Outsourcing: The Best Approach to Introduce a New Product in the Market

Introduce a New Product

A couple of decades ago, entrepreneurs and small companies had to do everything themselves when they wanted to introduce a new product in the market. These days, as the technology advances and people demanding more and more revolutionary products, doing everything in-house may not prove to be possible, at least, economically.

Hiring the right resources, that is, product design experts, product development engineers, prototyping geniuses, marketing gurus, sales whizzes, etc., on a full-time basis, is incredibly expensive, especially for entrepreneurs and small companies. Fortunately, these days, there are several good American product design and product development companies established to whom these small companies and entrepreneurs can turn to when it comes to introducing new products in the market. Outsourcing most of the requirements is a prudent solution, allowing entrepreneurs to get the very best, and only pay the outsource partner when they need its assistance. Here are some of the functions that an entrepreneur can outsource:

Product Design & Product Development

Unless you are a skilled engineer, experienced with creating new products, you will certainly want to outsource the processes of product design and development of your potential product. Even if you are a good engineer, many projects need multiple engineers with multiple skill sets. For instance, any electromechanical product typically needs, at least, a mechanical engineer, an electrical engineer, and an industrial designer who can create a suitable casing or enclosure for the potential product. If your concept is for a product with embedded software, you will definitely need a software engineer.

Further, if a certain portion of an electrical product, mechanical product, electromechanical product, medical device product, or any other product, is complex, you may need multiple engineers with different skill sets. Having such engineers permanently is expensive and not impractical, as you will not need them frequently. For that reason, outsourcing product design and product development is the best approach.

Product Prototype Development

Product prototype development is another important function that you may want to outsource. Similar to product design and product development, product prototype development is a difficult process, which requires experience, multiple skill sets, and adequate product prototyping software and equipment. Having full-time product prototyping experts with vast experience and multiple skill sets is again very expensive. Further, acquiring product prototyping software and equipment is also costly. For that reason, outsourcing product prototype development makes sense.

Bulk Manufacturing

Bulk manufacturing is one of those important functions that you should certainly consider outsourcing. Bulk manufacturing a new product means establishing a suitable-size facility, procuring expensive manufacturing equipment, setting up an assembly line, hiring different personnel, and so on. This involves a colossal investment, which may simply prove impractical or impossible for small companies and entrepreneurs. Outsourcing bulk manufacturing drastically reduces expenses as well as risks.

It will be in the best interest to outsource bulk manufacturing to a USA-based company that is capable of small production runs. Once things start to flow smoothly, you can turn to an Asian manufacturer to raise your profit margins.

Marketing

Marketing should be the least likely function to be outsourced. No one can do better marketing of your product than yourself. This function should be performed in-house. You can hire several marketing consultants who may perform some research and offer good marketing guidance. Having an in-house marketing team will also provide you a good control over your marketing efforts. Still, if you are a startup with limited capital, you can consider outsourcing the marketing to a specialized agency.

Sales

Similar to bulk manufacturing, this is another crucial function that you should consider outsourcing. Sales representatives or manufacturers’ representatives are an important component in just about every industry. They typically work on a commission, so you do not have to pay them anything until they truly generate sales. It is really a prudent decision to outsource sales.

Outsourcing sales function not only saves money, but it also helps you establish and connect to the wide sales network channels. Selling a new product to distributors and wholesalers usually requires a strong connection, which you will certainly gain by outsourcing to sales representatives.

Well, these are certain functions that are worth outsourcing. Some product design and product development companies in the USA can carry out all the functions on your behalf. For instance, check out GID Development Corporation. A vastly experienced product design and product development company in California, USA, GID Development Corporation provides complete A – Z services, from new product design to product fulfillment and everything in between. Whether you want to take a new medical device product, new electromechanical product or any other type of product to the market, GID Development Corporation will assist in every phase. Learn more about GID Development Corporation.

Currently, the leading product design and development company in the US, GID Development Corporation is offering a free 15-minute telephonic consultation with one of the veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST.

Common Mistakes During New Product Development

Common Mistakes During New Product Development

The success of a business enterprise entirely depends upon its products and innovations. Good products and innovations arise from efficient product development strategies. Numerous new products hit the market every week, but not many actually yield the kind of return that the enterprises had expected. So what seems to be the problem?

Most businesses often miss out on several important aspects of the product development process, which ultimately factors to the failure of the entire project. Consequently, they end up overspending and missing the predetermined launch date only to introduce a new product that isn’t precisely the best. In order to avoid this pitfall, what can businesses do? Well, they should avoid the following common mistakes:

Not Performing the Market Research

Prior to the new product development, failing to carry out thorough market analysis and research is one of the biggest mistakes that businesses make.

Not performing the research leads to the failure of the entire project, as businesses have no vital information about what the consumers actually want, how they can meet their demands, and how they can address the prevailing problems.

While every business has deadlines to meet, it is essential to make a habit of performing extensive market research before moving on with the new product development process. This way, businesses can escape any likely mistakes and create a decisive plan that will lead the way for better future product developments.

Not Planning for the Future

A new product development is all about bringing new innovations for the future. Product designers and product developers spend a considerable amount of time in creating solutions that will not only give a respectable return in the present, but also in the future. Not planning for the future factors directly toward bad product development. It will also affect future product development endeavors.

