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Developing a new product for your company can be exciting. After all, if you get this process right, you could be in line for increased sales and enhanced success. However, there are plenty of pitfalls to avoid when you’re creating a new product. If you’re not careful, you could end up wasting precious time, energy and money and you may even risk tarnishing your business’ reputation. With this in mind, here are some simple but effective suggestions that could help you to improve your product development process.

Create a procedure for generating and refining ideas

Great ideas for new products occasionally come out of the blue, but more often than not, they are the result of a methodical process. It’s no surprise then that many companies have designated procedures in place for generating and refining their ideas. For example, field marketing specialists Appco Group have created The Lab, which is an in-house team of experts who research, develop and implement new products. You can channel a range of different inputs into your development process, including suggestions from your employees and customer feedback on your existing offerings.

Engage in thorough market research

Before you invest potentially large sums of money developing your new product, it’s crucial that you do plenty of market research. Focus groups, surveys and other forms of intelligence gathering can help you to establish whether there is a market need for it, how much money you can expect to sell it for and what sort of competition you will face.

This research may slow the development process down, but it’s essential. It can help you to work out if the product is viable and identify any adjustments that need to be made to the initial design. In turn, this can prevent you from making potentially costly mistakes that cause you major difficulties further down the line.

Put together a team to oversee the project

There are many different tasks involved in creating a new product, ranging from design and production to finance and marketing. To help ensure the project runs smoothly and all the elements cohere effectively, it’s a good idea to put a team together to oversee the process. Make sure this group has representatives from all the relevant departments.

There’s no denying that creating a new product can be a challenge, but following advice like this will help you avoid many of the most common mistakes and maximise your chances of success.

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