Important Phases of New Product Development You Should Know.
When a company wants to launch a new product, the New Product Development process comes in handy. When a new idea or product needs to be introduced to the market, the NPD process should be followed.
The following are the stages of new product development:
Concept Generation
It is the initial step; for the idea creation phase, one should concentrate on client difficulties since once you are aware of the problem, it is much easier to come up with solutions. Customer recommendations should be encouraged when it comes to idea generation; surveys should be conducted, fresh ideas should be brainstormed, and rivals' offerings should be examined.
Screening of Ideas
You may have a lot of ideas, but are they the right ones for your company? Questions like, "Is it truly important to launch the product?" and "How will the product benefit the organization?" should be asked.
Concept Validation
Here, you can present your ideas to others and learn whether or not you should follow them.
Prototype of the Product
In this stage of New Product development, a handcrafted, 3-D replica or a digital product is required. Make the prototype more refined and functional.
Beta Testing
For beta testing, the new product should be distributed to trustworthy customers. Make changes to your product as a result of user input. Beta testing is a terrific way to cut expenses because it allows you to have trusted customers evaluate your product and tell you where it needs to be improved.
Production and Design
To go into production, the design must be flawless. It's a fantastic opportunity to develop and enhance your product. End-users should be considered during this phase in order to build a product that meets their needs. Organizations should pay attention to potential difficulties and solutions when it comes to manufacturing.
Marketing
To create leads and increase demand, the marketing team should undertake campaigns to raise product awareness. Everything from trade marketing to sales collateral must be considered before beginning the marketing phase.
Commercialization
After the test marketing campaign has shown itself to be a success, take your product to the next level. Use radio, print media, television, and digital marketing to your advantage.
Activities Following the Launch
You are not finished with the new product launch after it has been launched. The actions that follow the launch are significant. It is necessary to recognize and eliminate common difficulties.
Examine the Results
When a product is released to the market, the work does not cease. Customer research is a terrific way to learn about how customers feel about your product. You must determine whether your product is well received by clients, whether competitors are supplying similar products, whether the marketing team is satisfied with income, whether middlemen are satisfied with commission, and so on.
Final Thoughts
The launch of a new product necessitates extensive research, concept development, prototype testing, beta testing, final product launch, pre- and post-launch activities, and so on. Always keep your clients and their demands in mind while conducting research and developing the product, and you will be successful in launching a well-received product. The New Product Development process is a great way of ensuring to launch the best product in the market.
Source Link: - https://medium.com/@lizakosh4/all-about-new-product-development-fe9a480928b8
