The process of designing and launching a new product is a pathway from the conception of the idea to launching the product and marketing it to customers. Generally, the process of developing a new product is done in five stages to make sure that efficiency is achieved, products are successful and wasting financial resources is avoided. While there is a degree of flexibility that may be involved while going through the different phases of product development, it’s important to remember that you need to ensure each phase is completed, and clear steps are in place from start to finish.
Identifying the Opportunity
The first phase in the product development and creation process is to identify the opportunity and lay the foundation for a successful product. An active and passive generation of opportunities for new products will take place during this stage including suggestions, identifying gaps and needs in the marketplace, marketing planning and more. This stage also involves researching evaluation, validation and ranking of opportunities and ideas.
It may also be worth further looking into the steps involved with creating each product idea during this stage, such as whether or not there is the need to buy product liability insurance. Insurance protects you and the business against lawsuits triggered by defective products. While general insurance is always important, bespoke product liability cover is needed for protection against claims for injuries, property damage, and subsequent legal costs.
Generating the Concept
Once ideas and opportunities have been generated, researched and ranked, the next stage is to choose an opportunity that has the highest potential or there is an urgent need for. During this stage, customer involvement is also essential; it’s crucial to research the target market to find out more about the problem that the product is going to solve and how the customer wants it to be solved. This puts you in a better position to come up with concepts for new products that are a good fit for the opportunity.
Evaluation of the Project
In the third phase, any concepts that were generated during the second step of the process are evaluated. Product developers look at a range of different financial, marketing, and technical criteria to determine which concepts are the most viable and most likely to succeed. This is an important process, allowing you to eventually rank the concepts and choose the best option.
After evaluating, the process of actually developing the product can begin. This could involve designing a minimum viable product (MVP) or prototype for the product, for example. Prototypes and MVPs are tested, which may involve inviting customers to try out this basic version of the product to gather further information and make development decisions that ensure customer success. During this phase, marketing plans and product strategies are also designed.
Launching the Product
The final phase involves the launch and commercialization of the product, distributing and selling it to customers. However, the work does not stop here, and it is a good idea to gather feedback to see if there are any improvements that can be made over time to improve the product and its marketability.
No matter what kind of product you have in mind, following each step of the development process carefully is crucial for success.