Today, the development of innovative products is valued for its disruptive character, i.e. innovations whose impact is capable of setting a trajectory for the future.
When developing innovative products, their usefulness and relevance must be taken into account. Therefore, when approaching product innovation, it is advisable to start with the objective of creating products that add value.
That said, here is a brief guide on how to create and develop innovative and successful products.
Product innovation criteria
The development products innovatives is something fundamental in the market, which becomes a reality capable of solving one or more problems in a completely new way.
Thus, we can define the criteria to be taken into account when developing innovative products as follows:
- The ability to solve the user’s problem: the more problems an innovative product can solve, the more likely it is to succeed.
- The ability to distinguish itself from its competitors: the innovation must do something known in an unusual, or uncommon, but necessary way.
- Understandability and accessibility: the innovation must be easy for people to understand, because if the product is difficult to use, it will not succeed in the market. In addition, the innovation must be accessible, because the more difficult it is to reach the public, the longer it will take for the market to accept the new product.
Steps to develop innovative products
1. Innovative product ideas
Ideation is the process of creating and sharing ideas. Your first ideas will most likely be incomplete because you will still be trying to conceptualise a product that satisfies a customer need or solves a customer problem.
Some additional aspects to consider in this phase for innovative products is the way of thinking that is used to elaborate these ideas. For example, design thinking is a good formula for success.
2. Market research and market study
Define who your customer is, what their needs and preferences are.
Conducting market research guarantees that the innovative products you build will be successful among your target audience.
That is why a project feasibility study has to be carried out before putting your ideas into practice.
Within this feasibility study, market research will be an intrinsic part of it, for example to quantify the demand for the product, among other factors. In addition, you can tailor your market research initiative through questionnaires and surveys to better understand your target market.
In this regard, a SWOT analysis is also interesting, as it will provide you with useful information on how you can differentiate your product from competitors.
Once the ideation and research processes have been completed, it is time to move on to product design development and prototyping, to test and certify the feasibility of the product.
In this respect, a prototype should closely resemble the final product in terms of functionality. Similarly, it should also be as aesthetically appealing as possible.
4. New product launch plan
This point aims to establish the strategy for planning, allocating and coordinating the tasks for the market launch of the new product. This also includes the establishment of a timetable, both with the launch date and milestones to be met, as well as the budget.
The launch of a new product is always an exciting moment for companies, as it is the culmination of months of work and development.
But the launch of a new product is also a crucial moment because it is when you find out if your target market is interested in the innovative product you are offering.
Finding the right manufacturing partner to make your innovative idea viable
One of the most important factors in translating an innovative product idea into a viable product is finding the right manufacturing partner. This partner will be responsible for helping the company to design, create and develop the new product with the best possible features and functionalities, so it is essential to choose someone you can trust and who has experience in manufacturing products.
In INFINITIA Industrial Consulting there are many years, companies and innovative products that endorse us as a safe and reliable company. Contact our Product Development professionals to make your idea a reality and ensure the success of your innovation.