This century might really be the age of the entrepreneur. There are new companies being put up in different countries all the time. If you are an entrepreneur, you will probably want to make and market your own products. However, there are some guidelines to follow if you want to design and develop new products for your business.
Why Your Company Needs to Design and Develop New Products
You probably realized that your company is unique and thus your products must be equally new and original. This is because your company has to have its own brand, but you can’t make that until you come up with new products to develop and market. These products should shine among the crowded marketplace, so that they will bear the name of your brand proudly. At the same time, people should realize that your products are really what they need.
What to Consider When Designing and Developing New Products
1. Product Innovation
What this means is that you will have to find new ways of doing things. That applies to product design, too. It means your product has to help the public do something important to them in a new way, or in a way that affects them uniquely. For example, if you are developing a new kind of toothpaste, you could aim to make its health benefits last 24 hours before the customer would have to brush again. You need a brand-new idea.
2. Research and Development
Once you have that great new idea, the process continues into the research phase. You might already have a clear process flow in mind, but doing additional research won’t hurt. Think of it as an investment in your business by adding more hours devoted towards the development of your product. You will be looking for information here that could help improve the features of your product.
3. Customer Reception
You can look for close friends to test your idea on. Make sure they are the type who can keep your research a secret for the duration of the testing phase. You may have them sign a confidentiality agreement just to make sure. Relatives might also be open to this. Ask them what they think about your product. They may have comments about your product that didn’t occur to you during your research.
4. Check Your Competitors
You should examine competitors in the market to see if their products are superior to yours. Be objective. Could you make a product that is better than theirs? With a better price? And sold by a wider range of vendors?
5. Potential Pricing
You need to be conscious of the price point of your product. This is where it gets really competitive, because your competitors might have an equally great product but chose to market it at a lower price. Can you beat them in the pricing game? Or are you banking on the features of your product to bring in sales regardless of the price difference?
6. Product Manufacturer
This is very important. A good manufacturer is difficult to find, because they might already have their own products to make and market. You need to find someone who will not divulge your trade secrets and loyally manufacture your products consistently. You may need to build your own factory if you can’t find anyone else.
7. How Your Products Will Be Sold
You can set up your own store to protect your brand, but you still need to find salespeople for that. You can advertise online by setting up a website where you will market it to the public. You might also want to make a networking business where your network will sell the products to the public for you in exchange for money.
Final Thoughts
You are probably excited now because of your great new idea for a brand-new product that no one else has thought of yet. But before you rush headlong into production, take the time to think about innovation, and do your research first. You can test the product on your friends and relatives at the start, provided they keep it a secret for a time. You should make sure your product is better than that of your competitors and check their pricing as well. Look for a manufacturer who can make your product without selling your trade secrets to competitors. You can then open a store to sell your branded product or set up a networking business around your new product.
Hopefully, Lady Luck will smile upon you and you will be able to profit from your unique and wonderful new product.
About Carson Derrow
