New Product Introduction – The Preparation
NEW PRODUCT INTRODUCTION – THE PREPARATION
When focusing on product innovation and introducing new products, have we covered all the bases?
It might seem strange to some of us, but often much of the attention is on product features and not on how to get it to market. Product innovation is expensive, so how can we ensure that we put our resources into the right things? For some, the following will be second nature, but it is always good to examine ourselves as to how we can improve… and if we have it all covered then that’s great!
Understand Your Market
A new product is key for your business. It should boost your profits. A successful product balances customer features with affordable manufacturing.
Market Entry
When is the ideal time to introduce your new product and capture market share? Is there a compelling event causing a critical market entry point? This varies by business, but its primary focus is on planning. It’s important to allow enough time from the concept to product realisation.
Understand Your Competition
Every business, big or small, should do a competitive analysis. This means checking what competitors offer and when they plan to launch new products. Doing this can save you time and money.
Product Fulfilment
Does your manufacturing partner offer a custom fulfillment model for your market needs? Focus should be on how your product will serve the market volume, not on NPI.
NPI at NOTE
We will collaborate with you from the start. Our experts will help with your design needs. This way, your product will be ready for cost-effective manufacturing. We can use a global market database tool for components. This helps reduce lead times at the start. We use our NPI process.
It follows best practices in:
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Design for Procurement (DFP)
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Design for Manufacture (DFM)
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Design for Test
This helps make your product introduction smooth from NPI to full production.