A great many ideas for new products come from people who are frustrated at not being able to find a product or service that suits their needs,,, it is at about that point that ingenuity kicks in and the quest for a “better mousetrap” begins. So the product development process really does start with an idea, BUT this is probably the easiest part of the entire process ! Market research at this early stage is important to identify a products unique point of difference ( the selling point). That research can also be important in determining a product name that is memorable, which will provide the consumer with a clear and defined understanding of what the product offers.
Using the same market research results , it follows that brand positioning, packaging and pricing strategies can be included into the product development mix to confirm the viability of your product in the marketplace.
Conversely, there are many times when the same product development process for new products can also apply to redesigning or refining an existing product or brand. How many times have you heard the phrase ? – “we need something new that no-one else has got “.
Unfortunately that “something else” can prove very elusive. But don’t despair, because there are many existing products , brands and businesses that have gained success in a competitive market by applying the reinvention process to the way that they look, feel or operate.
Upgrading , refining or improving the process can benefit your business and your customers without losing identity.