When working to develop products, all teams need to collaborate properly. There are eight easy steps that will improve the marketability of your products. By following them, you can make sure that everyone will stay productive:
- Generate Ideas: Ideas can be generated using basic SWOT analyses based on internal and external factors as well as any recent trend in the market. When generating ideas we should take into account distribution costs, ROI and affordability. Key points should be scalable and sensible. During product development process, we should make sure that the system will stay nimble and flexible; regardless of the new method we choose. It’s a good idea to create multiple roadmap versions.
- Screen all the Ideas: The screening process will determine whether an idea can proceed to the manufacturing facility. When screening an idea, we should use all the agreed upon criteria. Product development costs can be significantly reduced during the screening process. Inefficient and inappropriate ideas can be removed or at least modified. We should determine what benefits and features end consumers will get when an idea is implemented into physical products.
- Test the Idea: After an idea passes the screening process, it needs to be tested. There should be patent research to prevent unintended infringement. Design due diligence and any kind of legality should be implemented By testing an idea, we can be sure that consumers will actually need and want the product.
- Business Analytics: In any new product development process, we should have a good system of metrics that allow us to monitor progress. As an example, with input metrics, we are able to determine the appropriate average time in each production stage. Multiple output metrics allow us to measure different characteristics of quality products. In this case, stakeholders, including sellers and consumers, are able to provide valuable feedback if a new product has poor values on specific metrics.
- Marketability Test or Beta Test: Even if the whole new product development process and internal tests have been completed, the result shouldn’t be considered as a final product. In fact, multiple beta versions may need to be released if a number of incompatibility issues are found in field conditions. Marketability or beta tests allow us to tweak the product for better market feasibility. Repeated beta version releases will generate enough buzz to introduce the product to the public. This has been implemented quite effectively in the software industry and can be used in any manufacturing industry as well.
- Commercialization: After the product goes through subsequent beta versions and there’s enough public acceptance, we should immediately commercialize it. Other than encouraging distributors and consumers to purchase our products, we should also have proper technical support infrastructure. Distribution pipelines and supply chain should be filled with the latest products. Advertisement should also be updated to inform consumers about latest improvements and they will see increased value of our products.
- Subsequent Product Development Process: Post-products will need to be continuously improved and new versions will eventually be needed. For each major version update, there should be one or more beta versions. Product development companies that focus on R&D could be employed to continuously improve existing products in the market. Technical specs and blueprints are essential documents that can be used further improve current products. When moving forward with new product versions, we should be sure to have all the technicalities ready and they are often provided by product development companies.
- Post-launch Evaluation and Proper Pricing: After the release of each product version, we should examine whether new improvements can really benefit customers. We may also implement an introductory pricing that attract buyers and after products start to have strong grip in the market, we may implement final prices. We should make sure that internal and distribution costs are always lower than initial, introductory prices.
China Assured is able to connect you with various product development companies in China. New product development process in an ever evolving progression. Any error can be fixed and any deficiency can be remedied by new features. By having offshore manufacturing process in China, you will be able to obtain constantly updated products.