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.

Prototyping ATM MachinesPrototyping

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.

Let’s Connect 

To learn more about Falconer Electronics, you can check out information on our American Made Ground Straps and Wire Harness Assemblies.

Also, need an instant estimate or quote for your prototype? Check out our Wire Harness Estimator and our new Ground Strap Express!

Lastly, please connect with us on FacebookTwitterGoogle+, and LinkedIn.



8 Outlet Commercial Power Strip

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.

For example, our proprietary product line includes Magnetic Work Lights, Commercial Power Strips and LED Flashing Lights.

We also produce numerous prototypes for clients by building Wire Harness Assemblies, Ground Straps and Printed Circuit Boards.

10 Steps for New Product Development

Below includes a list of steps when developing your next new product:

  1. Idea
  2. Create Concept
  3. Drawing & Schematics
  4. Product Requirements
  5. Create Prototype
  6. Test
  7. Revise & Enhance
  8. Product Production
  9. Product Launch
  10. 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 

new product

Check out these outstanding articles on developing new products and creating prototypes:

Let’s Connect

Thank you for reading our blog on new product development.

Also check out these helpful blog posts:

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