One of the ways businesses can get a little stale and undernourished is by only offering a product that you’ve been selling for years. Without reinvention and innovation, you’re likely to find that your firm loses traction in the market, as other more exciting products are made available — and often at more competitive prices. In light of this, you should always consider building a totally new product, or line of products, to service your customers with. Here’s how you can go about that long-term thinking.
Analysis — You should never conceive of a product without first thinking about the market potential of that product. All products need a business case, and even those ‘moonshot’ products — the ones that you think are the most ambitious — need to be backed up with some research to show you that your investment will be a wise one. This research will ultimately show you that your product will be popular, viable and likely to make you cash over time. Assign researchers and trusted expert employees to help you through this stage in your product development cycle.
Design — Next up if your product design. If you’ve established a proof of concept around your new product, it’s time to begin talking to the people that you’ll need to help design and build it. These skills might exist within your firm, or you may need to outsource parts of the process to specialist organizations. In either case, this is the time to organize your team, to set objectives, and to use some of the best product roadmap tools on the market to get everyone on the same page for the work that you’ll be planning. Keep the tempo up by setting regular achievable goals that take you towards launch day.
Marketing — A new product is a chance to show that you’re a dynamic business that’s investing in new and exciting products to add to your range. As such, this is the perfect marketing opportunity for businesses to communicate on their website, over social media, and through marketing emails, that new products are on the way. Get your marketing team operating at full tilt in order to push your new product as launch day approaches, enabling customers to take advantage of your new development as soon as possible and creating a positive buzz around your brand for the day of your launch.
Finalizing — The final product will likely go through some teething problems before you’re able to roll it out into the market. This should be factored into your plans regarding your timeline. You should always leave a little space between the finishing of your product and the launch date itself. Getting your product made in an efficient way and ensuring that you have the supply to meet your expected demand is crucial if you’re to make a success of your new project. Get your team together for one final push so that your launch day is truly an event to remember.
These tips are designed to help you get to grips with the complex and exciting project of creating a new product in 2020 and beyond.