How to Develop a New Product
If you have an idea for a product or service to sell, you might be wondering, "How do I
bring this product to market?". In order to create your new product, you must go through the product
development process.
What is Product Development?
The product development cycle can be broken down into 5 basic steps:
- Product Idea Generation (Conceptualization)
- Product Design (Architecting)
- Product Construction
- Product Development
- Product Release
How to Develop a Product
When you are first getting started, you want to analyze the needs of your target market to see if there is a
demand for the item you are offering. Use a SWOT Analysis, which covers potential stengths, weaknesses,
opportunities and threats that you may encounter. Review the Patent Databases to make sure your product idea does not already exist. You also want to
put together a business plan, which will
include your marketing plan for getting your products sold.
After you have evaluated your market and have sketched a design of your idea, you will want to develop a
prototype or sample product that can be tested, reviewed and revised. This is where you contact a prototoyping
company like PRG Prototyping, GPI Prototype and Manufacturing or Harshaw Research to turn your idea into a physical product. Consult a product engineer
to find out how how much it will cost to produce your product, so you know if your idea is feasible. Keep in
mind that you also want to test out product packaging.
Once you have a prototype, it is a good idea to introduce it to potential customers either through focus
groups or trade show events. This is a quick and easy way to get objective feedback directly from your target
market to help you produce a better product.
Product Manufacturing & Taking Your Products to Market
When you have finalized your product idea, it's time to find a manufacturer. The National Association of
Manufacturers has a Buyer's Guide where you can search through their directory of manufacturers and get
company contact information.
Once you have your products in hand, review the steps you've laid out in your marketing plan. You can either
sell your products online in
over 18 different marketplaces and on your own website.
You can also sell your products through retail stores. Rather than going straight to the giant retailers,
start by selling your product in smaller local stores. Once you have a track record, you'll have a better
chance of getting into the larger stores.
You can also reach customers directly by announcing your new product in a press release. You can also send a product sample to
bloggers in your marketplace so they will write about your product to their readers for free. And don't forget
trade shows - agreat way to get seen by lots of retailers.
