From a concept to a market success

Product development – stages

Product development can be divided into specific stages. The process may vary, depending on the size of the company and the specifics of the industry, but the following steps are usually taken.

• Identification of market needs.
• Determining the potential number of customers.
• Conceptualising the product.
• Solution validation.
• Creation of a product development map.
• Creation of the first prototype.
• Consumer research and testing.

Product development process – iteration

Product usability research and testing are a key stage of development. They should be carried out on carefully selected groups of respondents who should match the profile of the future consumer. The most important factor at this stage is iteration, i.e. returning to previous steps and repeating them, taking into account the respondents’ feedback. This results in many different versions of the product, and the best features can be extracted from each of them. This creates a product that is the closest to consumer expectations.

New product development – management

Product development is a complex and lengthy process involving an interdisciplinary team including many people. For this reason, it’s a project in itself that requires a schedule, division of tasks and hierarchy. A product team that is not properly managed is unable to create a usable and profitable product. Thus, before starting work, it’s worth creating a management team that will oversee the process.

Product launching

Once you have gone through all the stages of product development and have a finished product and a production line ready to manufacture it, you can consider your launch strategy. There are various ways to launch a product – some decide to create a new brand under the umbrella of their company, others opt for a product campaign in traditional media. How you communicate your market entry to potential customers is crucial to your sales results. No one will buy even the best, most innovative product if it is not well advertised.

New product launching – a strategy

Planning the sale of a product is just as important as informing consumers about its existence. It is necessary to create a well-thought-out strategy that will allow you to manage the level of profit and demand for the product. First, it is necessary to analyse the competition. Perhaps someone’s already offering a similar product, but at a lower price? So what should convince consumers to choose your offer? Next, you need to identify your target audience, their lifestyle, and how and how often they will use the product. When will customers need or want to buy it again? The last and most important step is to create a unique value proposition. This is a distinguishing feature which will ensure that your customers won’t return to your competitors.

Product development – consulting

Product development is a long and challenging process, but with the right management methods, it can be much more efficient. To ensure that the team is supervised by a competent person with the necessary knowledge, it’s worth using consulting services. This involves working with an expert who will lead the team throughout the project, sharing their know-how and pointing out the best solutions.

Product launching – consulting

Launching a new product requires not only an effective marketing campaign but also economic forecasts, market analysis and product life cycle planning. This requires extensive knowledge and experience, as well as time, which is often lacking when developing new products. For this reason, it’s worth using the services of advisers, whom you will find at Redegate. Contact us and together we’ll consider how to use the potential of your product best.