Introducing GID Company – Your Guide to Successfully Filing a Patent.

Are you an innovator with a groundbreaking idea? Protect your invention with GID Company, the industry leader in guiding inventors through the patent filing process. We understand that navigating the complexities of obtaining a patent can be overwhelming, but fear not! Our experienced team is here to provide you with comprehensive assistance every step of the way.

“How to File a Patent” is our expertise. Our meticulous approach ensures that your invention receives the utmost care and attention it deserves. From conducting thorough patent searches to drafting high-quality patent applications, we leave no stone unturned in safeguarding your intellectual property.

At GID Company, we believe that every invention has the potential to change the world. That’s why we offer tailored solutions to fit your specific needs. Our skilled patent attorneys will work closely with you to understand the unique aspects of your invention, providing valuable insights and strategic guidance throughout the process.

We pride ourselves on our commitment to transparency and open communication. Our team will keep you informed about the progress of your patent application, addressing any concerns or questions you may have promptly. With GID Company, you can trust that your invention is in capable hands.

Don’t let your groundbreaking idea go unprotected. Turn to GID Company, the trusted name in patent filing. Take the first step towards securing your invention’s future by contacting us today. Let us handle the complexities while you focus on what you do best – innovating. Trust GID Company to guide you through the patent process and bring your invention to life.

How to File a Patent – Patent Process Overview in the USA

How to File a Patent - GID Company

How to File a Patent in the United States is a crucial step for inventors and innovators to protect their new product ideas and inventions. Patents grant exclusive rights to the inventor, allowing them to prevent others from making, using, or selling their invention without permission. If you have a new product idea and are seriously thinking about new product development then this comprehensive guide, we will walk you through the step-by-step process of filing for a new product patent in the USA.

Step 1: Conduct a Patent Search Before filing a patent application, it is essential to conduct a thorough patent search to ensure your invention is novel and does not infringe upon existing patents. Use the United States Patent and Trademark Office’s (USPTO) online database to search for similar inventions and relevant prior art.

Step 2: Determine the Type of Patent Application The USPTO offers three main types of patent applications: utility patents (for new processes, machines, or compositions of matter), design patents (for new, original, and ornamental designs), and plant patents (for new varieties of asexually reproduced plants). Identify which category your invention falls into to proceed with the appropriate application.

Step 3: Prepare the Patent Application Gather all the necessary information and documentation required for the patent application. This typically includes a written description of the invention, drawings or diagrams (if applicable), and any supporting documentation. Consider seeking assistance from a patent attorney or agent to ensure accuracy and completeness. If you are completely new to the domain, and not sure where to start from then you can talk to product development experts at GID Company. You can Call Jim at +1714-323-1052 to get all your questions answered correctly. You can also refer to the product development FAQ section on the website for general information.

Step 4: Determine the Filing Strategy Decide whether to file a provisional or non-provisional patent application. A provisional application establishes an early filing date and allows you to use the term “patent pending” while providing you with 12 months to file a non-provisional application. A non-provisional application starts the examination process with the USPTO and must include all the necessary details of the invention.

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Step 5: Prepare the Application Forms Complete the appropriate USPTO forms for your chosen patent application. For utility patents, the main form is the Utility Patent Application Transmittal Form (Form PTO/AIA/15A), accompanied by the specification (written description) and drawings (if applicable). Design and plant patents have their respective forms (e.g., Design Patent Application Transmittal Form – PTO/AIA/08).

Step 6: File the Patent Application Submit your completed patent application and associated forms to the USPTO. You can file electronically through the USPTO’s Electronic Filing System (EFS-Web) or by mail. Be sure to include the necessary filing fees, which vary based on the type of patent application and entity status (individual, small entity, or large entity).

Step 7: Track the Application and Respond to USPTO Actions After filing, you will receive an application number and filing receipt. Monitor the progress of your application using the USPTO’s Patent Application Information Retrieval (PAIR) system. If the USPTO raises any objections or rejections, respond promptly and comprehensively within the specified timeframe to address their concerns.

