Who knew clicking a pen would turn into a million-dollar idea?
Scott McCoskery couldn’t stop clicking his pen during business meetings; it was the easiest way for him to pay attention. Back in 2014, he solved his problem by designing a modern fidget spinner. Using a ball joint and bearing mechanism, the tiny device helped him stay focused, without infuriating his coworkers.
Great ideas are often born from necessity. There’s a problem, and you identify a way to solve it. But it’s not that easy.
There’s a lot that goes into developing products, and a lot that can go wrong. As an aspiring entrepreneur, what do you need to know about product development? Read on to find out!
What Goes into Developing Products?
What happens when you’re developing products? For one, you could take a new idea, and turn it into a sellable good or service. However, don’t stop there. Development also covers renewing existing products and introducing old products to brand new markets.
You’ll have to identify the market needs, fully conceptualize the product, build a road map, and have a successful lunch. Then, you’ll also want to get feedback about the product after releasing it.
Brilliant Idea Generation
Are you still in the brainstorming phase? Brainstorming new product ideas is a great way to help your company grow.
Brainstorming, or idea generation should be an open format. Let your ideas flow freely, and then start narrowing the options down.
If you’re having trouble coming up with the perfect product, you might be setting your standards too high. Instead of starting from scratch, try building off of an existing product.
If your company already has something that’s working well, look for ways to renew it. If this will be your first product, find out what your competition is doing. What small changes could you make to your product so it’s betting than the competitors?
For instance, you could substitute fake fur for real fur. If you’re making phone cases, you can add an extra feature such as a battery pack.
Are you selling an electronic device? Then give it a facelift with the sleeker design!
Researching Your Ideas
After coming up with the product idea, can you start production? Not quite.
You’ll still need to go through product validation. Product validation means that you’re making a product that people actually want. By validating your idea, you won’t have to worry about creating something that isn’t going to sell.
One of the best ways to start validating your product ideas is by talking to friends and family. You can also send out an online survey through your social media accounts to get feedback. Crowdfunding campaigns are another way to get a feel for the demand for your product in the marketplace.
Mastering the Prototype Phase
Were you able to determine that there is a need for your product? Then it’s time to bring your idea to life. The best way to make your product a reality is to create a successful prototype.
The type of prototype you choose will depend on the product you’re providing, and your budget. You can break prototypes down into 2 different categories.
There are low-fidelity prototypes and high-fidelity ones. A low-fidelity prototype is going to be the least expensive option.
Examples of low fidelity prototypes include things like sketches or storyboarding. Low fidelity prototypes can be a big plus at the beginning of the product development process. You’ll be able to make instant changes without spending a lot of money.
However, as your idea becomes more defined, you should move into creating a high-fidelity prototype. A high-fidelity prototype is a type of functional prototyping. It will look and work as the finished product will.
A 3D plastic model with all of the moving parts is a great example of a functional prototype. Users will be able to interact with the device in the same way they will with the final design.
High-fidelity prototypes are very engaging, and it helps stakeholders see your vision. On the downside, complex prototypes are going to take longer to produce.
You won’t be able to make fast changes, and it will cost more. However, the price of not creating a high-fidelity prototype far outweighs the cost of creating one.
Start Design and Production
If your prototype is a big hit, you can jump into the design and production side of things. A big part of the production will be determining how you’re going to sell the product.
For instance, do you already have relationships with large retailers? Are there local boutiques that would be happy to sell your product? If not, you might need to set up a few different trade shows to attend.
Trade shows are a great way to connect with small and large retailers. As your product grows in popularity, you’ll be able to establish your brand.
Launching Your Finished Product
How can you make sure you have the most successful launch for your finished product? By making it clear to customers what it is your product can do for them.
By now, you should have already identified who your target audience is. Now, put yourselves in their shoes.
What would cause someone to want or need your product? What type of problems might they be dealing with that your product could solve?
By identifying customers’ difficulties and leveraging your product as a solution, you’ll be able to have the most successful launch. After all, customers want to know what your company is bringing to the table.
Don’t forget to announce the product launch. You can advertise what your product launch online, through flyers, and in person at trade shows.
Start Developing Products and Making Money
Now you know the best steps to take for developing products. Since family and friends are a great free resource, start reaching out to them today.
Tell them about your product idea, and see what they say about it. Let them know that they can be honest with you since you want their true opinion.
If you’re getting a lot of good feedback from family and friends, you might be able to jump forward to the prototyping stage. For more tips, see what the rest of our website can help with.
