Look around you; every product you can see, no matter how simple or complex began life as a simple idea. With the right support and processes these ideas have taken shape and if done well, made a profit. Unfortunately though, the success of a product doesn’t just depend on the innovation of the idea. The efficient and proficient development systems in place will make the difference between success and failure. So how can you get your innovative new product idea to market? In this post, we will explore the steps you need to take to keep you on track all the way to your product launch and beyond.
Step 1 – Research
Your product has to actually solve a real problem experienced by your potential customers. You need to make sure that your innovative idea does fill a genuine gap in the market, Make sure you ask your target audience and research your competitors. Understanding the market and the people spending money within it is an important place to start this process.
Also ask yourself if it is the right time for your idea? The problem that collapses many ideas at this point is they are actually too late and the idea is already a product.
Remember to keep an open mind and be prepared to pivot. Sometimes we can be so excited and motivated by our own idea that we don’t want to listen to any evidence that suggests we need to make changes. Your idea might be amazing but you might need to make adaptions so it can appeal to a larger audience. Have an open mind.
Another area to focus your research on is patents. You need to know if your idea or part of it is already owned by someone else and whether your product can be patented itself.
Step 2 – The prototype phase
This is the exciting part; this is the process that allows you to physically breathe life into an idea that lived just in your head. To have a prototype that shows evidence of the products functionality will help you gain any additional funding if required and the lessons learned at this stage will feed into creating an efficient and profitable manufacturing process.
When your prototype has been produced, this is a good opportunity to test it with real consumers. It is common for products to need tweaking and adjusting and the earlier you can ascertain what these need to be, the better for you financially.
Step 3 – Manufacturing
This is the most complex part of the process and involves a whole range of equipment, knowledge and system management. You need to consider the following…
• Procurement – knowing the right place to go to get the right materials and equipment for your product is essential to ensure your business is sustainable.
• Stock management – this requires knowledge, understanding and ideally plenty of experience. Acquiring materials successfully isn’t just about where you get them from; you need a constant but steady supply to allow your manufacturing process to be seamless.
• Wiring and mechanical assembly – every product is unique and requires a bespoke assembly process. Having confidence that your wiring and mechanical assembly is flawless and fitting for your product is priceless.
• Integration and testing – when your product includes software, testing the individual modules working together is vital to ensure that the system works in its entirety.
Step 4 – On-Going Success and Growth
Achieving real success is more than just the production. You need to get your new product to the customer and inspire them to buy it! Having an effective and cost effective shipping system in place, installation, user training, marketing and after sales on-going development ensures that your product has the structure in place to allow your business to be sustainable and profitable.
How to Access Support
Whether you are a start-up, an SME or the owner of a big business with a bigger idea, accessing specialised support can save you thousands in wasted time and money by doing things the ‘wrong way.’
If you are serious about turning your innovative idea into a money making product you need to source expert, experienced advice and bespoke equipment. We advise you look for a company that manages product development from concept to commercialisation.
Here at Nexus for example, we take full responsibility for the manufacturing process, giving you total peace of mind. Tell us about your project and learn about how we can help you get started today at the home of intelligent engineering. Call us on 01353 653 855 or email info@nexus-ie.co.uk
