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.

Essential Tips on Prototyping Your New Product

The most important step that follows after conceiving a brilliant new product idea and creating a viable product design is developing a product prototype. A product prototype is a tangible form, that is, which you can see, touch, feel and sense, of your product concept.

Product prototype development is the best thing you can do in order to take your concept further. A product prototype not only gives you the idea of how your product will look and feel like, but it serves other important purposes as well. For instance, you can use your prototype to impress potential stakeholders and generate finance in order to take your product further to the market. A product prototype also helps you identify design or function flaws and rectify them in the early stages, before bulk manufacturing. Not to forget, a product prototype also serves as an excellent sample or model on which you can try different things to make the final product even better. Overall, product prototype development is an essential step that you, as an entrepreneur or innovator, should not overlook.

Here are some tips on prototyping your new product

Determine the type of prototype you require:

It is extremely important to understand the purpose of your product prototype.

  • Is it for you to evaluate the feasibility of your product design?
  • Is it for you to determine whether the product will be practical and/or lucrative for bulk manufacturing?
  • Is it to impress potential stakeholders and get funds to take your product further?
  • Is it to just sell on any crowdfunding platform?

Do not spend too much on prototyping

You do not need to spend hundreds and thousands of dollars on product prototype development. Initially, all you have to do is create a simple prototype. Use cardboards or polystyrene foams to make your prototype. You can exclude most aesthetic aspects and functions in the early prototypes. After you achieve what you expected from the prototype, like feasibility for bulk manufacturing or feedback from potential consumers, you can increase your budget for developing a solid prototype with most or all aspects included. For that, you will need to hire a product prototype development company.

Hire a product prototype development company that uses the latest technologies

If you need a solid prototype, which includes most or all functions, find and partner with a product prototype development company. Product prototype development companies use rapid prototyping solutions, such as CAD (computer aided-design) applications, and additive manufacturing techniques, such as 3D printing, in order to develop fully-functional and visually beautiful product prototypes, quickly and accurately.

Go for manufacturing of the final product, but keep it in small batches

There is no need to bulk manufacture until you fully understand the market demand and the acceptability of your new product among the consumers. You also need to derive the profitability of your product. If you go for bulk manufacturing from the onset, you might end up with inventory that you cannot move and is unprofitable. To ensure such a thing does not happen, manufacture your product in small batches initially.

If you need assistance with New product prototype development, then GID Development Corporation is here to help. A product prototype development company in California, USA, GID Development Corporation has vast experience in product prototyping. They use rapid prototyping solutions, like Dassault Systèmes’ 3DEXPERIENCE platform, which includes CATIA V6, SOLIDWORKS, ENOVIA, SIMULIA, GEOVIA, and other apps, to develop new product prototype quickly, accurately, and economically. Get in touch with them to learn more about new product design, product prototype development and product development.

GID Development Corporation is currently offering a free 15-minute telephonic consultation with one of the product development experts, Jim Grimes. Jim is available at 714-323-1052 between 8:00 AM – 5:00 PM PST. Call Jim today!

Steps in Successful Product Design

New product design may seem like an easy process. The fact, however, is that it is not. A new product design involves several steps and processes that need due consideration. Failing to heed these steps and processes definitely will lead to unsuccessful product design. Here are some of the steps that entail in successful product design.

Step 1 – Evaluating the Problem

This is the primary step where you need to identify the real problem in the market. By identifying the real problem, you can come up with innovative ideas, and thereafter, solutions to resolve the identified problem. Your idea could stem from the lack of an adequate product in the market, or a product in the market that does not function as well as it should.

Step 2 – Extensive Research

This step involves thorough researching to see what similar products are currently

in the market. This is important as it ensures that the new product you are thinking about introducing in the market does not already exist. On the other hand, it will also help you identify various problems with the existing products. Understanding the problems with the current products will help you design your new product better.

Step 3 – Generating Ideas

After performing in-depth research, the next step is where you can begin forming ideas and concepts to come up with a viable solution. This is where you can start sketching your ideas and jotting down a list of features for your product on a piece of paper. It will be in your best interest if you can use a computer to draw your sketches and note your list of features. Computers are more reliable than papers or sketchbooks!

Step 4 – Creating Prototypes

Once you have the perfect or near perfect product design, you can proceed to product prototype development. This is the step where you can actually begin to see your idea materialize. A product prototype is a working / non-working model of your product concept. A prototype is beneficial in numerous ways; it gives you the picture of how your product will look like; it allows you to test and analyze so that you can make any changes if required; it helps attract potential stakeholders, and eventually finance for taking your product to the final stages.

Step 5 – Final Design

After the success of the prototype, you can proceed to finalize the product design. This final product design should incorporate all the intended functions as well as aesthetic aspects of the product. This final design should also comply to various standard compliances if there are any. Think of this final design as a product that is in a real consumer’s hand.

Step 6 – Thorough Testing

This is a vital step. Before proceeding to mass manufacturing and launching the product in the market, it is of cardinal importance that the product goes through rigorous testing. Product testing should not only be performed by experts, but by potential customers, as well. In case something goes wrong during this stage, like dislikes of product aesthetics or certain functions, you can go back a couple of steps and improve your product further. It will, of course, cost you to go back a couple of steps, but it will not cost as much substantially as it would if you skip this step.

Step 7 – Mass Manufacturing

If everything goes well during the testing stage, you are ready for mass manufacturing. Simultaneously during the mass manufacturing, you should also perform marketing and establishing distribution channels so you can take your product to the market to make Successful Product Design.

If you want to learn more about new product design, visit veterans at GID Development Corporation https://www.gidcompany.com/. GID Development Corporation is a leading product design company in California, USA. With a combined experience of over 40 years, the professionals at GID Development Corporation provide A – Z product fulfillment services.