Step 8: Patent Examination and Prosecution The USPTO will review your application, examining its patentability and conducting a prior art search. They may issue an office action with objections or rejections that you must address. This back-and-forth process is known as patent prosecution. Consult with a patent attorney or agent if you encounter complex legal or technical issues during this stage.

Step 9: Patent Issuance or Appeal If the USPTO determines that your invention meets all patentability requirements, they will issue a Notice of Allowance. Pay the necessary issue fees and any maintenance fees to finalize the patent granting process. If your application is rejected, you can appeal the decision before the Patent Trial and Appeal Board (PTAB) or seek further legal remedies.

Don’t know How to File a Patent? Talk to Experts for Free

Filing for a patent in the USA involves a structured process to safeguard your new product invention. By conducting a patent search, preparing a comprehensive application, and navigating the examination and prosecution stages, you can increase the likelihood of securing a patent for your innovation. Remember, seeking guidance from a patent attorney or agent can provide valuable expertise throughout the entire process.

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In case, if you are not interested in contacting any patent attorney or agent, then you can get in touch with the product development expert at GID Company – James Grimes. James Grimes is the engineering and design leader and mentor at GID Company. For a free telephonic consultation, you can call him at +1714-323-1052 or send your questions with the help of the contact us form on the website.

What Is The Cost Of Product Prototype Development?

Product Prototype Development - GID Company

Have you ever come across PCE, which stands for Price Cost Estimation? It’s a term used in project management to refer to the process of predicting the cost and resources required to complete a project within a defined scope. Typically, this involves considering direct costs, indirect costs, and various other factors to calculate a budget that fulfills the financial obligations necessary for a successful project. GID Company leads the way in prototyping a product, bringing your ideas to life with precision, creativity, and cutting-edge technology.

When embarking on a new product development endeavor, it is crucial to incorporate PCE, particularly during the prototyping and design stages. This allows you to adequately prepare by ensuring you have the necessary capital available for these phases.

So, how should you approach cost estimation when creating prototypes? We have compiled a few key points to consider during this stage of your product development. Therefore, make sure you read until the end.

How to calculate the cost of prototype development?

When you engage our professional services to estimate the cost of your prototypes, we follow several stages to thoroughly assess your product. This approach enables us to provide you with an accurate and well-informed estimation for your business before proceeding with the creation of the model for your invention.

Below are some of the stages, that will help you understand and estimate the cost of prototype development:

The Get-Together Stage for Initial Discussion:

This is the stage of Prototype development when our team of product developers, product designers, and prototyping experts will have a sit together to discuss how the prototype is going to be built. The initial stage plays a crucial role as it establishes the foundation for the subsequent steps in this process. It serves as a blueprint, outlining a step-by-step guide on how to approach prototype creation. The decisions made during these brainstorming sessions have a significant impact on the cost of building the prototype. Why is that? Because they determine the timeframe, materials, and expertise required to successfully execute the prototyping phase.

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The price of the prototype building can vary depending on the complexity of the project and product at hand. These three aspects of prototyping, namely timeframe, materials, and expertise, may differ in cost based on the specific requirements of the project.

Evaluating the Cost of Raw for Prototyping

The second stage involves determining the cost of the materials required to create the prototype. In this stage, the bill of quantities, which includes all the necessary supplies, is utilized to calculate the cost of each raw material.

Engineers typically seek out cost-effective materials that still fulfill the functional requirements for the product prototype. However, the final material costs are subject to market forces, which can influence and fluctuate the overall expenses.

Evaluating the Cost of Labor Involved:

It’s important to recognize that different types of prototypes require distinct teams or labor. Each product has its unique characteristics, and as a result, we approach them with a specialized perspective that guides our actions for each project. An essential consideration for every product prototype is determining the necessary expertise required to carry out the prototype’s creation. Once this expertise is identified and confirmed, the cost associated with securing the required labor can be calculated.

The labor involved in this phase will be responsible for producing all the parts, assembling the prototype, and ensuring its functionality.

Get a Ballpark Cost of Product Prototype Development

To obtain an initial, free estimate of the cost involved in creating a prototype for your product idea, get in touch with Jim Grimes today. By providing answers to a few questions regarding your product, you will receive an approximate price range for developing a prototype of your envisioned product. You can share your product idea with us by filling out this contact us form or calling us at +1714-323-1052.

