Creating a new product that will sell is an ultimate goal aspired by many entrepreneurs. But giving life and making an original product out of a concept is no easy task. It involves a lot of challenges that you should be prepared for.
Product development is not only focused on the output but on the process that you have to go through to put it out and make it succeed in the market.
Generally, what you need to determine are the needs of your market, the experiences they had before that make them need a particular product, and the features of the product that will provide these needs and improve these experiences.
The early stage of product design is an integral phase for both new businesses and established corporations. You will be needing the cooperation of every department in your business to be able to define, design, build, test, and deliver your product. Here’s a guide on where to begin with product development before prototyping and commercialization.
Ideation and Brainstorming
Conceptualization is a product development stage that many entrepreneurs struggle at. This is because most of them overthink. In the end, they become exhausted because they can’t imagine a perfect product, not knowing that it is not something that will just pop up in their minds.
Sometimes, the best ideas are already existing and you just have to tweak them to create something better. There are a couple of ways to make something out of existing products. The best ones include
Combining two complementary products in a package, adding extra functions, and modifying to solve common issues with the existing products.
By considering these, you will be able to transform existing ideas into their better version and engage with your target audience by giving optimal solutions.
Research and Validation
One product idea won’t give you a pass to start production. At least not a successful one. This concept must be thoroughly researched and validated first.
Through product validation, you can ensure that your resources and time won’t be wasted by creating something that won’t sell. The validation process can include analyzing online marketplaces and product descriptions and reinventing historical trends.
It can also be as simple as asking feedback from your closest relatives and peers, just make sure that your audience is unbiased and substantial so that your basis will give you an accurate and reliable conclusion. After all, not everyone you talk to can be considered a customer.
Your competitors will also play a role in your validation research because you have to consider them when analyzing your idea or niche. They can give you clues about how your target market will react to new products. Checking their websites will help a lot in revealing strong selling points and issues that you can use to shape your own advantage.
Planning
Now that you have a basis supporting the potential of your idea, it is time to check the availability of materials the different prices offered by suppliers, and the actual look of your product.
The more detailed it is, the closer you are to reality. All labels and feature descriptions along with the hand-drawn sketch of your product will help in determining whether creating the product is practically feasible for business.
Aside from the materials that you will use, you should also begin to think about the possible retail price and category where your product will belong. These are all the elements that will complete the planning phase and guide you not only through your product development process but also in your marketing strategy and brand positioning.