5 Strategic Product Development Tips
Product development is a lot work and you need to employ strategic tips towards ensuring that you develop a product that not only serves the purpose it was made for, but also enjoy market success.
While a product idea might sound great when you conceive it, you have to be sure that there's a market for it.
Here are 5 Strategic Tips for Product Development
Attend Industry Trade Shows
To aid your research during product development, go to spaces and attend events where industry stakeholders, manufacturers and suppliers occasionally gather. An example of this is trade shows which are a great place to learn about the industry. A lot of industry based trade shows happen across the world, whether locally or internationally, attending them provides you with a lot of product and process information, significantly cutting down your research time.
Contact Countries' Chambers of Commerce
If you're sourcing for suppliers or manufacturers from different countries, contact their Chambers of Commerce for Trade and they most likely will furnish you with information on industry stakeholders. It is the job of countries' Chambers of Commerce to facilitate the export of their products, services, skills, labour, etc and as such, they are obliged to share details of manufacturers, suppliers and more across all commercial industries.
Sign Non-Disclosure Agreements
When sharing your product idea with anyone, make sure that you have them sign Non Disclosure Agreements (NDA) so that you do not lose ownership of your idea. In the course of developing your products, you will share your idea with a lot of people, so it is in your best interest to protect yourself and your idea. Having them sign an NDA is a sure way to do that.
Inspect Production Factory
Inspect the factory while your products are being made to ensure that they follow design specifications. Product sampling is expensive, you want to make sure to reduce the cost and time spent passing samples back and forth for modifications. Sometimes, virtual communication with manufacturers isn't enough, you should visit the production factory to get a firsthand view of how your product is made and assurances that it's being made right.
Set up an in-house product development team
Once you can afford to, set up an in-house product development team, it helps cut down sampling time and cost as reasonably as possible. Having your own in-house product development team is a game changer because your production process becomes more flexible, allowing room for your creativity to be fully expressed with little worry for time and extra cost.
Create A Product That Is Needed
Make sure that you're creating a product that is actually needed. While a product idea might sound great when you conceive it, you have to be sure that there's a market for it. You can know this by carrying out surveys, asking your market or audience to be certain that they would be interested in what you intend to produce. You don't want to spend time and funds making a product that fails in the market. While the success of a product is completely unpredictable, make sure to do your part in creating a needed product.