Developing a new product and introducing the same in the market is a time-consuming and hectic process. One wrong step and you lose everything. Since numerous products and services enter the market, before developing a product, you have to scrutinize the behaviour of consumers, markets and competitors. Besides, you have to follow a structured process that could assist you in developing a product in a systematic way.
We understand that New Product Development can be an exhausting process, but there is always a path, which can lead to success.
New Product Development
Now, NDP is the process of establishing a new product, from concept generation to market launch. The development process involves many steps that new product experiences. These steps can vary depending on the specifics of the market and your business.
To make things easier for you, let’s take a look at the steps you need to follow to get your product in the market:
- Idea Generation
The first step involves brainstorming and coming up with creative ideas. Also, the ideas should be based on market trends. So, you have to inspect the strengths and opportunities of your company that would assist you in reducing weaknesses and avoid threats. In the end, you will have a list of innovative ideas.
- Identifying Great Ideas
At this stage, you analyze all you new and creative ideas and choose the ones that worth your attention. Here, the key point is to set several criteria for your ideas. These criteria will aid you to examine them and decide what you should with each. The criteria can include market potential, profitability and existing competition. They have to help you to select the idea that you’re going to implement.
- Testing the Concept
At this stage of NDP, you need to test your concept with customers. The most common way to do it is through a survey. Through the survey, you have to identify your customer’s needs and take them into account during product development.
- Business Analysis
When you know the type product to develop, you need to evaluate whether the product will be profitable or not. It includes reviewing the cost, sales, and profit projection. And after research and review, you have to estimate the expected costs and profits for the product.
- Product Development
At this stage, you should create a beta version of your product and prepare for real consumer testing.
- Beta Testing
Here, you have to create your consumer test group and provide them with your new product. In this stage, you will be able to collect feedback about any problems you need to resolve. This stage can help you stay on the right track, as you learn about the issues and fix them.
In this stage of NDP, you have to decide the price and finalize marketing plans. It means focusing on your sales and distribution teams. Also, remember about your technical support. They have to monitor customers’ requirements and work with feedback.
- Product Launch
The final step of the NPD process- your launch should be ready. It should include the complete product, market analysis, target audience, marketing strategy, PR program, and pricing plan.
Now, this is like a roadmap process, which you need to understand. Take the steps carefully and one at a time in your New Product Development process.