Date

January 16, 2015

Category

E-Guides

Successfully bringing a product to market requires a lot more than a good idea.  Costs add up from the moment a new product idea is formed and the development process begins.  The faster you can get your new product to market the faster it generates more revenue than expenses.
The advantages of being the first to market are clear, but that is no guarantee of success.  Rushing a product to market without a plan for each step in the process can have disastrous and expensive consequences.  IT and startup expert Benny Xian stated, “It is not about being the first to market, it’s about being the first to get it right.”
Finding and involving the right partners at the right time is a key component of getting your products to market faster.  A collaborative approach from the beginning can help you avoid expensive and time-consuming changes later.
This e-guide highlights how bringing in partners at different points in the process can accelerate your product to market.

Enhance Your Ideation and Product Design Process

Successful new product development begins with a great idea.  It can come from the need to improve an existing product, a gap in your current product offering or to capitalize on an opportunity in the marketplace.
The right partner at this stage in the process can…
  • Provide outside input to give you a fresh perspective and help you see the vision more clearly
  • Brainstorm with you to generate ideas from scratch or supplement and refine an existing idea
  • Help you overcome a design challenge
  • Maximize your R&D budget by reducing the strain on internal resources

Perform a Thorough Market Analysis

You have ideas, now is there a market for them?  Having a complete understanding of what is important to customers and what they are willing to pay can help you determine which ideas to pursue and which ones to discard.
The right partner at this stage in the process can…
  • Help you develop the idea strengths and discover the market opportunities
  • Identify your target market – focusing on unmet customer needs and how well your product meets those needs.
  • Analyze the competition and position your product for success
  • Determine the optimal price points and product specifications for those price points

Expedite Product Development with Modeling, Simulation, Testing and Evaluation

Now that you have a market ready concept, it is time bring that idea to life with a prototype that helps you visualize and fine-tune the design.  Testing is a critical part of the development process to ensure that performance standards are met before proceeding to production.
The right partner at this stage in the process can…
  • Provide you with virtual design experimentation that allows you to test faster and reduce costs
  • Sample various materials to determine the best performance for the least cost
  • Design test parameters that look for structural or mechanical weaknesses or design flaws
  • Reduce the amount of waste by evaluating options without using physical materials

Maximize Your Resources with Contract Manufacturing

Your product is built and now it is time to bring it to market and wait for the sales to roll in… or not. Instead of leaving sales results up to chance it is important to have a solid strategy, backed by a strong sales infrastructure, and proven systems for success.  This may seem simplistic, but it is surprising how many new products fail to achieve their predicted success because they lack a solid strategy for packaging, branding, marketing, and (perhaps most importantly) sales.
The right partner at this stage in the process can…
  • (If you are B2C) Create packaging with the right colors, shape, size and message to help you stand out and trigger the buy
  • (If you are B2B) Provide you with professionally persistent outbound calling efforts that unearth market intelligence, uncovers opportunities and increase sales velocity
  • Develop calculated inbound and outbound content marketing campaigns designed to build brand awareness, score leads, and drive warm leads to the sales team
  • Gather and record ongoing market analysis and intelligence

Develop a Comprehensive Go-To-Market Strategy

According to die shop manager Jesse Lang:
  • “The training program is a statement of our values. My hope is that it gives motivated people opportunities to demonstrate skills and what they can do, how they want to grow. Without the program, someone might be a wallflower….this might motivate people to strive for more.”
  • “Once we started advertising it on the floor, lots of people were really interested; and stoked to have the opportunity to apply. Definitely a positive response from employees.”
  • “The talent’s not there to recruit in the numbers that we need. Needs will increase. We hope that some of those in the program turn into star players and move into leadership roles in five to ten years, whether it is a technical or management role….it only helps us serve our customers.”
  • “This gives motivated people opportunities to demonstrate skills and what they can do, and how they want to grow. Without the program, someone might be a wallflower. This will motivate people.”
  • “We’re really happy. The president of the facility, when he took over the position in February he said pretty early on that this program isn’t a “nice to have”; it’s a “must have.”
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