How to Develop a New Product

How to Develop a New Product

Follow these simple steps to develop a new product or to modify the existing product.

  1. Create an idea for a new product or to modify the existing one.
  2. Analyze how this idea will fit your strategy, market position, and manufacturing skills.
  3. Conclude whether your customers are looking for such products or not. What are the unique sales points of your product? Figure out key risks and summarize a marketing strategy accordingly.
  4. Research the level of competition for your product in the market. Learn from your competitors’ successes and failures.
  5. Build a project team responsible for undertaking and monitoring all necessary manufacturing phrases, including conceptualization, designing, prototyping, manufacturing, and marketing.
  6. Plan everything – conclude which activities must be executed first and which can be carried out later or in parallel.
  7. Plan your budget, goals, and timescales – during product development, frequently analyze your goal at a regular interval of time, and if required, modify the strategy.
  8. Analyze possible risk factors associated with the project such as technical errors, patent licensing, etc.
  9. Pen down product specification and convert special features into product requirements. Focus on key selling points.
  10. Ascertain what price your new product will have.
  11. Design the product based on decisive aspects such as marketing, manufacturing and purchasing requirements.
  12. Create a product prototype. This will help you eliminate all the technical and product issues prior to the time of bulk manufacturing.
  13. Get ready for bulk manufacturing and launch the product at the price ascertained earlier.
  14. Keep on monitoring the product success and explore opportunities for more success.

New Product Development

New / Custom Product Development is a process of designing, prototyping, manufacturing and commercializing new products to benefit targeted end-users. It can also involve enhancing an existing product line (both functionally and esthetically) for a particular market segment. This discipline is concentrated on organized methods for guiding all the processes involved in getting a new product to market.

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Hire a Product Development Company to Gain a Competitive Edge

Hire a Product Development Company to Gain a Competitive Edge

Are you are a product-based company? Are you worried about the worsening business scenario and fierce competition? Are you planning to develop an innovative product to regain your dominance? If “Yes” is your answer to all the mentioned questions, then it’s time to hire a product development company to gain a competitive edge within your respective industry. Pause your imagination for an instance, and keep reading about how a product manufacturing company can help you regain your dominance with its services.

Initiating a custom product development process without defining a marketing strategy, doing any market research, and understanding your users’ requirements is an open invitation to unwanted consequences. Hence, as a responsible entrepreneur, it is your primary duty to know, what are the needs of your targeted end-users. What are they expecting from your new product? Which area of the market can you target the most? And more importantly, are your competitors offering any similar products?

A thorough marketing strategy based on all the above mentioned questions will definitely help you in gathering some pretty useful information upon which you can depend to obtain custom product development. Developing a new product is obviously a risky process; therefore, you must plan your capital and strictly avoid unnecessary spending. Most companies form a separate team for the R&D of the new product they wish to develop. However, if this is not feasible for you, then as an alternative, you can opt for an experienced product manufacturing company and ask them to do the job. The GID Development Corporation is one of the leading product manufacturing companies based in Yorba Linda, California, with more than 40 years of experience.

Contact the GID Development Corporation for Rewarding Solutions

New product development is a challenging task because it requires a uniform expertise in different fields of engineering. However, GID is committed to offering rewarding product development solutions to problems ranging from simple to complex. At the GID Development Corporation, we have teams of some of the best and the most experienced professionals in the industry. Whether your business requires plastic products, automotive parts, sporting goods, healthcare equipment, or anything off-the-shelf, we are confident about offering solutions that are beyond ordinary, yet obeying all the industry standards.

Being one of the most reputed product development companies in the USA, at GID, we help small and large businesses with equal attention and dedication. We help them conceptualize, design, prototype, and develop custom products from scratch. Our product design and development services are designed to help every business, despite their size, with minimum development cost and time to market.

Contact GID to Gain a Competitive Advantage

Under the hood of product design and development, we have a habit of developing a strong relationship with our clients, and, fortunately, our work helps us in doing that. We work for our customers and work dedicatedly to ensure they achieve success in every aspect of their business. We have a flexible product development module and offer an unparalleled transparency during the entire product development lifecycle.

If you have some revolutionary ideas, then call Jim at 714-323-1052 for a free consultation if you wish to talk to an industry veteran to solve your problems, Hire a Product Development Company – GID Company. Contact us at https://www.gidcompany.com/contact-us/.

