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The Next Great Product idea

New product development begins with a great idea. Often this idea will stem from something that annoys you, or something that you think is not good enough, and you will think of a better way or better product. You may already have one of these great ideas, but what do can you do to turn this idea into a reality? New product development and product design can be a long process, but there are some simple steps that can help you turn that great idea into a workable product.

Write it, Draw it

New product development begins with an idea, but you have to put that idea down on paper. Get the idea clear in your mind by writing it down or drawing it as soon as you have the idea. Those first few moments of insight are often the most productive, so don’t waste them

What problems does it solve?

The next stage of new product development is to think about all the problems that this product can solve. Who needs your product, and what will it be used for? You need to look at what is currently being done to solve this problem, and if any products already solve the problem. If there are other products, which there usually will be, then how does your product solve the problem more effectively?

You also need to examine whether your product is cost effective, and if it can compete with the competition. Although many of these questions will be difficult to figure out at this stage of product design, it pays to have some idea of the potential of your product idea.

Check out the competition

Once you have a firm grasp of what your product can be used for, you need to thoroughly check out the competition that already exists. You need to know if your product design can compete. Look at what the competition is offering and how much it costs, as well as levels of customer satisfaction and success. If your product is entering a market where the competition is poor, you will have a greater chance of success. If the competition is strong, you need to be sure that your product can solve the problem better, that it costs less, or has some other unique selling point that will make it attractive to customers.

Look for potential customers

To know if new product development is worthwhile, you need to find out if there are potential customers for your product, and who they are.  If you know who and how many potential customers there are, you can make estimates as to the level of success you can attain. It is no good developing a product if there are no or few potential customers, especially if your product is going to cost a lot to development. The point of new product development is that the potential success will outweigh the costs of development. Although it may seem obvious whether or not a product has potential customers, it can be trickier to determine the amount of potential a product has. You need to think carefully about all the areas your product can be used in, and think beyond the normal consumer. Take into account the potential sales from other businesses and producers as well.

Build a working model

If possible, the next stage of new product development is to build a working prototype. This can be tricky, and often the first model you build will not look like the product that you end up finally producing. Make a list of the things you need for product design, and then stick at the task until you have something that works. Remember, the aesthetics and finishing touches can be worked on, but you need to make sure that your product can work on a basic level first. In some cases you might need to hire professionals to help you build the model, as you might have the idea but not the expertise to build it. 

Patents

Once you have a product that works, even if it is still in the early stages, you need to look into patenting your product. You will need to search and see if anything similar has already been patented, and if not then look to apply for the patent. Getting a patent can take time, but if you don’t want people copying your product, then you need to get one. More information on this topic can be found at http://www.patent.gov.uk/.

Develop your prototype

Although your product is workable, it is probably not appealing enough to consumers at this point. The next stage of new product development is to tweak your product design, and make the product both workable and appealing to consumers. One way to do this is to build a model of what you want the product to look like, whilst making sure it has the capability to work. Then you can go about making your product workable for that particular design.

How much is it going to cost, and what will the potential profit be?

Once you have a product you are satisfied with, it is time to think about going into production. But before you do this, you need to decide a number of things. The include:

·         How big will the first production run be?

·         What will it cost per unit?

·         How much does each part of the product cost?

·         How much will it cost to sell your product?

·         What are the trade terms in your particular industry?

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