Frequently Asked Questions – FAQs

How much should a prototype cost?

On average, the cost of prototyping typically ranges between $3,000 and $10,000. The specific cost is influenced by the number of iterations required during the development of the product prototype. This iteration process is often influenced by the complexity of the product itself. Investing in prototyping is highly beneficial as it can potentially yield a return on investment many times over through funding for your invention. Investors are generally more convinced and inclined to provide financial support when presented with a proof-of-concept prototype. Having a tangible prototype significantly increases the likelihood of securing funding for your project.

Can GID Company help me with prototype development?

Yes, GID is a renowned product development company located in California. You can contact Jim for new product development, product design services, prototype development, and more. To learn more about the services offered, please call Jim at +1714-323-1052.

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How do you know your product idea stays confidential?

Being a reputed and leading product development company in California, GID Company offers guaranteed confidentiality to all our valued clients. With GID Company as your prototype development partner, your product concept and idea are safe with us. Additionally, you can sign a Non-Disclosure Agreement (NDA) with our prototyping development firm. You can like our Facebook page and follow us on Twitter as well.

Launching a New Product? Tips to Create a Successful Marketing Strategy

Launching a New Product - GID Company

Creating a buzz before launching a new product is as important as the actual product development itself. It becomes more important especially when you are aiming for success within a specific target market. As you’re likely aware, summarizing a successful marketing strategy is not an easy task.

Launching a new product in the market requires a substantial undertaking. It requires a lot of time, patience, dedication, and extensive planning. Nevertheless, if executed properly, you can orchestrate a triumphant product launch that sparks enthusiasm and captivates interest in your latest offering.

Consequently, in this blog, we will concentrate on outlining a systematic approach to crafting an impactful marketing strategy for your new product launch, with the ultimate goal of achieving robust sales within your consumer community.

Tips to Create a Successful Marketing Strategy for New Product Launch

Do extensive research: The first step towards formulating a successful marketing strategy for a new product launch is conducting comprehensive research on both the industry and your target market. This in-depth research will help you gather useful information about the market, your audiences, products like yours already in the market, and more. The sole purpose of this extensive research is to understand and effectively address the real-time challenges faced by your customers.

Thorough research plays a vital role in understanding the preferences of your potential customers. It involves identifying the specific individuals you aim to reach and gaining insights into their needs and desires. Additionally, it is crucial to uncover their pain points.

Once you have gained a deep understanding of your target market, you can customize your marketing message to resonate with them. This approach enhances their receptiveness and willingness to adopt your products. Moreover, it fosters greater engagement during the product launch phase.

Create an influential value plan: As a second step towards formulating a powerful marketing strategy for a new product launch, it is important that you emphasize the distinctive qualities and advantages that set your product apart from others in the industry. Understanding your value proposition is essential, and you should effectively communicate it to your customers. By doing so, you heighten their perception of your product’s usefulness. To successfully address this step, you need to be prepared to answer a couple of key questions:

    1. What sets your product apart from the competition?
    2. What are the benefits of using your product?

Furthermore, it is important to ensure that your value proposition is clear, concise, and persuasive. If it is vague or difficult to comprehend, your target market will struggle to relate to it. The ability to easily identify what makes you unique in the market is what will likely attract customers to choose your product.

Create a marketing plan: Marketing is fundamentally about effective communication, distinct from mere publicity. It involves purposefully conveying your product’s value proposition to your target market as the solution to their industry-related challenges. This intentional communication underscores the need for a well-structured marketing plan. A typical marketing plan encompasses several key components, including defining your goals, identifying your target audience, determining your marketing channels, and establishing your budget.

Make optimum use of all the available marketing channels: In the modern digital era, a wide range of marketing channels are available to leverage. Each channel possesses its unique benefits and effectiveness, allowing you to explore multiple options for achieving optimal outcomes.

One highly popular avenue for product launches is social media marketing. Platforms such as TikTok, Instagram, Facebook, and YouTube can be utilized to engage users through captivating video and image content, driving traffic toward your new product.

