New Product Success with Prototyping
As we continue discussions on the steps for New Product Development, taking your idea to market requires numerous steps. Today we discuss Prototyping.
Once you have perfected your product on paper or with a CAD drawing, the time has now come to take action. Creating a working prototype is the next step to prove the concept for your new product. Prototyping pays big dividends.
Starting with a prototype provides the opportunity to test your new product. Work out the bugs and kinks. Prove the functionality. A prototype also minimizes your initial investment thus reducing your level of risk. Therefore, drastically increasing the opportunity for profits and success.
Can you make the prototype yourself? Do you have the necessary equipment, experience, skills and resources to produce a prototype?
If making a new product requires machinery and equipment that you do no possess, partner with a custom manufacturer to assist you. Click here for tips on how to select a custom wire harness manufacturer.
Teaming up with a seasoned company creates a tremendous advantage for you. You reap the benefits of utilizing the resources from the manufacturer which includes their staff, experience, tools, and equipment. This eliminates the need for you to make the heavy investment that the manufacturer already has in place.
In addition, keeping your fixed expenses as low as possible frees up cash flow. This allows you to let the experts make the product while you focus on product design and most importantly, sales and marketing.
Prototyping proves the concept of the product. However, revenues determine how the market values your product. Finding a customer base willing to pay you for your product justifies all of the time, energy and money invested into your new venture.
One exciting project that our team recently worked on included prototyping a brand new state-of-the-art ATM machine.
A local manufacturer that specializes in precision metal fabrication contacted Falconer Electronics to create all wire harness assemblies for the prototyping project.
Attempting to assemble the wire harnesses themselves was not cost effective and proved terribly inefficient for both the ATM business as well as the metal fabrication company.
This is a perfect example where outsourcing the wire harness manufacturing process created a healthy profit opportunity. Pulling wire harness manufacturing off their plate allowed the customer to zero in on what they do best.
Outsourcing manufacturing and production now allows this ATM company to focus on engineering and software development. In addition, their staff works relentlessly on marketing and sales to create a steady pipeline of revenue.
Partnering with these professionals at the ATM company as well as the dynamic team of metal fabricating manufacturer has been a fantastic experience for all of us at Falconer Electronics.
Prototyping played a critical role with the process to bring a viable product to market. Especially with this particular ATM machine. This ATM brings a high level of sophistication to users. Properly functioning machines in the field play a critical role to the success of our customers.