New Product Idea: 5 Questions you should ask yourself!
It can happen anywhere at any moment, when you are driving, taking a shower or just reading the newspaper, you think of a new product idea. You write down the idea and start looking for ways on how to make it a reality. In this article we help you how to get a better perspective about your new product idea and the potential next steps.
Coming up with a new product idea is often something that just happens, but you can stimulate this creative process as well.
New product ideas can be just a great idea or already a clear concept. But in either way, they have yet to be formed into an actual product.
What steps in the design process do I need?
The design process can be divided into little parts, each part is crucial to the complete process in order to create a good product. There are two major stages that with multiple parts, these two major stages are called Ideation and Development.
When going through the Ideation stage you will first encounter the idea research phase, this is where research will be conducted from a new product idea perspective. After research has been conducted, the design area is clear and ideas can be generated in the Idea generation phase, this is when the first ideas are defined.
Just having an idea is only the start, during Idea generation these ideas are translated into how these ideas are going to be shaped. Design2Gather does this on an online design platform where designers from all over the world gather to come up with innovative ideas.
The second major stage is the Development stage, during this stage your idea will go from a concept design to a 3D design to prototyping and manufacturing. All these steps are crucial as they add to creating a complete product. It is important for you to find out what steps you need from the design process in order to turn the idea into an actual product.
How is my product idea different?
For every new product idea it is important to formulate the unique selling points of your product.
If you find that you lack unique selling points then you should re-evaluate your idea and make adjustments. There are 4 important factors that can show how to your product is different.
The first one is the aesthetics of the product, how does the product look. Is it more attractive than comparable products? The second factor is the durability of the product, as in how long the product lasts. The next factor is the costs of the product, how much will it cost to realize the product thus affecting the sales price. The last factor is the functionality, is the product for example a multifunctional product? If the product is multifunctional then your product might be able to gain tractions in multiple markets. Try and write down per factor what you think the answer is regarding your product idea and reflect on how to improve the idea per factor.
How does the market look for my idea?
Whenever you start a new business or launch a new product you should do your market research. Market research gives you a great overview of how the current market looks like, trends and opportunities. Conducting your own market research is very time consuming and requires lots accessibility in order to completely research an entire market. Research agencies such as Euromonitor, deliver in depth reports on countries, industries, economies and companies.
After market research you will better understand the market you are going to be selling your product in, this will enable you to create a marketing plan on how to enter the market with your product.
Who is the end-user?
With any new product idea you have to figure out who is going to be the end-user, who is going to be the group of people that are using your product. In other words, who is the target audience that you are going to sell your product at. Defining your end-user has to be specific, you can describe the end-user for example by age, gender, education, financial status and location. After you have defined your target audience you can better understand their needs and implement those needs into the product idea. If you think that the end-user will truly love your product idea, then the next step is to find out how to reach the end-user.
Does your end-user look for product on the internet or do they visit big malls when they are shopping. User experience is an important factor in product design and can be a deciding factor whether a product will succeed or not.
How many products?
If your product ideas has gone through the complete product design process and is ready for manufacturing then it is important how many of the final product you want to produce. If you are looking to produce a product on a small scale then it can be a wise choice to manufacture close to where you will be selling your product in order to reduce transportation costs.
If you have bigger plans and are looking to produce your new product in a larger quantity then China is a great option. In earlier stages of the product design process will you for example also need prototype. By being close to the factories in China you can quickly swap between productions and optimizing the product. Producing larger quantities will most definitely be cheaper compared to Europe and America. Obviously this will only benefit you if you do go for the larger quantities, due to for example transport costs.
If you have a new product idea then try to work out all the topics that have been discussed. If you are already operating in a market and you truly know your end-user and have experience with new product then it can still be extremely useful to define all the factors around the product. This way you will be well prepared and better able finalize the product and design.
Have you got an idea for a new product and are looking to realize this idea into an actual product design? Through this link you will be able to get in contact with award winning product designers for a free consultation around your idea.