You can also Call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST for a free consultation.

Product Design – Where to Begin

Produce design, i.e. creating a design for a new product or technology, is not easy, and it requires extensive planning. One problem that budding product designers and veteran innovators frequently face is in knowing where to begin with the design process. When it comes to product design, knowing what the first step is can give you a boost for the entire process. Creating a new product design plan is the fundamental step when developing better products and technologies; however, creating a product design plan itself comprises several smaller steps.

Here are the small steps that a new product design plan contains:

Research

The fundamental phase of the planning process for any new product or technology is to carry out some research so that you can determine the viability of your concept. Before moving forward with your product design, you will need to find out things like, whether there is any market for the product, how large the market is, what is your target MSRP (manufacturer’s suggested retail price)

, and so on. Researching about such aspects is vital; because no matter how nice a product is, if the market (consumers) does not need it, it will be a waste of time, money and resources for designing and developing such a product.

Scope

Another phase of the planning process is defining the scope of your product. After determining the viability of creating a new design by conducting some research, you will now have to figure out to what extent the market (consumers) will use your product. If the market is limited to the existing consumers who already have other product options available, your design plan may simply involve altering an existing design, instead of developing a new design from scratch. The scope eventually determines how the product design process should be carried out.

Actual Design – The Blueprint

While many product designers and inventors think that creating an actual design of the product is the first part of the planning process or the first thing they should do, it is, in fact, not the case. Creating actual design or the blueprint of the product should be done only after performing the research and defining the scope.

Actual design or the blueprint gives you the visual representation of how your product will look like. You can create the actual design in a sketchbook, or on the computer, using a good software application. Once you are through with the actual design, you are through with the product design phase; you can now begin with the product development phase.

Product Prototyping and Testing

Once you have the actual design or the blueprint of your product, you can proceed towards creating a prototype for it. A product prototype is a tangible representation of your product concept, and it allows you to test the product design to see if it meets various quality standards and does what you designed it to do.

If the product design is successful, you can proceed with the bulk manufacturing of your products.

If you are looking for professionals who can help with the product design in California, then consider GID Company. With significant years of rich experience, the experts at GID Company can help with every phase of product design, product prototyping, product development and mass manufacturing of new products. Jim Grimes at 714-323-1052 8am to 5pm PST for a free consultation.

To learn more about them, visit https://www.gidcompany.com/

How to Convert An Idea into A Rewarding New Product

Someone’s dare to think out-of-the-box and bringing those unbelievable product ideas to life have revolutionized the human civilization. These new products have certainly made our lives more comfortable and easy. In the 21st century, new product development not only fuels the economy but at the same time, it also wins the heart of people wherever it goes. New product development holds a long, rewarding history, and during this course of time, we came across thousands of success stories that inspired us and failure stories that taught us a lesson and left us thinking, “What went wrong?”

So, is there any way to aid entrepreneurs avoid or overcome product development pitfalls? According to the GID Development Corporation, there are many tricks to ensure successful new product development, even if you are new and don’t know anything about custom product development. In the last 40 years, The GID Development Corporation has helped hundreds of businesses transform their ideas into rewarding new products. This not only helped businesses boost their economy but simultaneously helped them sustain the fierce competition and create a vibrant brand name in their respective industry.

As the need of every new product development is different, the journey of every entrepreneur is also different. Here are six tips to get you started on the path of success, and they are as follows:

Take a fresh start with your idea– When it comes to successful new product development, there is nothing like a shortcut. Before you initiate a new product development process, it is recommended to thoroughly analyze your market, understand your end users’ requirements and expectations, what features are needed, and most importantly, what your competitors are offering. Keep your mind open and try to collect as much data as you can collect before you make any move. Some other points to consider are overall manufacturing cost, product’s retail price, your profit margin, and competition in the respective market.

Don’t forget to validate your market– This step is one of the introductory steps to custom product development and according to the product development experts, this step should never be ignored or overlooked. We are creative, and when we own a new product idea, we get mesmerized by our concept and tend to put earmuffs and blinders on. For instance, you work in a company where your task is to advise your boss as to which product will yield maximum ROI. The most reliable method to find out this is to ask them “Your Targeted Customers” about their likes, dislikes and expectations by conducting the survey.

Keep it simple– Often times, due to overexcitement, we include showy features that are unnecessary. These unnecessary features not only make the manufacturing process complex but also increase the overall manufacturing cost and time. Developing premium quality products with only necessary features with an affordable price tag can generate more sales and more profit.

Fund Raising– You will need a lot of money for manufacturing a product from scratch; hence, to overcome the financial problem, you can try options such as microloans, credit lines, crowd funding, and other online funding alternatives that suit your business. To help you in your venture, here are some options from where you can raise the funds, and they are: SoMoLend, Opportunity Fund, Accion USA, Kiva Step Ahead Loan Program, and Kabbage. Moreover, with mere efforts, you will easily find an investor for your project.

Product Prototype Development– Product prototype development is the most important phase in new product development. Once you approve the product design, instead of initiating the bulk manufacturing process, 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 reason behind the product prototype development is to test the functionalities and to conclude whether your idea is feasible or not.

Have a business plan ready– It has been observed that most entrepreneurs ignore the importance of the business plan. But, the fact is, a tactically framed business plan helps you enter the market more swiftly and efficiently. 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:

  1. What am I manufacturing?
  2. Who are my targeted end-users?
  3. What is my commitment to my customers and to myself?
  4. What are my goals, strategies, and action steps to accomplish these business goals?

If you are new to custom product development, or if you need any help related to custom product manufacturing, then Call Jim Grimes at 714-323-1052. Checkout our product Soccer Hinge.

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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