There are several essential phases in the new product development process. Designing, manufacturing, and commercializing a new product can open a whole new market. Many successful inventors and entrepreneurs alike identify a consumer need. Then, they look to take over an existing product or broaden the market for something that already exists. As an entrepreneur looking to break into a new market, you need to know the most important stages in the product development process. This way, you can start gathering resources to launch your invention idea. Read on to discover the essential phases in the new product development process.
First, generate exciting, profitable ideas for your new product. To get started, many successful inventors use the SCAMPER model to generate product ideas quickly. In this acronym, “S” stands for substitute. Indeed, you can substitute existing products with new materials to meet a market demand. For example, you might think of environmentally and eco-friendly alternatives. Next, “C” stands for combine. “A” encourages you to adapt existing products. In addition, “M” means to modify products. Of course, you can also “P” put existing products to another use or “E” eliminate certain aspects of a business model. You might also “R” reverse or rearrange an item to meet a specific need. Definitely, use the SCAMPER model as a prompt to generate ideas for your new product.
Conduct A Feasibility Study
Next, conduct a feasibility study regarding your new product idea. During this phase, coordinate a project team to review your product design concepts. Typically, they examine and discuss your different iterations. You might show them sketches, descriptions, or virtual models as well. Using these components, the project team selects the design that best meets the consumer market demand. Once you and your team agree on an idea, you can review and refine your business case. Indeed, you and your team can identify the project’s requirements and assemble a plan for product development. Absolutely, conducting a feasibility study is an essential tip for developing a new product.
Manufacture A Prototype
In addition, it is essential to manufacture a prototype. Depending on your background and knowledge, you might hire a technical team to develop and engineer your product prototype. Notably, many new inventors partner with foam molding companies to create their initial design. For example, Foam Creations specializes in foam injection molding to create unique products. Using EVA foam technology, this manufacturer creates custom foam moldings. By creating products free of phthalates, heavy metals, and latex, this company can make it very safe products. Plus, they are easy to clean. This is a great way to see your initial design come to life, especially if you envision the final market product made of foam. Certainly, it is essential to manufacture a prototype as you develop your new product.
Test Your Product’s Validity
Moreover, you must test your product’s validity before you set up your distribution channels. Typically, product designers and inventors put their products through multiple types of testing to ensure their product functions properly. For example, many inventors conduct alpha tests. For this type of testing, inventors usually deliver their product to test engineers. Then, they evaluate its performance in case of any issues that need to be addressed. Depending on the product, engineers might check certain safety protocols as well as the item’s durability. Additionally, inventors also conduct beta testing. For this type of test, real groups of consumers receive your product and offer feedback. Undoubtedly, it is critical to test your product’s validity before releasing it to the market. Spending the time and money testing your product now could save massive amounts of money later.
Commercialize Your Product
Furthermore, you need to commercialize your product once it has passed all of the proper tests. Importantly, commercialization is the process of introducing the new product into the market. During this phase, your company can start to sell your product to different retail and ecommerce stores. In addition, you might launch an ad campaign centered around your sales promotion. For your product’s commercialization to succeed, it is critical to satisfy your customer and stakeholder needs. Of course, you should also think about patenting your product to protect your intellectual rights. Moreover, additionally consider how you will safely package and ship your products. Surely, this is crucial to ensure your product’s commercialization is a success.
Profit From Prototypes
There are several essential phases in the new product development process. First, you should generate product ideas using the SCAMPER model. Next, conduct a feasibility study to identify the best product concept. In addition, you should manufacture a prototype for your new product. Moreover, test your product’s validity to ensure your invention functions properly and is safe for your users. Furthermore, commercialize your product through marketing campaigns.
Follow these essential phases for a successful new product development process. Then you can finally start selling your new products by wholesale, retail or ecommerce channels!