From Idea to Market: Making Sense of Your New Product Development Process
As product demands are ever-changing, businesses must continue to stay relevant by continuously developing products that keep up with the evolving needs of their customers. Whether you’re rebranding current products or offering new products to fill a consumer’s demand, your team is working through a series of tasks known as the product development cycle. New products can improve relationships with customers, suppliers, and distributors while simultaneously broadening a company’s market and creating new opportunities. However, developing these new and rebranded products stems from the question, ‘How efficient is your development process?” From screening an idea to getting the product seamlessly integrated into the market, how proficient is your product development process?
April 29, 2021
“Don’t find customers for your products, find products for your customers,” Seth Godin.
Competitive Advantage: Providing Value to Your Customer
New idea? Rebranding? Looking to expand into other markets? Replacing a current product? There are many reasons companies develop new products. For companies to be competitive, unique products provide opportunities for companies to stay ahead of their competition. From ideation to market, the process of new development must run efficiently. Time is of the essence, and while technology and customer demands continue to evolve rapidly, any potential hiccups or delays in production have the potential to impact companies financially.