You’ve had a eureka moment. You can already see the orders for your new product pouring in, and you’re eager to get it designed, tested, sourced, manufactured, and into the market. Congratulations—it’s exciting when a new idea takes shape. However, answering a few key questions at this very early stage in the new product development process could save you a lot of time and money down the road.
To develop or not—consider these 5 questions
Once the initial excitement subsides, it’s time to figure out how to Get It Done. However, before that can happen, you need to take a realistic look at your idea. A good product development company will ask you several probing questions during preliminary discussions about your concept and help you to assess your answers objectively.
- What is the purpose of your product?
- What need or a want does it fulfill in the market?
- What problem does your product solve?
- What similar product(s) are on the market already, and what makes yours different?
- Who will buy your product?
What the answers tell you
Although taking an unbiased look at your idea is not always easy. It helps you to decide the viability of the product early in the process. Each question brings up other considerations and aids in defining your concept more fully.
Conferring with an outside team experienced in new product development brings impartiality to the discussion. Working together, you will be sure that you have a viable concept as you move to the next step in the process.
Before you begin your next product development project, take the time to consider these 5 questions. With expert guidance, you’ll avoid costly missteps and significantly improve your likelihood of success.
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