6 Tips by Custom Product Manufacturer, USA, to Transform Your Idea into Money Making Products

Custom Product Manufacturer

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:

  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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/.

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Product Development Strategy by Product Development Company

Product Development Strategy

A well-versed new product development strategy can avoid waste of time, money, and resources. It will not only help you organize and manage the entire product manufacturing process, but it will also help you in capturing your customers’ views and expectations, and strategically design and resource your new product development project. According to product development experts at GID, a well-planned NPD strategy will also aid you in evading:

  1. Miscalculating and misinterpreting your potential market
  2. Introducing a badly designed new product
  3. A product that does not meet the requirements of your targeted end users
  4. Incorrectly pricing products
  5. Utilizing resources resulting in more-than-expected manufacturing costs
  6. Exposing your business to risks from sudden competition

Furthermore, there are essential steps you should plan into your new product development strategy, and they are as follows:

Define Your Product – A detailed and systematic description of the product you schedule to develop will keep you and your team concentrated and escape new product development pitfalls, including manufacturing too many products at once, running out of resources, and wastage of time and money.

Identify What Your End-users are Looking For – A successful new product development strategy requires an in-depth knowledge and understanding of your targeted end-users and their requirements. A new product development strategy derived based on strategic, targeted, and determined approach will make sure that your product satisfies the needs of your market.

So, before your plan anything, ask yourself:

  1. What market uses the product I am scheduling to develop?
  2. What is the need of respective market?
  3. Will it satisfy the need of the targeted end users, and up to what extent?
  4. What are the market’s frustrations of available similar products?
  5. How will my product fit into the prevailing competitive market?
  6. How my product is better and superior to other products in the market?

If possible, try to gather real-time data to conclude what your targeted market requires.

Set Time Frames – You need to permit sufficient time to create and execute your new products. Your purpose of manufacturing new products will help you define manufacturing time and your deadlines for execution. Be attentive and accurate. Important points to remember:

  1. Your aim to race against the competition in the respective market will demand efficiency from your team.
  2. Your desire to launch the product before pre-defined deadline will be effected by request for regular products and calendar events.
  3. Your objective to satisfy the requirements of your targeted customers will require time for research to make sure you create the required product within the decided period.

Identify Key Concerns and Approaches

Manufacturing new products is not an easygoing task. There are numerous other processes are entailed in manufacturing a product that is fit for your customer. The type of your business and your concept will conclude how many steps you must take. You may avoid or duplicate certain manufacturing phases, or commence some of them simultaneously; however, key tasks include:

  1. Creating and screening ideas
  2. Developing and screening concepts
  3. Testing concepts
  4. Analyzing market and business strategy
  5. Manufacturing and market testing products
  6. Implementing and commercializing products

For Assistance, Contact GID at 714-323-1052 – With more two decades of industry experience, GID is a sophisticated product design company based in California. We offer fully controlled, cost effective, and high quality product manufacturing services to our clients in the United States and worldwide. At any point of time, if you need any sort of help in manufacturing custom products for your business, feel free to contact GID at 714-323-1052.

Visit our portfolio, where you can find the list of products that we created from concept to reality: https://www.gidcompany.com/our-portfolio/.

For New Product Design and Development Services in California

Product Design and Development Services

Do you have a new product idea that can hike your profit margin and simultaneously wow the world? If yes, then what are you waiting for? Contact a reliable product development with your idea today.

The process of new product development begins with an idea, a striking new product idea or an improvement in the concept of an existing product (in terms of features and appearance). However, manufacturing a new product is a complicated job and not everyone’s cup of tea. More often than not, researchers and inventors believe that great ideas are all that they require developing moneymaking products, which is very short sighted. For developing great products that can stir the market in your favor, you need detailed research and a strategically defined product development process.

When planning to develop new product for your targeted customers, do not forget to analyze their requirements. Before you schedule anything, ask yourself:

  1. What features are required to make your product different from similar products existing in the market?
  2. What will be your product’s unique selling point?
  3. Does your product require more features and functions?
  4. Whether the product developed is for the consumer market?
  5. Or is it being developed for rugged industrial usage?

The most important first step in new product development is product specifications. The latter can aid you to think through and pin down the essential product information so that they will help as your directional signs to move ahead in the product manufacturing procedure. Does your product run through electricity, or does it run on batteries? How much power will it consume? How many buttons and keys should it have? In the absence of detailed product specifications, your product idea will probably be fluctuated and subjected to changes and indecision, eventually transforming the product development process into a seriously complicated task. Therefore, be sure to decide and pin down product specifications before you move on with any of the manufacturing steps.

On the occasion, if you are not sure that your concept will work or not, then a feasibility study is recommended by the experts. Let’s say, for instance, your concept is to miniaturize the mobile phone into a wearable gadget, say a smart watch, then you need to undertake a technical or feasibility study to conclude whether it is possible or not. Are there any appropriate batteries small enough to support standard phone usage, but tiny enough to be able to fit into the smart watch? Where to find other components, and which operating system will be powering it? Will all these components be small enough to fit into the smartwatch? Let’s consider that you found all those tiny components needed for manufacturing a smartwatch, but what about the cost of the components? Is the overall manufacturing cost feasible or not?

Another important aspect to consider in the manufacturing strategy is the number of items you are going to produce in the first batch. Are you going to produce the first batch only for marketing purpose? How many units will you develop for promoting your product? Your product manufacturing strategy will determine the type of the product development process that you will need to employ. Are you going to use low volume manufacturing process, or will you use high volume techniques?

Staying focused and proactive is the way to successful new product design and development. A proactive approach from the very beginning can save time and money. In this ever competitive world, understand what your customers require and try to keep them happy.

For more than two decades, GID has been in the product design and development business in California. We have comprehensively done hundreds of product design and development projects for different industries. For more information on product development services in California, contact us at https://www.gidcompany.com/contact-us.