8 simple steps for new product development by wayne chen

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Perfecting New Product Development By: Wayne Chen, @MobiWayne

© 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!

The following eight ingredients mixed into your team’s new product developmental (NDP) process will ensure overall marketability, accuracy and bring products to market quickly.

1.  Generating New Ideas 2.  Screening The Idea 3.  Testing The Concept 4.  Business Analytics 5.  Marketability Tests 6.  Technicalities &

Development 7.  Commercialize &

Launch 8.  Launch Review &

Update


¡  Conduct SWOT analyses and review market trends

¡  Account for affordability, ROI, features and distribution cost

¡  Be lean, mean and scalable during the process

¡  Create multiple versions of roadmap to meet different types and risk levels


¡  Set specific criteria that your idea has to meet based on business and technical goals to weed out poor project ideas

¡  Go or No Go but narrow it down

¡  Measure your new product idea against your top 3 competitor’s new innovation and their market share


¡  Different from marketing

¡  Conduct patent research, design due diligence, and other legalities with NDPs

¡  Develop marketing message as part of concept testing

¡  Will consumers understand, need or want your product?


¡  Agree and build a system of metrics to monitor progress

¡  Add input and output metrics that measure the value of launched products, percentage of new sales and other key performance indicators (KPIs)

¡  Retain valuable data if the idea does not turn into product for future growth and learning


¡  Arrange private tests groups with beta versions and gather feedback from end-‐users

¡  Allows last minute improvements and tweaks before commercializing

¡  Beta provides early product adoption momentum


¡  Technical aspects can be perfected without alterations to post-‐beta products

¡  The production team can produces it, the marketing team can plan the distribution and the finance team can back the product introduction monetarily


¡  New product has gone mainstream, consumers are purchasing your good or services

¡  Refresh advertising during this stage to keep product name strong and planted in the minds of buyers


¡  Revisit the NDP process and look for improvement areas

¡  Revisit your introductory pricing and service offerings to nail down the overall value that customers will pay

¡  Continuously differentiate your product and adapt it to the lifecycle it is in

¡  Adjust for consumer needs, competition and profit models


¡  The entire NDP process is an evolving testing platform where errors will happen, and designs will be cut.

¡  Synchronizing your team and having a clearly goal will ensure your NDP’s success.


Contact information ¡ Wayne Chen ¡ [email protected] ¡ @MobiWayne or @WayneChenNY ¡  www.PocketSquareMedia.co ¡  Blog: www.Enovaminds.com

8 simple steps for new product development by wayne chen

Technology