Additional marketing channels encompass email marketing, paid advertising, public relations, and more. The crucial aspect is to employ the channels that you deem most effective for executing your marketing plans.

Measure your results: As you implement your marketing plans, it is crucial not to overlook the importance of tracking your results. Evaluating your progress can be done by measuring the number of leads, which represents potential customers, that your marketing efforts have attracted to your product. Tracking your results is vital because it allows you to identify what strategies are effective and what areas may require adjustment. This valuable information enables you to refine your marketing strategy accordingly and optimize your overall approach.

Contact GID – A Complete New Product Development Company in the US

If you have a new product idea and are not sure where to get started from then GID is the company, you should get in touch with. From ideation to product launch and product marketing strategy, Jim at GID Company can help you with everything related to new product development. By contacting GID company for new product development, you don’t have to find different companies for different tasks. To learn more about the list of services offered by GID Company, please click here. You can also call Jim to discuss your new product idea for free.

Have a look at some of the videos on YouTube related to product development, product design, and product prototyping.

Frequently Asked Questions – FAQs

What is new product development?

New product development refers to the process of creating and bringing a fresh, innovative product to the market. It involves all stages, from conceptualization and design to testing, production, and launch. If you have a new product idea, a company like GID can help you bring your ideas to life. For immediate assistance, you can call Jim (new product development expert) at +1714-323-1052.

What are the marketing strategies for launching a new product?

When launching a new product, careful planning is essential, and this entails creating a roadmap to drive engagement and sales. Many marketers opt for effective marketing strategies, such as organizing pre-launch events aimed at promoting the product. Another approach is to share relatable content that narrates the story of the product. Additionally, implementing a referral system can generate anticipation and encourage participation in the product launch. Lastly, partnering with influencers can prove to be a highly beneficial decision when introducing your new product to the market.

What is the most important step during a new product launch?

Market research plays a pivotal role in the success of a new product launch. It serves as a determining factor in assessing the acceptance of the product within the market. The purpose of market analysis and research is to ensure that the product effectively addresses the real problems faced by the target market. By conducting thorough market research, you can gather valuable insights that inform the development and positioning of the product, increasing the likelihood of its acceptance and success in the market.

How GID can help me in new product development?

GID is a new product development company located in California USA. You can contact GID for:

To learn more about, GID and how it can help you bring your ideas to life, please fill out this contact us form or call Jim at +1714-323-1052.

Crafting Innovation: Navigating Product Prototype Development

How to Get a Product Prototype Developed

One of the most vital steps in a new product development is Product Prototype Developed. In very simple terms, a product prototype is a tangible version – which you can see, touch, and feel – of your concept. There are many advantages to getting a product prototype made. First, you will be able to view, and even feel, how your final product will be. Second, you will be able to attract some stakeholders who can finance your new product for mass manufacturing. Third, you will be able to test and refine your new product idea before mass manufacturing.

When it comes to new product development, many complications can arise. And you will not know all these problems until you first have a product prototype. Therefore, product prototype development is crucial. Fortunately, when it comes to product prototype development, you do not have to make a product prototype on your own; many product prototype development companies can help develop an accurate prototype in a short frame of time and in an inexpensive way. Here are a few steps that you can learn to get a product prototype made quickly.

  1. Create a rough sketch of your innovation, and then create a more detailed drawing. To draw these drawings, you can do it on your own with a pencil or paper, or you can take help of someone to sketch your innovation based on your description. Once you have the rough sketches ready, you need to have more detailed drawings made. You need to have computer-aided design (CAD) drawings of your concept. If you know CAD application, then you can do this on your own. If not, you will need to hire someone. These CAD drawings will help you explain your concept to the product prototype development company.
  2. Find a product prototype development company that can develop a good prototype based on your requirements and CAD drawings. If your innovation is supposed to be made from metal, then find a prototype development company that specializes in making metal prototypes. If your innovation is supposed to be made from plastic, approach a company that specializes in plastic product manufacturing or rapid prototyping. Revolutionary rapid prototyping is capable of getting your product prototype ready fairly swiftly.
  3. Get the product prototype redeveloped until it is perfect with construction and function. No one can get the product prototype perfect on the first try! Several product prototypes need to be made to get the right prototype. Of course, there are the latest technologies available, for instance, Dassault Systèmes’ 3DEXPERIENCE platform, which includes CATIA V6, SOLIDWORKS, 3DVIA, 3DEXCITE, etc., that can help create an accurate product prototype, but then also, at least few prototypes need to be remade. If not due to functional or structural requirements, the need to redevelop the prototype may arise because of valuable feedback from potential customers.
  4. Get the final product prototype mass-produced, and launch your idea to potential customers. A product prototype helps you eliminate all the flaws that your product may have. Once you have the final product prototype, which is impeccable in construction and function, you will come to know that your final product will be free from any problems. Now, since you know that your final product will be free from any problems, you can easily go for mass production and sell your product to potential consumers.

