framed business plan helps you enter the market more swiftly and efficiently. A business plan will help your products/services gain instant clarity, focus, and market trust. A single business plan can answer many questions at a time, such as:
- What am I manufacturing?
- Who are my targeted end-users?
- What is my commitment to my customers and to myself?
- What are my goals, strategies, and action steps to accomplish these business goals?
If you are new to custom product development, or if you need any help related to custom product manufacturing, then call Jim Grimes at 714-323-1052. Checkout our product Soccer Hinge.
Rewarding New Product Development Conclusion
Successful, rewarding new product development requires careful planning, market research, validation, and a solid business plan. By following these steps, you can avoid common pitfalls and bring your innovative ideas to life effectively and efficiently.
