Are you an entrepreneur with a new innovative idea that you want to develop into a product? We understand it can be a daunting process in grasping your new product development life cycle, as there are many important steps along the way that you need to tackle before you get your product to market. Maybe you have your idea developed, but you’re missing the technical or engineering expertise? Here are 5 stages you need to know in the new product development life cycle.
1. Feasibility Analysis:
Once you have your idea generated, you should aim to identify a product that solves a customer problem or meets an unmet need. From here, you could conduct a feasibility analysis. This involves assessing the technical, financial, and market feasibility of the product. You should consider the resources needed to develop the product, the potential demand for the product, and the competition in the market. Here is where you may identify the stages you will need support with. Generally, as an entrepreneur it’s ideal to find a company who can give you the full end-to-end process, so you can be confident that your product development is in good hands as well as having transparency along the way.
2. Concept Development:
After you have determined that the product is feasible with the support of your development company of choice, you can start developing a concept for the product. This includes creating a prototype, defining the product features and benefits, and identifying the target market and pricing strategy. At this point, you will need expert engineering advice to ensure that your product concept can transfer to a physical being. At TyTek Industries, we have over 120 years of highly skilled experience in a multitude of areas including:
- Engineering development and design
- Magnets assemblies
- Supply chain management
When it comes to the product development stage, you need to be sure that you have knowledge of every step of the journey. A company who has a dedicated department for each stage is not only hugely beneficial in terms of having a touch point contact, but they must have full understanding of the project in full. From our engineering team to the contracts department, to marketing – TyTek Industries will ensure you can have full trust in us to deliver, as every part of our team has eyes on the projects we work on. Let’s move on to the next stage in the new product development life cycle…
3. Testing and refining:
The next step is to test the product and make any adjustments you may need. This is vital to make sure that your product can overcome any troubleshooting and potentially re-engineer any elements to better your innovation. This also calls for engineering experts, as they will spot something that you may not have the eagle eyes for.
DID YOU KNOW: That magnets could be an innovative element to add to your new product, due to their versatility? Magnets happen to be in many everyday items such as mobile phones!
4. Launch and logistics
Once the product has been tested and refined, you can launch it to the market! But hold FIRE! Do you have the know-how on organizing inventory and delivery logistics? There are many aspects here to consider, such as materials, weights and costs. As well as this, you want to ensure that you’re working with qualified and trusted suppliers who will be able to handle your stock safely.
DID YOU KNOW: That at TyTek Industries, we only work with factories that we have personally visited and audited.
5. Marketing and ongoing growth
To ensure ongoing growth, you will need a marketing plan. This involves establishing distribution channels, target audience, and setting up a sales team. This stage is much more important than you think and will require some strategic planning. Furthermore, to ensure ongoing growth you will need to think about managing costs, optimizing distribution channels, and identifying new opportunities to sell the product. We have a dedicated marketing team who will be able to support you every step of the way, and we aim to answer all queries within 24 hours.
Are you looking to start your new product development life cycle? Then you don’t need to head into the Shark Tank!
Get in touch with our team today and we can kickstart your product to market.
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