Need help with product prototype development? Get in touch with GID Company. A leading product design and product development company in California, USA, GID Company provides A to Z product fulfillment services, including new product prototype development and mass manufacturing. To learn more about GID Company.

How to Get a Prototype Made

Are you eager to turn your innovative idea into a tangible prototype? Here’s a step-by-step guide to help you navigate the process of getting a prototype made.

  1. Conceptualize Your Idea: Begin by thoroughly outlining your concept, specifying key features, materials, and functionality. The clearer your vision, the smoother the prototyping process will be.
  2. Choose the Right Prototype Development Partner: Select a reputable product development company like GID Company with a proven track record in creating prototypes. Research and verify their expertise and past projects.
  3. Initial Consultation: Schedule a consultation with your chosen prototype development team. Discuss your concept, objectives, and budget. A professional team can provide insights and suggest improvements.
  4. Design and Development: Work closely with the experts to create a detailed design of your prototype. This phase includes selecting components, creating schematics, and developing a blueprint.
  5. Prototyping: Once the design is finalized, your chosen partner will create a physical prototype. This may involve 3D printing, CNC machining, or other fabrication methods, depending on the complexity of your product.
  6. Testing and Refinement: Thoroughly test the prototype to identify any issues or areas for improvement. Collaborate with the development team to refine the design based on test results.
  7. Cost Analysis: Assess the cost of producing the prototype. This evaluation helps you determine if any adjustments are needed to fit your budget.
  8. Manufacturing Feasibility: Determine whether the prototype can be manufactured cost-effectively at scale. Your development partner can assist in this analysis.
  9. Regulatory Compliance: If your product falls under specific regulations or standards, ensure that the prototype meets these requirements.
  10. Market Validation: Gather feedback from potential users or investors to validate your prototype’s market potential.
  11. Next Steps: Depending on your goals, you can proceed to seek investors, launch a crowdfunding campaign, or move forward with mass production.
  12. Continuous Collaboration: Maintain open communication with your prototype development team throughout the process. Their expertise is invaluable in ensuring your prototype aligns with your vision.

Getting a prototype made is a dynamic and collaborative process, and choosing the right partner like GID Company can make all the difference. With dedication, creativity, and technical expertise, your idea can become a reality in the form of a functional prototype.

Currently, GID Company is offering a free 15-minute telephone conference with one of the product design and product prototype development veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST. You can like our Facebook page and follow us on Twitter as well.

Important Questions to Ask Yourself Before New Product Development

New Product Development - GID Company

We are GID, and we are the best product development company in California. We understand that developing a new product for your end users is not an easy-going task. New product development requires hundreds of serious considerations to ensure your product is entering the market in a timely manner and is loved by your targeted audiences. Thus, we are here with the set of questions that you need to ask yourself before your start the process of new product development.

Developing a new product can be an exciting prospect for any business. It presents an opportunity to expand your product line, attract new customers, and increase revenue. However, before embarking on a new product development project, it’s essential to ask yourself some important questions. These questions will help you determine whether the new product is a good fit for your business and whether it will be successful in the market. In this blog post, we’ll explore some of the key questions to ask before beginning new product development.

What is the market demand for this product?

