Using New Product Development to Grow your Business
Business Growth – Scaling revenues via New Product Development
How often do you launch a new product only to see it not meet company expectations? There is an underlying strategy that can be utilized to ensure every initiative succeeds.
Listed below are seven key steps to follow throughout new product development:
Idea Generation & Screening – Leverage the in-house team to continually share new ideas and filter them periodically to analyze the potential opportunity
Business Evaluation– Ask the question: “Will this product coincide with the business mission and objectives?”
Concept Development– Decide whether the short-listed products are feasible to produce given the current in-house resources – budget, time, equipment, etc.
Product Development– Create a prototype of the product to confirm the hypothesis w.r.t the market need
Market Testing– Determine how the product will be marketed to suit correct audiences
Commercialization– Price the product according to the competition, estimated product lifecycle, etc.
Product Launch– After implementation of all previous steps, introduce the product to the market
These specific steps are not set in stone and can certainly be tweaked if need be. Depending on the industry, in-house know-how and available resources, some steps may be voided or modified as necessary. Extensive research has been done to prove this methodology and its’ success throughout the new product development process.