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.

Benefits of Hiring a Product Development Company

Benefits of Hiring a Product Development Company

Every business has a sole purpose of selling their products and services in order to gain maximum returns. The quality of the products and service, however, determines the success of a particular business. The products and services of an inferior quality factor towards low sales and eventually minimal returns. For that reason, enterprises are required to carry out extensive research regarding product design and development, so that they can bring something new with high quality to the market.

Most successful businesses have a separate product development and research division in their organization. However, those who do not have such a division, how can they perform research and development? The answer is quite simple. They should hire the services of a professional product development company. Here are some of the advantages of hiring a reliable product development company for the designing and development of your product.

Consumer-Centric

By hiring a professional product development company, you can be rest assured that the products and services you will introduce will be more consumer-centric. A consumer-centric design gives the consumers a reason to buy from you, rather than from your competitors. These product development companies introduce a valuable fundamental of differentiation between your products, and your competitors’ products. Therefore, you will have a product for which consumers will be willing to pay more. Also, a consumer-centric design creates a brand name, which in turn attracts more customers.

Economical

One remarkable benefit of hiring a product development company is that you do not have to worry about the operating expenses of maintaining an in-house R&D team all-round the year. Therefore, when compared to a dedicated in-house team, hiring a product development company seems to be a sensible and economical option. Overall, by hiring a professional company, you will be able to cut the costs of hiring, training and maintaining the in-house team, and at that same time, use the saved money for better designing and development of your product or for other purposes.

Experience

Usually, most product development companies are in the business of designing and developing products for years; hence, they know exactly all the factors that keep a product from being successful. They are highly qualified and have valuable experience in solving product design problems and complications.

They undergo training in product development programs on a regular basis, and they stay updated with the market trends. Aside from problem-solving skills, they also possess the ability to determine the market viability of a product and calculate the possible outcome. Additionally, they even have the capability to prepare effective marketing strategies that ensure wide product reach and better consumer acceptance.

Good Results

As mentioned in the previous point, a professional product development company has vast experience and a wide exposure in the field of product design and development. For that reason, they can produce good results in contrast to an in-house R&D division. Professional companies know the nitty-gritty of product design and product development.

Further, they also know all the mistakes and errors that needed to be avoided, which otherwise could end up costing you a lot.

They also perform market researches and surveys during the product design and development phases to understand what the consumers actually want. This enables them to design and develop products, which live up to consumers’ expectations.

So now, are you ready to enjoy the above advantages? If yes, then get in touch with a reputable product design and development company. Jim Grimes at 714-323-1052 8am – 5pm PST for a free consultation.

How to Convert An Idea into A Rewarding New Product

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.

3 Reasons to Choose Us for New Product Development in USA

3 Reasons to Choose GID for New Product Development

New product development is a complex process; therefore, when your company needs custom, new products to boost the profit margin and strengthen the market position, it is essential to partner with an ideal product development company. The GID Development Corporation, an American Product Manufacturing Company, is a name you can trust to get the job done correctly in the very first attempt. Here, in this blog, we mention three reasons, why to choose the GID Company for your next custom product development project.

New Product Development  in the USA

The first reason to choose The GID Development Corporation is that we can offer far more than just a new product for your business and customers. GID has been in business for more than 40 years, and throughout this period, we have been a part of a vast number of businesses belonging to different sectors. Though every product that we have developed at GID was unique and filled with new challenges and opportunities, our ultimate goal was to quickly and effectively launch a product into the marketplace. If you want to extract the maximum rewards from a new product, then the GID Development Corporation is the perfect company for you. You can directly hire us to design, prototype, and develop a new product.

GID offers Excellent Pre-Development and Post-Development Customer Service

In the 21st century, quality customer service is paramount. For instance, there can’t be anything more annoying and distressing than frequently calling a company and not being able to speak to the right or responsible person. Well, you won’t have to worry about that with the GID Development Corporation.

At GID Company, we believe that customers deserve the courtesy of having the phone answered by the right, qualified, and responsible individual. GID also understands that sometimes the new concept needs modification without much notice; therefore, we do our best to integrate last-minute changes such as quantities and delivery dates.

As a part of our great pre-development and post-development customer service, we have a direct communication system with the professionals at GID. We do not try to beat around the bush or keep our clients in the dark in terms of timelines and other information.

GID Has Extensive Product Development Capabilities

The third reason as to why GID is best for your next new product development venture, is our remarkable product manufacturing capabilities. We have prior experience of working with varieties of OEMs for wide varieties of projects; hence, we possess expertise in handling all the latest manufacturing tools and techniques. We are quite confident about our manufacturing capabilities; hence, whether the new product is simple or complex, you can count on GID to finish the project quickly as well as efficiently.

About GID

The GID Development Corporation is a custom product manufacturer dedicatedly serving clients from different industries. Our business objective is to offer stress-free new product development services at an affordable cost. To discuss the feasibility of your concept / idea, Jim Grimes at 714-323-1052 .

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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