New Product Development


To start developing a new product plan, follow these 6 steps.

1. Research your idea

Conduct a thorough business analysis:

Define or describe your idea – What exactly is the new product or service you want to develop? Defining your product in these early stages will keep you on track.
Identify Your Market – What sets this product or service apart from the competition? What is the benefit of the proposed it? What are your target customers’ frustrations with similar products on the market?

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2. Create or build and test your prototype

Get a working prototype of it. Depending on this type, this step can take some time:

Test test test!- Present it to a group of people, let them try it and give them the opportunity to express their opinion.

Don’t just use it, but misuse it: You need to know if it will stand up to the knocking, dropping, and other pitfalls of real ownership. It’s fragile? Maybe you need backup?

Listen to your users: Use the feedback you receive to continuously improve it. Your users will be your best source of information.

3. Write and plan a marketing strategy

Once you have a finishedit , you need to develop a marketing strategy for your customers. Your marketing strategy and plan will drive it launch and help you get the most out of promoting your business and product.

4. Launch Your Product

Deciding when, how, and where to launch it will determine its initial impact on the market. Launch launches a new product and informs customers that it is on sale. Creating a go-to-market plan can help set expectations and create momentum for it. You should try to make sure that everyone in the company and your customers are aware of the it.

5. Evaluate your product further

How do you intend to maintain your market share once your product is launched? How can you innovate to stay one step ahead of other products and companies? The more you can anticipate changes in your competition, market and target audience, the stronger it will remain.

6. Protect your idea

Once you have developed and perfected your product, it is important to acquire the right intellectual property (IP) to protect your idea.

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