How To Develop A New Product

February 9, 2022

It’s best to start with a plan when creating a new product. The plan will show you how to design, create, and build your product. This page describes how to create a new product.

A well thought-out product development plan can help you avoid wasting time, money and business resources. Your plan will:

  • help you organise your product planning and research
  • understand your customers’ views and expectations
  • accurately plan and resource your project

Your plan will also help you avoid:

  • overestimating and misreading your target market
  • launching a poorly designed product, or a product that doesn’t meet the needs of your target customers
  • incorrectly pricing products
  • spending resources you don’t have on higher than anticipated development costs
  • exposing your business to risks and threats from unexpected competition

To start developing your plan, undertake the following 6 steps.

Developing a New Product? Get an Outsider's Opinion First

1. Do your homework

Detailed business analysis:

How do you want to develop your product or service? Defining your product early on will keep you on track.

Find your market – What makes this product or service unique? What is the advantage of your new product? What are your target customers’ current product frustrations?

2. Create and test your prototype.

Prototype your new product. Depending on the product, this stage may take a long time:

Test! test! Bring your product to a group, let them try it, and ask for feedback.

You need to test your product’s durability by throwing it, dropping it, and all the other responsibilities of real-life ownership. Is it weak? Could it be strengthened?

Listen to your customers and use their feedback to improve your product. Your users are your best sources of data.

3. Create a marketing strategy.

Once your product is ready, you must devise a marketing strategy. Your marketing strategy and plan will help you launch your product and maximize marketing opportunities.

4. Product launch

When, how, and where you launch your product determines its early market impact. A launch helps market a new product and inform customers that it is available for purchase. A launch plan can help build excitement and momentum for a product. Make sure everyone in the company and your customers knows about the new product.

5. Maintain product reviews.

How will you maintain market share once your product is launched? How do you innovate to stay ahead of competitors? Your product will be stronger if you can anticipate changes in your competition, market, and audience.

6. Guard your idea

After you’ve perfected your product, it’s critical to secure the proper intellectual property (IP) protection.

Copyrights, circuit layout rights, confidential information, and trade secrets are all protected. However, you should consider formally registering your IP to prevent competitors from copying it.

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