Transformation of great product ideas into useful products has made our life more comfortable and luxurious. It not only fuels the economy, but also wins the heart of people wherever it goes. We come across thousands stories featuring successful new product development yet those who fail are left behind alone in the dark to themselves to wonder, “What went wrong?” So, is there any way to help businesses avoid common pitfalls and succeed smoothly? In the industry of custom product development, success is all about the mindset. Instead of concentrating solely on the manufacturing of the new product, an entrepreneur needs to focus as a businessperson from the start.
In the last ten years, being a custom product manufacturer, GID has seen thousands of businesses transforming their original concept into innovative, useful and most importantly, moneymaking new products. In addition, with the rise of the world economy and amazing new resources available for developing, manufacturing, financing, advertising, selling and distributing products, the prospect for innovative product entrepreneurs has never been better than today.
As the need of every new product development is different, the journey of every entrepreneur is also unique. However, just like any other serious endeavor, the decisive steps are the first ones. Here are six tips to get you started on the path of success, and they are as follows:
- Treat Your Product Concept as a Business from the Start – When it comes to success in business, there is nothing like a short cut. Before you plan to bring your product in the market, open your mind, analyze your market, understand the market needs, your overall product manufacturing costs, product’s retail price, your profit margin, and competition in the respective market.
- Validate Your Market – It is one of the most significant steps in the process of custom product development; however, this factor is frequently overlooked. As inventive people, we are so enchanted and mesmerized by our concepts that we tend to put earmuffs and blinders on. For example, consider that you work for a huge firm like Kimberly Clark, and your task is to advise your boss as to which potential products will fetch the maximum ROI. The simplest, tested, and the most reliable way to learn what your targeted customers require, is to “ASK THEM (customers)”by conducting surveys and by organizing informal focus groups.
- Make it Simple – Most times, new product ideas include showy features from electronics to unnecessary whistles that drive up the overall manufacturing cost and the retail price. Manufacturing high-quality custom products with only required features with an appropriate price tag can generate more sales and more profit.
- Raise Smart Money – Use microloans, credit lines, crowd funding, and other online funding alternatives that suit your business. For your assistance, here are some names and they are, SoMoLend, Opportunity Fund, Accion USA, Kiva Step Ahead Loan Program, and Kabbage to get going. With little or more efforts, you will easily find a financier for your project.
- Develop a prototype of your Concept – Once you are ready with product design, don’t initiate the bulk manufacturing process. Instead, 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 sole purpose of product prototype development is to test the functionalities and to conclude whether your idea is feasible or not.
- Business Planning will improve your chances of success – Most entrepreneurs overlook the importance of business planning; however, a strategically designed business plan can help you get to market faster. 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:
- What am I manufacturing?
- Who are my targeted end-users?
- What is my commitment to my customers and to myself?
- What are my goals, strategies, and action steps to accomplish these business goals?
In the journey of custom product manufacturing, there are many steps, but with the availability of new resources for product development, as an entrepreneur, you can transform your idea into something really big and conquer the market. You can contact GID, a product design and development company in California, USA, for more tips and for manufacturing new products.
GID, a custom product manufacturer, offers custom plastic and metal product manufacturing services that cover the end-to-end spectrum of the product and service life cycle, including product design to product prototyping to bulk manufacturing. We have different teams ranging from concept improvement to R&D and from product designers to engineers with an unparalleled ability to identify key levers for growth and productivity.
For more tips, you can read our informative blogs on new product development: https://www.gidcompany.com. To explore our potential as a custom product manufacturer, you can browse our portfolio at https://www.gidcompany.com/our-portfolio/.