Tips For A Successful Product Development Project

Ahhh! The excitement of coming up with that new product which will most certainly be a great hit! Your friends and family all agree; 'go for it', 'I would buy that', 'you really have something there'!

But then, the questions come, how do I actually make this product? Can I just build this myself? How do I sell it? Where do I sell it? Do I need to get insurance? What if someone steals my big idea?

Don't be overwhelmed, there is a lot of legwork that goes into bringing new product ideas to market. If you thoughtfully work through what is necessary to achieve a successful launch there should be no stopping you!

Here are just a few tips to focus yourself as you begin to take flight on your product development journey:

1) Know your own limitations:

As the inventor, you may not have the background knowledge on the best way to source your products and scale for production. Instead of taking the time attempting to figure out how to do it yourself or with an overseas partner, it may be best to begin with a local or domestic expert who can help take you from step 1 to step 2.

2) Budgeting:

As you begin, you will most likely perform a comprehensive accounting of your potential costs for the initial development and proof of concept. It is also important to make an effort to estimate future costs at this early stage to ensure; A) you will have enough funding available to properly launch your project and B) you will be able to create return on your investment long term based on the price you will charge for your product vs your COGs + marketing + operational costs.

3) Apply for patents and/or trademarks:

If you are creating something unique, you should take initiative to patent your concept early on. Often times, a patent cost will not be prohibitive and if your invention proves to be a success you will be able to make a stronger case for protection against competitors and copycats. In addition, trademarking your product or new brand is essential for any future contentions.

4) Review relevant Regulatory Compliance needs:

Almost all industries have some sort of regulatory component attached to them. Something as simple as a t-shirt must be properly labeled with its fabric content and care instructions. Many products have more stringent compliance needs. Often, products are required to be registered and/or tested by a regulatory body like the EPA (disinfectants, pesticides, agricultural) or the FDA (skincare, personal care, OTC). A third party manufacturer who you may work with to produce your goods could already have the relevant regulatory approvals; which you could then use to certify your products with their prior consent.

5) Develop plans for success:

Once you resolve your production, legal and operational plans, your will then need a plan of action to prove your concept is relevant to your target audience. This could be done using various methods such as selling a pilot production run, performing intensive target customer surveys or using existing data of similar products already on the market.

6) Assess Risk:

Its always important to have backup plans! However, risk can work both ways. Of course you need to have alternative suppliers, service providers, sales channels, etc as you begin production and/or operations in case of any unforeseen negative issues. But you also need to have a contingency plan for rapid growth! What if you produce 100 units of your product and sell out two days after your first Instagram post about the new product!? This would be a great issue to have but you should know what your lead time is to produce the next batch and have a clear plan of action of how you will deal with customers who are seeking your product NOW as you do not want to lose those sales!

There are a myriad of factors you will need to work through as you develop your new product(s). All product types come with their own set of challenges but planning two or three stages ahead will help you stay ready for whatever issues (positive or negative) come your way throughout the journey.

If you have any questions about your product development project, contact The Adaptive Key for a free consultation.