Product Development Strategy Definition by Custom Product Manufacturer, California

Product Development Strategy USA

Manufacturing a new product or modifying the existing one as per the market or the end users’ requirements, and returning those products to existing or new markets is the definition of product development strategy. Custom product development strategy is a bit complicated. To frame an excelling new product development strategy, as an entrepreneur, you need to focus on every tiny detail. It requires keen attention to competitors’ products, and customers’ requirements, the ability to design and prototype, full in-house manufacturing capabilities, and a potent marketing plan. To your knowledge, there are several subsets of product development strategy, and they are as follows:

Product Development Diversification Strategy

This product development strategy is employed when a company’s existing market is saturated, and returns and profits are still or falling. There is no or a very diminishing opportunity for business growth. A product development diversification strategy helps a company overcome its prevailing business ecosystem, and a new product is manufactured for a new market. Due to the recession and heavy competition, when an insurance company selling insurance products decides to develop a financial education program targeting college students, it is called a diversification strategy. Because of existing competition and the presence of similar products, the new product developed may not be revolutionary in nature, but it is new to the company manufacturing it.

Product Modification Strategy

A product modification strategy is quite common among entrepreneurs and is normally aimed at existing markets. A hidden advantage of this strategy is it allows entrepreneurs to capture new customers for the new product. Toothpaste is the best example of a modification strategy. Toothpaste that promotes anti-cavity or teeth whitening qualities is built on existing simple toothpaste that only guarantees clean teeth and healthy gums.

Revolutionary Product Development Strategy

Under the hood of a revolutionary product development strategy, revolutionary new products are designed and developed to solve specific problems or meet end users’ requirements. Smartphones and advanced computers are the best examples of a revolutionary product development strategy. Before these revolutionary products made their way to market, consumers did not know they needed them. However, a revolutionary thought of creating a better device for communication ended in products that have modified the rules of communication and have considerably altered the competitive landscape.

Benchmarking the Process

Whatever product development strategy you employ depending upon the nature of your business, the new product manufacturing process must be carefully thought through. It also requires a sequence of benchmarks along the way. These benchmarks evaluate whether the manufacturing process should be continued or not because custom product development is normally high-priced and time-consuming. For instance, a company is manufacturing a new product, but a competitor takes on the market with a similar product with advanced features, then your company must make a “Go/No Go” decision about its new product development options.

Consumers Front and Center

Depending upon your business ecosystem, whatever product development strategy you decide to continue, always keep your targeted customers in the front and center, and involve them in the process from start to finish. Set a limit for your manufacturing overheads. Keep aside an adequate budget for consumer evaluation of the new product at the ideation, prototyping, and bulk manufacturing stages. An important point to remember is that whenever you opt for new product development, don’t include only customers who represent your primary market, but also include secondary customers to whom your product might appeal shortly.

The GID Development Corporation is a custom product manufacturer based in California that caters to start-ups, and small and large businesses’ unique requirements. Valued as one of the leading product manufacturing companies in the United States, GID is known for setting the bar for product design, rapid prototyping, testing, and bulk manufacturing.

To assist entrepreneurs in developing flawless new products, the GID Development Corporation is now offering a free 15-minute conference to answer questions related to new product development. There is no risk, and no obligation; contact them now at 714-323-1052.

How will you create a buzz about your new product in the market before its arrival?

GID Company - Create buzz product in the market

As a responsible and diligent entrepreneur, in the year 2015, it is necessary that you stay focused and prepared with unique business plans that can help your business dodge the dense competition prevailing in the market. There are plenty of aspects that you need to consider before summarizing a powerful business plan. However, in 2015, new product development should be at the top on the list.

New / Custom product development, under the supervision of an experienced product development company, can help you gain a competitive edge, dominate your industry, gain more customers, and eventually make more profit out of limited efforts. Their years of experience, skilled workforce, and technical proficiency can help you manufacture a series of successful products for your end-users. Hence, to ensure success, it is essential that you build a convincing platform and find an established product manufacturing company for the product or service upon which your business will be built.

Along with a product development strategy, you need to focus equally on the marketing plans. Nowadays, the trend of creating a prelaunch buzz about a product to be launched is in fashion. Companies are intentionally leaking specs and rumors in their respective markets to generate curiosity in the minds of the targeted end-users. This is an effective method to promote your product before its arrival and ensure its success. With the intention to help inventors and entrepreneurs to ensure success with their new product development, the GID Development Corporation offers tips about how to create a prelaunch buzz and ensure success of your to-be-launched product.

