Convert An Idea into A Rewarding New Product

   Someone’s dare to think out-of-the-box and bringing those unbelievable product ideas to life have revolutionized the human civilization. These new products have certainly made our lives more comfortable and easy. In the 21st century, new product development not only fuels the economy but at the same time, it also wins the heart of people wherever it goes. New product development holds a long, rewarding history, and during this course of time, we came across thousands of success stories that inspired us and failure stories that taught us a lesson and left us thinking, “What went wrong?”

    So, is there any way to aid entrepreneurs avoid or overcome product development pitfalls? According to the Rhythm, there are many tricks to ensure successful new product development, even if you are new and don’t know anything about custom product development.This not only helped businesses boost their economy but simultaneously helped them sustain the fierce competition and create a vibrant brand name in their respective industry.

As the need of every new product development is different, the journey of every entrepreneur is also different. Here are six tips to get you started on the path of success, and they are as follows:

Take a fresh start with your idea– When it comes to successful new product development, there is nothing like a shortcut. Before you initiate a new product development process, it is recommended to thoroughly analyze your market, understand your end users’ requirements and expectations, what features are needed, and most importantly, what your competitors are offering. Keep your mind open and try to collect as much data as you can collect before you make any move. Some other points to consider are overall manufacturing cost, product’s retail price, your profit margin, and competition in the respective market.

Don’t forget to validate your market– This step is one of the introductory steps to custom product development and according to the product development experts, this step should never be ignored or overlooked. We are creative, and when we own a new product idea, we get mesmerized by our concept and tend to put earmuffs and blinders on. For instance, you work in a company where your task is to advise your boss as to which product will yield maximum ROI. The most reliable method to find out this is to ask them “Your Targeted Customers” about their likes, dislikes and expectations by conducting the survey.

Keep it simple– Often times, due to overexcitement, we include showy features that are unnecessary. These unnecessary features not only make the manufacturing process complex but also increase the overall manufacturing cost and time. Developing premium quality products with only necessary features with an affordable price tag can generate more sales and more profit.

Fund Raising– You will need a lot of money for manufacturing a product from scratch; hence, to overcome the financial problem, you can try options such as microloans, credit lines, crowd funding, and other online funding alternatives that suit your business. Moreover, with mere efforts, you will easily find an investor for your project.

Product Prototype Development– Product prototype development is the most important phase in new product development. Once you approve the product design, instead of initiating the bulk manufacturing process, start with something basic like rapid prototyping of the concept that can be refined repeatedly. It does not need to be fancy or costly. The reason behind the product prototype development is to test the functionalities and to conclude whether your idea is feasible or not.

Have a business plan ready– It has been observed that most entrepreneurs ignore the importance of the business plan. But, the fact is, a tactically framed business plan helps you enter the market more swiftly and efficiently. A business plan will help your products / services gain instant clarity, focus, and market trust. A single business plan can answer many questions at a time such as:

  1. What am I manufacturing?
  2. Who are my targeted end-users?
  3. What is my commitment to my customers and to myself?
  4. What are my goals, strategies, and action steps to accomplish these business goals?

Communication between Teams and Managers

Communications is the foundation of every project. Regardless of the business at hand, if you’re not able to get your ideas across clearly then problems arise. But communications, ironically, can become part of the problem when it blocks the completion of the project tasks with unnecessary clutter.

  It’s not a matter of curbing communications, but refining them to reflect a real exchange of ideas and information and not a time-suck. You’ll want to communicate, of course, but effectively. Whether personally you’re going through your email, in a meeting or engage in discussion, or in a managerial capacity you’re working on reports and team meetings, these tips can help you not get bogged down and leave with the pertinent information in hand.

Email

Email is essential, but even too much of a good thing is dangerous, which is why you have to strictly regulate or else risk getting inundated with minutia. Set up guidelines for your coworkers, such as only emailing when something needs immediate attention. By reducing your daily email you free up time to get real work done. It also means that when something is important you’ll see it because it won’t be buried under a pile of unnecessary emails.

Meetings 

How many meetings have you attended that seemed to only offer a platform for someone to flap their lips? That may seem harsh, but often meetings are not the best vehicles to get across the data needed. A brief discussion or email may suffice.

If you need to schedule a meeting, by all means, do so, but only if the problem cannot be resolved by other, simpler and less time-consuming ways. Then, only invite those people to the meeting who are essential to resolving the problem at hand.

And, please, keep the meeting short and on point by setting up an agenda beforehand with key objectives. Focus, and take minutes, to track what was decided and sharing that information with the team members who need to see it.

Discussions

It’s important that you speak with your coworkers, to disseminate information, wrestle with ideas or problems and just remain social and keep the morale high. But you need to be cognizant of when these discussions are blocking productivity. You can plan discussions, too. They don’t have to always be spontaneous. That way you’re not interrupting colleagues who may be immersed in more critical activities at the time.

Reports

As a manager, you’ll be responsible for generating a lot of project reports on a regular basis throughout the lifecycle of your project. That’s one way to keep the work on schedule. Your team needs them, as well as your customer and sponsor.

There’s no way to cut back on these reports, however, they’re a great tool for getting clear and precise information out to those who need to see it, whether you’re deviating from a plan and reassigning tasks to your team or explaining the reasoning behind the move to your client.

Team Meetings

Meetings with your teams are not a waste of time. These are great ways to control the information you want to get out and make sure it reaches the right people. Therefore, you’ll want to have regular meetings, weekly, even if they’re short.

Provide status updates, set goals, deliverables and timeframes. Make sure everyone buys in, is on the same page and motivated. That’s how you communicate effectively and get the job done.