The first question you need to ask is whether there is a market demand for the product you’re planning to develop. You can conduct market research to determine the size of the market, the potential customer base, and the competition. It’s essential to have a clear understanding of the market demand for the product to ensure that there is a need for it. You can take the help of a product development company like GID or contact the experts like Jim at +1714-323-1052 for help and guidance.

What is the unique value proposition of the product?

Your new product should offer something unique to the market. It’s essential to identify the product’s unique value proposition, i.e., what sets it apart from the competition. This can be in the form of a unique feature, better quality, or a lower price point. Having a clear value proposition will help you to market the product effectively.

Does it align with your brand and business strategy?

Before launching a new product, you need to consider whether it aligns with your brand and business strategy. Your new product should fit in with your existing product line and complement your brand image. Additionally, it should align with your business strategy and support your long-term goals.

What is the cost of development and production?

New product development can be expensive, and you need to consider the cost of development and production before committing to the project. This includes the cost of research and development, manufacturing, and marketing. You need to determine whether the potential revenue from the product will cover the costs and generate a profit. If you are not sure about how to bifurcate the development cost of the product, then call Jim today. Jim is the right person to help you analyze the overall cost of developing a new product – from ideation to marketing. For a free telephonic consultation with Jim, please dial +1714-323-1052.

How will you market the product?

Marketing is an essential aspect of any new product launch. You need to consider how you will market the product and reach your target audience. This includes developing a marketing strategy, identifying the most effective channels, and determining your budget for marketing activities.

What are the potential risks and challenges?

Finally, you need to consider the potential risks and challenges associated with the new product development project. This includes the risk of product failure, market competition, and changes in customer demand. You need to develop contingency plans to address these risks and ensure that you can overcome any challenges that arise.

Contact GID Company

In conclusion, developing a new product can be a lucrative opportunity for any business. However, it’s essential to ask yourself some important questions before committing to the project. By considering the market demand, unique value proposition, alignment with your brand and business strategy, cost, marketing strategy, and potential risks and challenges, you can ensure that your new product development project is successful.

If you have a product idea that can earn you a name and fame, then get in touch with GID Company today. Jim and his team of product development experts can help you with everything related to new product development. You can have a look at their product development portfolio to better understand their expertise over in domain. For a free telephonic consultation with Jim, please call +1714-323-1052 or use the contact us form on the website.

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Product Development Strategy – Tips to Develop a Successful New Product

Product Development Strategy - GID Company

As new products flood the market daily, the demand for improved product development continues to escalate. Various factors such as industry, product type, features, and more must be considered. Therefore, an exceptional product development strategy is imperative.

Many companies concentrate on their customers’ needs when developing a product, while others aim to address an existing issue with their product. Regardless, without a sound product development strategy, the chances of encountering failure are high. Even if a company has an exceptional idea and ideation process, it won’t amount to much without an effective product development strategy. If you prefer learning through video, you may watch the clip below, or skip ahead if not.

In this blog, we are about to discuss a lot of interesting stuff regarding new product development and product development strategy, so stay tuned and keep reading. Let’s get started.

So, What’s a Product Development Strategy?

A product development strategy involves a series of steps aimed at introducing a new product to an existing or new market. It entails conducting constant market research, conducting thorough tests, and careful planning of product concepts. Additionally, it may involve introducing an existing product to a new market. In some cases, a product development strategy may be necessary for a current product in the current market space, particularly if a new feature is being introduced, rebranding is taking place, or a new complementary product line is being launched.

As per the product life cycle theory, all products eventually reach a plateau where revenue growth diminishes. This is typically when companies adopt fresh product-led growth strategies, introduce new product lines, or implement a new marketing strategy. Some companies concentrate on new product development strategies to help augment the growth of their current products. Regardless of whether a company’s product is successful or not, a product development strategy can be employed to enhance growth.

A product development strategy typically complements a business strategy, and the product development process can vary depending on factors such as commercializing a new product, iterating on an existing one, or other considerations. Extensive market research through focus groups is typically conducted to determine the functionality of the product and gain insight into the needs of customers in different demographics and target markets. The development team can then use this data to brainstorm and formulate a suitable strategy.

