Product Development Basics – If There Is No Need In The Market, Create One!

If you’re into business, you must know about product development. It refers to the whole process of launching a product or service in the market. Whether you want to introduce an entirely new product to the market or renovate it, or maybe develop a product line, there is a stepwise process involved.

First you generate an idea. Next you design the product. Then you carry out the detailed engineering. Thereafter, you do market research and analysis. Lastly, you launch the product and promote it. The actual process, when implemented, is not as easy as finishing off in three lines. However, when you know what you are doing, you can do it better and faster.

Generating The Idea

Sometimes, an idea just pops in your mind. In business, you cannot always work according to your whims and fancies. You need to carry out a SWOT analysis before product development. (S=Strengths, W=Weaknesses, O=Opportunities, T=Threats). You also need to look at the current trends in the market, competition scenario, your company’s R&D status, target consumers, your own workforce, corporate spies, user patterns and habits, and forthcoming trade shows. Based on this, you have to decide if your idea is indeed worthy of implementation or deserving enough to be a part of inventor product development.

Screening The Idea

There might be lots of things ruffling in your mind, maybe multiple ideas for consumer product development. You need to screen them and select the one with potential. While screening, you must ask a few questions like:

* How will the consumer benefit from the product or idea?
* What will be its growth in the future?
* What is the current competition for the idea?
* Is it technically possible to invent the product?
* Will this product development bring profit?

Developing The Idea And Testing

Now, you need to dig deeper into the development of idea. You need to check out the end user of your product, the purchasing power of the target consumer, the features you must instill in the product to make it different from that of competitors’, and how the consumer will react when you launch the product in the market. Besides, you need to analyze the cost involved in product development and how you can reduce the cost of production without affecting the quality.

You can test your idea by carrying out a market survey. Ask the consumer directly what they think about such an idea. You can know about the demand. Remember, when you develop a new product, it’s not always necessary to have a need for it. You can create need in the market by effective pre-selling techniques, convincing the consumer how much better their life can become if your new product comes into their life. In other words, you need to simply make the consumer believe that they will benefit greatly from your product.

Jimmy Choo has convinced ladies that wearing high heels is a crucial seduction tool. You cannot think of wearing floaters to a date, can you? Well, this is how you create a need, even though you don’t need a stiletto to knock off your beau’s heart. Product development starts right here…