If you launched with an introductory price, this is also a good time to adjust to your long term price.įinally, keep reassessing. Take a look at how much it’s actually costing you to produce your product and provide your service and determine whether or not you need to adjust the amount you’re charging. This stage is largely about making sure the price point you set when you launched your product still works for your company. CommercializationĬommercialization is when you’re actually on the market! This stage is about selling your product and everything it takes to keep that process going: technical support, proper distribution, advertisements, etc. You should also plan on testing your branding and any other strategies you came up with in the business analytics stage at this point. Start with a prototype, test it, and make changes as needed. Product development is about - you guessed it! - actually developing this product you’ve been researching and testing this whole time. Take the information learned in this phase and let it guide you through the development of the final product. Marketability tests are also known as “beta testing.” This is where you test your product in small, private groups in order to get feedback about where your company is at so far. You also need to come up with a set of metrics to judge each part of your product launch. The business analytics steps is about determining marketing, branding, profitability, competition, costs, pricing strategies - basically all of the things that make a business a business and not just a concept.
Once the first three steps have resulted in a solid concept that’s been tested and is ready to develop, it’s time to dig into the nitty-gritty. What do they think of the idea? Would the pay money for it? Does it fulfill a need in their life? 4. Once they have a clear understanding, you can test the concept by asking them questions about it. The goal is to get them to visualize the final product. You don’t have an actual product at this phase, so instead of you give the target market customers information about what your concept. (This stage is also called “alpha testing.”) Once you’ve figured out your concept, you can test it by bringing it your target market. A concept is an idea that’s been fully fleshed out into all of its elements. This step starts with concept development. Come up with a set of criteria by which you can judge each idea and then go through them systematically to determine what’s a go - and what’s a no-go. This is where you separate the great ideas from the ones that will have your family giving you side eye when you tell them about it. If there are “no bad ideas” in brainstorming, there certainly are in idea screening. You can use a range of strategies for idea generation, from brainstorming with your team to SWOT analysis to market research. And it’s just what it sounds like: You need to come up with an idea for your business before you can do anything else. The first step of the Stage-Gate Process is idea generation. It’s described more thoroughly in his book, Robert’s Rules of Innovation. It was developed by one of the pioneers of the new product development process, Dr. The Stage-Gate process is also called the New Product Development (NPD) process.
NEW PRODUCT DEVELOPMENT PROCESS HOW TO
We’ll go over the stages in the new product development process and talk a little bit about how to launch a new product. And considering the fact that research suggests that following a clear, structured new product development process, it’s probably not a bad idea to pick one of these - or a combination of a couple - that works best for you. For some founders, that process may look like a haphazard “drunken walk,” but others prefer a more structured approach.įor those founders, here are three new product development processes that can help guide you as you work to take your startup from idea to actual product. Broadly speaking, the new product development process is the entire process of bringing a product to market, starting with recognizing a marketing opportunity and ending with product launch. Every startup founder has to go through a new product development process, whether it’s formalized or not.
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