Here's a simple 8-Step Process for New Product Development which works.
Contact BioPlan Associates to help you identify the best new products for your market.
- Ideation (Idea generation). The search for new product and market ideas starts with creative idea generation. While these ideally come from your customers, they may also come from your competitors, suppliers, and your internal staff.
- Idea Screening (Early-stage evaluation). Here, you screen out ideas that might not fit into your current line or business strategy. You will pre-screen for:
- Market opportunity (market size, profitability, etc.)
- Competition (competitive landscape)
- Production (internal capabilities)
- Intellectual Property (patent protection, etc.)
- Channels (distributors, wholesalers, on-line strategies)
- Financial (available capital, staff, resources) and other factors
- Concept Testing (Will your new product solve a customer problem). The company decides whether a product concept will meet customer needs, be profitable, have unique selling points compared with the competitors, etc.
- Market Strategy Development (Establish strategies and goals). The company establishes market goals, establishes market mix strategies, evaluates long-term goals, and considers how the product fits its overall goals.
- Business Analysis (Market potential). The company reviews its initial sales goals, revenue and profit potential, and break even analysis.
- Product Development (Capacity/manufacturing process). The company resolves technical and production issues, considers all aspects of distribution and the sales process.
- Market Testing (Marketability testing). The product is beta tested, or sold into test markets, to identify potential problems or areas for redevelopment.
- Commercialization (Product launch). The product or service is launched to the full market.
This replicable product development process assures you've considered the major steps in bringing a product to market. Can the product be a success? You'll need to get the word out. Choose your messaging wisely.