How to develop a new product?

Picture of product development and manufacturingIn today’s business environment, market competition becomes more and more tough. This competition  drives us to develop newer, innovative, and profitable products. But developing a new product is quite complex process and few of us knows how to develop a new product. This is why we would like to share our product development and manufacturing experience as below, hope it’s helpful for you.

1. Come up with an innovative idea

If you are going to develop a new product, you should come up with an innovative idea that resolve a certain kind of social problem or solve your target user’s problem. This is how your product will exist on the market. and think over who are the end users, what is your product functions? how does the product look like?

2. Evaluate the feasibility of your product

As soon as you have a good design idea, you can find a professional product development company or manufacturing company to evaluate the feasibility of your product. Because sometimes your idea might exist on the market and you have not realized the competitors. On the other hand, your idea might not be available to develop or manufacture. In this way, you will have a clear prospective on your idea.

3. Identify the marketability and competition

If your product idea is feasible under a professional evaluation, it’s the time to consider the marketability and competition. Because any new product development is desired for a good market acceptance. Otherwise it does n’t make any sense to process a new product. Meanwhile you should learn more about from your main competitors in the market. try to absorb the product advantages from them and combine it onto your product properties. So that your product will be the best product in the market.

4. Design and Develop your product

Product design and development is one of the most important stage for new product development. During the product design process, all of product functionality, overall shape, size, and color will be defined. Normally the product designer will create 3 models, 2D drawings, as well as BOM to formulate the product property, so as to manufacture the product accurately from original design idea.

5. Manufacture your product

After the product design is optimized and finalized, we should prepare 3D/2D drawing, BOM to convert the design into real product. A product can normally divided into three kind of components as electronics, plastic parts, and metal parts. at this stage, a plastic mold manufacturing, injection molding, and CNC machined parts are most needed components. To save your manufacturing cost, many Western companies would like to find a Chinese manufacturer as their supplier. Especially for mould maker and plastic injection molding manufacturers. It’s estimated that a Western company can save 40% of their manufacturing cost when they find a Chinese manufacturing supplier to cooperate. Since China has numerous manufacturers in the world and provides good quality and unbeatable prices.

6. Launch product to market

After the product is successfully manufactured, it’s time to launch to your product into market. But prior to product launching, you should have a good marketing strategy that enable your product will be well-accepted by the market. Meanwhile you should apply for a patent to protect the intellectual property right of your products. Otherwise your product might be copied by others .

The above mentioned is our experience on how to development and new product. Once you still have any question or a creative idea to develop, you are welcome to contact Inno Molding team to help. We will definitely give you professional assistance or services.