Developing a new product brings a wide range of emotions such as excitement, frustration, encouragement, depression, and exhilaration (not necessarily in that order).
The bottom line: Developing a new product brings hope. Hope that the product works and works extremely well. In addition, the hope that customers welcome this new concept. Most importantly, the hope that customers will eagerly part with their hard earned money and purchase your new creation.
Profits = Sustainability
Profits bring sustainability for your new product as well as your company. Yet, before profits flow in, you need to make sure you produce a quality product. Furthermore, a quality product that (at the very least) meets and preferably exceeds customer expectations.
Proof of concept is critical. However, saying something works versus actually demonstrating that your product works, delivers an entirely new level of credibility.
Here is an interesting video from Steve Jobs on product development:
New Product Development and Prototypes at Falconer Electronics
Having a number of proprietary products ourselves, we also fully understand the challenges faced with new product development as well as creating a functioning prototype.
10 Steps for New Product Development
Below includes a list of steps when developing your next new product:
- Create Concept
- Drawing & Schematics
- Product Requirements
- Create Prototype
- Revise & Enhance
- Product Production
- Product Launch
- The final and most important step: Sell TONS of your new product. Then you and your family go out and celebrate. See how easy that was! (See our blog series on marketing new products).
Additional Resources To Help With Your New Product Development
Check out these outstanding articles on developing new products and creating prototypes:
- Fast Company – “How To Go From Idea To Prototype In One Day“
- Harvard Business Review – “Prototyping That’s Less Prone to Failure“
- Entrepreneur Magazine – Our friend John Teel offers excellent tips with his article: “The 10 Costs You’ll Pay to Bring Your Hardware Product to Market“
- Medium – “How to Prototype Anything in One Day“
- Inc.com – How to Develop a Prototype
- Forbes.com – “Beat The Odds: How To Successfully Create New Products“
- Forbes.com – “11 Ways To Effectively Launch A New Product Or Feature”
Thank you for reading our blog on new product development.
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