Tips to Create a Prelaunch Buzz in the Minds of End-users

Create a buzz about features – If you believe that your product is faster, superior, and smaller, or comes in different sizes, colors, and configurations than other competitors’ products available in the market, then you hold a powerful selling strength, and there’s nothing wrong in publicizing it. Release product specifications, contact retailers, and contact your targeted end-users via social networks to create curiosity in the respective market.

Create a buzz about its price – Nobody loves to pay more for any product. If, somehow, you can position yourself in the place of a low-cost provider (not letting go your profit margin), then you have another powerful selling advantage. Nowadays, choosy-generation demands high-quality products, that also is within their budget. However, when it comes to high-end products, saving money isn’t always the issue.

Create a buzz about its productivity – Is your product more productive than competitors’ products available in the market? Can your product save time and efforts? If yes, then revel its features and explain to your customers about its enhanced productivity. If your product is exceptional and can help your customers, they will want it. In the age, where time is money, your products and services should be more productive and valuable.

Create a buzz about its portability – The smartphone revolution has taken the world by storm. Instead of sitting in front of bulky desktops and laptops, people prefer using their smartphones to go online. So, an important question arises — how mobile is your product? Smartphone-addicted generation likes to carry things with them­ — they demand products that are portable.

Create a buzz about its availability – The easy availability of your product is extremely good for your business. Make your products and services easily accessible to your customers. Today, thanks to the internet, you don’t need to confine your products and services in a brick-and-mortar location.

Create a buzz about its innovative features – If your product, which is to be launched, is blessed with something that’s not on the market, then you have a major selling point or competitive edge. Introduce your product in style and sell it before your competitors come along and steal your concept.

Create a Buzz about customer service – Impeccable before- and after-sales service is the most significant thing you can add to any products or services. In the world, where everything travels fast, you should offer top-notch customer service to maintain your reputation in the market.

Do you need more pre-launch marketing tips? If yes, then contact the GID Development Corporation at https://www.gidcompany.com/contact-us. GID is a product design and manufacturing company based in California, USA.

Why a Company should Consider New Product Development in 2021

Why a Company should Consider New Product Development

The year 2014 was quite competitive for businesses, and the competition is expected to reach new heights in the year 2015. Therefore, every business needs to innovate in order to survive and to stay ahead of the competition. Offering the same unchanged products to your customers will decrease your profit margin as well as the reputation of your brand in the respective market. Here, we will summarize some facts about why a company should consider new product development after a periodic interval of time.

Customers “Needs and Wants” Change– Customers’ requirements and necessities continuously change with the time. Therefore, to survive, a company should answer these changes through their services and innovative products. If they fail to cope up with the “Needs and Wants” of their customers, the customers will instantly switch to competitors’ products that meet their requirements and necessities. The tech-giants Google and Apple are the best example. Both of them frequently update their product offerings to satisfy end users’ requirements.

Life Cycle of a Product– Every product comes with an expiration date. The product that you introduced a ways back may be at the end of its life cycle; therefore, as a smart entrepreneur, you should launch new and improved to please and attract your customers. For example, Apple Inc. recently introduced iPhone 6 and iPhone 6 plus as iPhone 5 and 5s were outdated, and end-users were waiting for something amazing and incredible.

Product Reaches its Maturity Stage– Technology has penetrated in every industry, helping them create innovative and more functional products in less time. Because of this penetration, products very soon reach their maturity stage. End-users also constantly search for innovative products with version updates and new features. Introducing new or updated products can stimulate sales.

Level of Competition in the Respective Market– Either small, medium or large, the level of competition around every business is constantly intensifying. A healthy competition inspires a company to come up with new products regularly. This is very common in the technology market, where new products with advanced features are constantly being launched to a target market that welcomes innovation and change. If a product successful, then competitors will try to create a similar product with better features.

Unsuccessful Products– Unfortunately, if your products are facing poor sales or experiencing negative reviews, then it is time to upgrade your product offering.

Despite the size of your business, new product development is a significant activity for every business. There are many over the top advantages of product development, but the most important ones are it allows you to stay ahead of the competition. To know more about why a company should consider new product development in 2015, contact the GID Development Corporation at www.gidcompany.com/contact-us

While considering these facts, businesses should also look into Product Development and Factors to Consider Before New Product Development, which will help them create a new product to survive and to stay ahead of the competition.

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.