Building a new electronics device is a big task. When a company works towards product development, there are a lot of things that come into play. A well-defined product development process ensures an effective launch whereas lack of proper planning can take a different turn. Given that product development can be overwhelming, a planned and structured approach will help smoothen the process for everyone involved in the process. Here is a 6 step product development process list to help with any product development journey:
1. RESEARCH, RESEARCH, RESEARCH
The first step is to make sure you have done your homework. Research, in the product development process, cannot be emphasized enough. It is important to identify a target audience and build research about your product around that target audience. Research about the target audience and conduct a feasibility study to understand the practicality of your product and make alterations accordingly. This will give you an understanding of what to expect.
2. WILL YOU MAKE A PROFIT?
The second step is to determine the price of your product. While research helps you understand the production needs, it is equally important to understand if your target audience can subscribe to your product or not. You need to use your research to identify the cost of production and factors involved in it like equipment and labor. This information can then be used to assess whether or not your product will generate a profit and you can adjust your product development process accordingly. Find a balance between your target cost and manufacturing cost. For example, as a general rule of thumb, companies start selling at 200-400% of manufacturing cost. Ultimately, all this information will help provide an ideal pricing point.
3. BUILD A TEAM
The third step is to build a great team to execute the plan. Receiving the right assistance from a team of professionals will ease the product development process. If you are a business person, make sure to partner with a technical expert to lead development and manage the team. Make sure you involve people with your product know-how and not all parts of the product development process need to be done in house. Do not hesitate to involve outsourcing experts as it allows the business process to access great talents at reasonable costs. For example, electronics development, product design, and mobile apps design are a few areas where outsourcing talents can make a huge contribution. Managing technical know-how and a marketing team that plans an effective launch can truly shape the outcome of your product. So, build a team wisely.
4. DO YOU HAVE THE FUNDS?
The fourth step is to ensure you have the needed funds. Calculate the expenses required to build a minimum viable product (MVP) and for operational expenses. Also, it is important to always have a buffer for the unexpected during the product development process. So, be wise with funding and allocating spending. There are plenty of funding options including your savings, interested friends and family, crowdfunding, angel investors etc. Crowdfunding, in particular, is a popular and growing option.Crowdfunding deserves a dedicated post, so stay tuned for more in our upcoming posts!
5. PROTOTYPE PRODUCTION
The fifth step is to make a prototype. Build on your MVP and decide if it is good enough to show your idea to the world. Once you have your research, pricing point and team in place the next step is to test your idea. Is your product ready for launch or not? A prototype will help answer this question. Use your research and resources to create a prototype and this can be the final opportunity to alter any hiccups in your product. The goal is to ensure that your target audience has a value attached to your product and that they can afford your product.
6. LAUNCH, LAUNCH, LAUNCH
The final step is to launch your product. When all the aspect of the product development process is taken care of, launching it is the final step. But launching your product well is as important as designing the product. Direct all marketing efforts towards kickstarting a stellar product launch. Once your product development process is assessed in detail, pick a launch date. Put your marketing efforts into use and get your product out there for your target audience.
HOW WE CAN HELP?
Feel free to reach us to discuss how to launch a successful electronics product. With over 40 successful products launched and over 20,000 devices sold, we are equipped to help YOU become a successful owner of your own electronics device! We specialize in developing a product, building a prototype, and preparing a device for mass production. If you need help with electronics Design, mechanical Design and software design please get in touch and we can schedule a meeting.