Business Innovation Consultant-New Product Development Strategy
It is said that there is nothing like a new product, we have to be creative and innovate, change the strategy and come up with a new product. As a new entrant in the market, you have to structure your approach for you to grow through your product lifecycle until maturity. When introducing a new product in the market, you have to follow a series of steps to enable you to make the most out of your endeavor. When you follow the right steps, you can be able to make more sales that you can imagine and have a strong brand for your product. Follow the following strategy when you need to launch a new product on the market.
The first aspect is to generate the idea of whatever new-product development process that you need. This can be through analyzing the available gaps in the market or ways to improve whatever is already available. As much as you check whatever product the market may need, you need to factor in costing and possible return on investment to make your venture worthwhile. You should have some ideas that can be used to solve the problem that you foresee.
Another thing is to screen your idea to see if it is viable. At this point, you can drop any ideas that are not viable and move on with whatever is likely to be profitable; you should do your SWOT analysis and other analysis methods to help you get rid of whatever idea that could become a liability.
Furthermore, you need to test your innovation in business concept with the target market to see if it's viable. The feedback you get from the market will help you to make alterations to suit the market since the product is to be used by the market and not you. You can do the testing through questionnaires or interviews or even product sampling.
As you do all these activities, you should have a business mind such that you analyze the performance of the product being tested to see if it has higher returns on investment if all it gets to the market. This will involve checking the input versus the output and such should reflect on the real market scenario. You should arrange for marketability tests by launching some samples for you to get the viability of the product. All these activities are meant to get feedback, and once you get it, you have to do product alterations and finally launch your product.