New Product Development

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Michael here!

Hello again and welcome to Marketing Belly! In this short post I want to talk about “New Product Development” the advantages, disadvantages and the challenges you might face when doing this.

New Product Development

We all know that the world has been growing a lot in the last decades and you may think that everything has already been developed or invented. You could even think that there is little room for innovation at the end of the second decade of the XXI Century. I say, don’t worry. Now it’s the best time to put your imagination to work and exploit your creativity. With the advancement of technology, social media and virtual reality the world opens to a lot of possibilities. You have to think outside the box, yes and I know that this phrase is a little cliché. But you really have to go further and step on ground that may have not been explored by anyone else. What I mean is that you have to work hard and more important think harder, exploit that brain bro!

Keep reading…

Developing a new Product

First you have to think on something that people need but not necessary know they need it. That may be a little tricky, but sometimes all you have to do is think a about a problem that you had in the past or are currently having. Think on the solution for that problem and think of a clever way to implement a product or idea to solve such problem.

Consider the following points:

  • Write every detail that comes to your mind.
  • Make prototypes and test your product on your own.
  • Make a field test or ask your friends and family to give you feedback.
  • Make the necessary adjustments.
  • Look for a sponsor if possible.
  • Make a Marketing plan to commercialize the product.

Learn to Market Your Product

productwatchAfter all this all you have to do is keep grinding, test your product with a real audience and see the respond, don’t feel failure or crisis. Remember that failure has led to wonderful discoveries and to great teachings for all mankind. If you need more marketing tips you can contact me at anytime in my CONTACT PAGE.

 

In the next post I will cover the details to market a any product, existing or brand new. So stay tuned for the next post from Marketing Belly.