In order to avoid this, ensure to design your new product for the present as well as for the future. This way, you will be able to devise simple, yet useful products with superior features that can also address the future needs. Therefore, when you have a solid idea, ensure to analyze and visualize how it will function and perform in the future with the advent of new technological advancements.

Not Focusing on Product, But on its Benefits

Most businesses believe that a successful new product should offer a number of benefits to its potential consumers. While it is an excellent approach to product development, it may raise several issues and problems in situations where the new product actually cannot provide what was suggested or quoted. Remember, the focus of the product development team has to be on the development of the product itself instead of the benefits offered. Eventually, the consumers will purchase the product for its benefits, but if you do not focus on the limitations of the product, the final result would be an exceptional new product that maybe no one would want to buy.

Pricing it Too Low or High

One of the main objectives of every business is to gain maximum return on the new product they bring in the market. Nevertheless, if the price of the new product is too high, the consumers will not buy it and if the price is too low, the business will fail to make the profit. Therefore, the price of the new product has to be on par with the advantages or benefits it offers. The business also needs to consider the purchasing power of the target market while setting the price for its new product.

Remember, if the price is high, the consumers will probably ignore the new product, and the product will remain on the shelves, leading to a big loss. Therefore, a business needs to ensure to price its new product based on the price its competitors charge.

If you want to learn more about new product development or if you want to create a successful new product, GID Company can help. GID Company, a new product design and product development company in California, USA, has vast experience in designing and developing successful new products for its clients. Utilizing the latest technologies, like Dassault Systèmes’ 3DEXPERIENCE platform, the professionals at GID Company even help develop new product prototypes at reduced costs. Aside from new product design, product development, and product prototype development, GID Company also helps with product branding, product packaging, manufacturing, inventory management, and more. To learn more about GID Company, just visit https://www.gidcompany.com/.

Currently, the new product development expert in the US, GID Company is also offering a free 15-minute telephonic consultation with one of the veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST.

How to Create your Product Prototype

How to Create your Product Prototype

If you have a concept of a new product in mind, the most important thing you can do to see whether it will work is to bring that product idea to life. In order to bring that product idea to life, the best and the safest approach is to create a prototype – a tangible representation of a concept or product.

Product prototype development may or may not be complicated, but it is certainly time-consuming. However, considering the end result, a physical realization of your product concept, it is certainly worth it to spend some time and efforts for product prototype development.

Here is a list of steps for how to create your product prototype:

Prepare a clear drawing of your innovation

It is all right to scribble your innovation on a tissue paper or a rough piece of paper – product ideas can strike at any time! However, make sure to keep that doodle safe until you make a clear drawing somewhere safe. From your rough sketch, draw it out clearly in a sketchbook. Include every detail, like how it will look, its dimensions, its surfaces, etc. Further, write down the list of features that your product will have.

If you know how to use CAD (computer-aided design) software, it will be very helpful to make a CAD sketch as well. It is obvious you will have plenty of drawings; hence, make sure to date them as it may assist you later on when it comes to patent ownership issues.

Build a non-working version

Using foam, plastic, wood, metal or any other materials you are comfortable with, create a non-working model of your innovation. A non-working model will let you gauge the size and form better than clear drawings that you drew in your sketchbook. A non-working model does not have to be perfect or pretty-looking, but it should resemble like your product as much as possible.

Create a plan for how to develop a working model

Once you got the non-working model, it is time to start thinking about how to create a working model. Consider the size, function and usefulness of your product. Think whether it will be of plastic, rubber, metal or some other material. Take into account the product’s important physical qualities. Think about its strength, flexibility and tactile aspects, for instance, its surface’s smoothness.

Make an exhaustive list of all the things you will need. Refer it as many times as possible to ensure you have not left out anything. This list will be very helpful when you decide to go to a product prototype development company; they will use this list as a guide for determining the cost of new prototype development.

Getting your working product prototype manufactured

Creating a non-working model of your innovation can be easy, but developing a fully functional prototype can be challenging. For that reason, you will need to reach out to a reputable product prototype development company. While working with a product prototype development company certainly is an excellent and sensible idea, there are a couple of things to keep in mind when partnering with them.

Sign a non-disclosure agreement (NDA)

Before sharing your drawings, it will be in your best interest to get the NDA signed by your new product prototype development company. As the term suggests, it will prevent the company from sharing your concept with third-party or someone else.

Describe your concept thoroughly

Prototype development companies are experts; however, it is essential to describe your idea as clearly and thoroughly as possible to them. Tell them what you think, explain them about how your product should look like, how it should work, who can use it and so on. This will not only help them provide you an accurate quote, but it will also help them understand what you actually want and what you actually expect from them.

If you are looking for an experienced product prototype development company in California, the GID Company is worth giving a shot. With decades of rich experience in new product design and product development, the professionals at GID Company can help develop exceptional prototypes and test them. They can even help with the enhancement of the prototype and bulk manufacturing of the final product. Jim Grimes at 714-323-1052 8am to 5pm PST for a free consultation.

Learn more about GID Company by visiting https://www.gidcompany.com/

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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Why Choose GID – A Leading Product Development Company?

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.