Using New Product Development to Grow your Business

[dot_recommends] August 1, 2020 Manufacturing Trends

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.

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With over two decades of experience, Parin leads an expert demand-generation agency, StratMg, that helps industrial manufacturing clients achieve unambiguous and quantified organic sales growth across the US, EMEA & APAC.

Parin has built & positioned StratMg to be a value-added marketing services provider that strives to create a culture of quantified sales-driven marketing initiatives leading to sustained business growth through channel management, diversification, new customer acquisition and retention strategies and tactical execution.

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