New product development is simply the process of creating a real-life or virtual product or service. Examples of high-profile new products include the new MacBook Pros, the Trenta size drinks from Starbucks, or the game Angry Birds.
Whether it’s a mobile produce stand or the latest jumbo jet, all new products and services have gone through some version of the above process before they reach market. Most successful products have gone through the process diligently, weeding out the bad ideas before too much money was spent.
The first stage of new product development involves compiling the holy trinity of all new businesses:
- the market (or the problem)
- the idea (or the solution)
- the capital
SpryLab, LLC cannot help you with capital. However, if you have an idea, we can assess whether or not the idea is viable. We can modify your idea to meet the market’s needs better. If your idea is digital (like a web site or smart phone application), we can also manage the creation and execution.
If you see a problem or need in the marketplace that you would like to capitalize on or solve, we can develop ideas for products or services to meet those needs. Again, we can create and execute those ideas if they’re in a digital environment.
If you have capital you’d like to invest in a new digital product venture, we can assist there, too. We have multiple new product concepts in a variety of industries ready to be executed when funding is available.
Depending on your needs, we will conduct some or all of our 10-step process to develop your new product:
Business Goal Assessment
What do you want your new product, service, or business to accomplish? Quantitative and qualitative goals will guide the scope and details of the project. This is a potential end point for the project, if we discover that a new product will not meet your business goals, or if the product is cost-prohibitive or will have an unfavorable ROI.
Research & Discovery
We’ll research the audience for your product and estimate the market size. We’ll assess the competitive landscape and determine your place in it. This is also a potential end point, if we discover that the audience is too small or shrinking or if the market is overcrowded.
Idea Generation
If you started the process with a great idea, and our research backs it, we may be able to skip this stage. Otherwise, we’ll use this step in the process to create new product ideas for identified markets, or ways to make your idea better suited for the market.
Idea Vetting
We use a proprietary idea valuation system to determine which of the product concepts we’ve generated have the greatest potential. Ideas that don’t make the grade are dropped at this stage.
Concept Development
Also known as the mock-up stage, this is the period where the idea is developed into a rough draft or comp of your product. For digital products, expect to see high-level wire frames and occasionally low-functioning sites that approximate the finished product.
Product Testing
Product Testing has variable roles, as well, depending on the product we’re creating. It could include asking beta testers to try out your site, or inviting focus group members to comment on your consumer packaged good. This is a caution point, because the product may come through this process needing revisions.
Product Creation
The longest stage in the process, this is where the development team and I create the finished product or web site. Promotions and advertising are planned at the same time to be ready for launch day.
Promotions & Advertising
Promotions and advertising are designed to introduce your new product or web site to your intended audience. The specific plan for your traffic-building efforts may include PPC text or display ads, partnerships with blogs or professional organizations, email marketing, contests and events, and advertising in traditional media.
Product Launch
Launch day is an important day in your product’s life cycle. It’s the light at the end of the tunnel for teams plowing through production. It’s also the day that your product can begin earning money and paying off those efforts. We use launch day as a stake in the ground to which all marketing and sales efforts are tied.
Periodic Assessments
After launching your product or site on day one, we’ll revisit our goals and projections at points along the way–generally quarterly–and adjust projections, make any crucial product product changes, and address advertising efforts.