Let’s Understand New Product Development Strategy Process (NPD Process)

The process of new product development (NPD process) can be condensed into eight key steps, which remain consistent for start-ups, SMEs, and enterprises alike. These steps are fundamental to the success of the product life cycle, and all development projects must undergo them.

Ideation Process

The initial step is idea generation, which involves systematically brainstorming new product concepts based on real-world issues, existing market products, and basic target audience research. To generate a few good ideas, it’s essential to come up with hundreds of them. Two methods can be used to generate ideas.

Internal idea sources involve existing company stakeholders and employees, such as research and development, product managers, marketers, and others.

Alternatively, external idea sources can be employed, including outside stakeholders, suppliers, competitors, and secondary sources of inspiration.

Screen the Best Ideas

Idea screening involves filtering all of the generated ideas and selecting a few of the best ones. The goal is to identify a specific type of idea and then pick the most promising one from among them. Once the official product development process commences, it is difficult to revert and incorporate new ideas. Changing methodologies mid-process can result in delays and setbacks.

When selecting ideas, two factors should be considered: profitability and utility. Profitability pertains to the company, whereas utility concerns the end-user.

For those interested in acquiring skills for creating an excellent product strategy, our product management certifications provide guidance on achieving this.

Product Concept Development (and Testing)

After selecting an idea, the subsequent step is to transform it into a product concept. The product concept is a more comprehensive and detailed version of the initial idea. Developing several product concepts for various ideas can be time-consuming, and it requires a significant amount of effort and resources.

To ensure the effectiveness of the product concept, it must be tested in an existing market. The precision of the product concept is vital, and testing enables this precision. Testing the concept with target audience clusters allows for a better understanding of consumer response, appeal, and reliability. During testing, consumers can be asked specific questions to aid in product design, pricing, and prototyping.

Develop Marketing Strategy

Once a complete product concept has been developed and tested, the next step is to create a viable marketing strategy. This strategy should be developed with the current market, market share, and target audience in mind. The marketing strategy typically consists of several key components, which may include:

  • Value proposition
  • Target market description
  • Profit and market share goals (focus on SMART goals)
  • Pricing outline
  • Marketing and distribution budget
  • Long-term profit goals, sales, and marketing mix.

The marketing strategy also allows you to track certain metrics.

Business Potential of Proposed Product

After the marketing strategy, it’s important to evaluate and analyze the effectiveness of the new proposed product. That includes viewing future projections, costs, and more.

To conduct this research, you can either go for market surveys or look at similar products by other companies. Developing a sales forecast will help you estimate costs, profits, and a timeline.

Product Development

Once the business analysis is complete, the product development process begins. Up until this point, your product was just a rough idea, prototype, or a potential product. This step is crucial in turning it into a fully functional product.

This stage often requires a significant investment, as you’ll be spending on research and development. The R&D department typically creates multiple versions of the product during this phase, which is called prototyping, and can take several months to complete.

Once you have a product prototype ready, it’s time to test it. Marketers usually bring in customers for product testing, which helps them get an idea of what the customer wants.

Marketing Testing

When your product is ready to launch, the next step is to conduct test marketing, which involves testing out marketing strategies in realistic market settings. This phase is essential for marketers to understand how the product is perceived, what needs to be improved, and what other investments the company can make to ensure the product’s success. The duration of marketing testing can vary depending on the product, but it’s crucial to be as thorough as possible and follow testing best practices.

Commercialization

The last step in the product development process involves making the decision to launch the product. By this point, you have a fully functional product, a marketing strategy, and all the necessary information to make it work.

Launching the product involves introducing it to the market and promoting it through marketing and sales. It’s crucial to carefully plan the timing and location of the product launch to ensure its success. Failure to do so may result in the product’s failure despite its potential.

We Can Help You Create a Great Product Development Strategy

The success of your new product relies heavily on your product development strategy, as the latter is a prerequisite for the former. It is also essential for product managers, product marketing managers, the product team, and the marketing team to effectively perform their respective roles. At GID Company, we have a team of strategist to help pen down the best product development strategy that ensures the success. The Product Development Strategy defined with the help of experts at GID Company will help you maintain consistency and thoroughness.

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