Did you know that only one out of every seven product ideas will ever result in a successful product? Product planning is a big step towards making your visions come true but there are multiple product development phases that you need to work through before your invention hits shelves in shops around the country or the world.
New product ideas are a good starting point, but there is a ton of time doing research and prototyping before your product launch is ready to go. You want to make sure that you’re thorough when going through the product lifecycle for the best odds of producing a successful product.
The good news is that you’ve come to the perfect place to learn about the different product development phases that you need to go through in the product development process. Keep reading this article to learn more today!
Idea Generation
The product development process has to start with generating an idea for a product that you think people have a need for. Some people shoot for coming up with a revolutionary product or design that is brand new, though this route has its risks. Other people find a lot more success with modifying an existing product to make an even better product.
There are certain things to look for when coming up with ideas for products. You can look for ways to substitute an existing product with a viable alternative or you can look for ways to combine an existing product with a new product. Another great way to come up with ideas is to find new purposes for existing products, like memory foam for aging pets.
Using starter ideas like those will make it a much easier task to brainstorm some new products that you can put through all of the product development phases with the help of Sandfield Engineering.
Research
The next step involves getting validation on your idea for your new product. Doing your research is the surest way of knowing if there is a legitimate need for your new product in the market at the time of product launch. Taking this extra step will save you money because you won’t waste resources and time on a product that the market has no need for.
Try bouncing your idea off of friends and family members to see what they think. You can also try to use social media as a way to conduct surveys and see if your product is something that interests the people that you know. No matter what you do for the validation of your idea, make sure that it is a worthy investment.
Planning
So you’ve gotten validation from your friends, family, or followers. What next then? Now you’ll start the planning part of the product development process.
Make sure that you’re taking your time when you’re planning and preparing for the prototyping phase. Rushing too far ahead to get your product launched will lead to costly mistakes and products that don’t function the way that you’d hoped they would. It will also make it much easier for manufacturers to know the type of materials needed to produce your product the right way.
Prototyping
Prototyping is where you really get to see your rough draft of your product idea come to life for the first time. You’re producing a finished product for the first time that you can sample and get a better idea of how it functions. It is the perfect chance for you to look at the things that you can improve upon and the things that you’d like to keep.
Keep in mind that you need to be realistic when it comes to your new product ideas. You’re not likely to have the perfect product as a prototype as there will be further improvements that are needed. If you’re not confident in your ability to create a prototype then you should consider finding a third-party prototype company to work with.
Sourcing Materials
Sourcing materials is another crucial step in the product development phases. Don’t move on to this step until you’re completely satisfied with the results of your prototypes. Think of souring your materials as putting together the beginnings of your business’s supply chain.
You’ll need to find vendors to get the materials and components for your product as well as the shipping options that will help you get your product to the doorsteps and into the hands of your customers. Focus on logistics companies that will help you ship and store your products at warehouses.
A good strategy is to find multiple suppliers for each type of material that you need. Doing this will ensure that you’re never left without the things you need for producing your products.
Costing
Costing is an important part of a product launch because it takes into account all of your expenses when it comes to manufacturing and shipping the product. Having that information will make it much easier for you to set a fair price for your product when you do move forward with your product launch.
For the best results, try to get multiple quotes from multiple manufacturers. Having your Cost of Goods Sold will make it a breeze to come up with a price that helps you make a tidy profit.
Commercialization
The last part of the product development phase is to commercialize your product. This step is where you officially make your product available in stores and online. You don’t need a massive advertising budget to get your products out to your customers and target audience.
Enable Instagram Shopping for your company’s Instagram account and work with social media influencers to help spread the word about your exciting new product.
Use These Product Development Phases for Your Next Product
There are many different ways to go about product planning but the most effective is to follow the product planning phases for product launch. You’ll need to find ways to come up with a product that adds value to the lives of your customers while also marketing that product. You’ll also need to set fair pricing that is affordable but allows you to make a profit.
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