How to Turn A New Product Idea into Reality
Do you have an innovate idea for a new product that you can’t seem to shake off? Sometimes, inspiration can strike from nowhere, and an idea begins to form. When inspiration arises you may find yourself distracted by the idea and unable to get it out of your mind. Nurturing these ideas is essential, because who knows, you may have just stumbled across the next big thing.
The challenge for any budding entrepreneur is knowing how to take this persistent idea, and translate that into a tangible product. Intrigued? Read on to find out how to transform your lightbulb moment into a potentially profitable innovation.
Develop Your Idea
Your original idea is probably excellent in principle, but to begin its transformation into more than just a thought floating around in your head, you will need to flesh it out. At this stage, you could take the easy option and backtrack from your idea, letting it turn to dust. The challenge is to take your idea and turn it into a viable concept. You will need to think through any potential barriers to taking your product to market and identify any potential faults with the idea. The next step is to take these barriers to success, and to innovate around them, to think creatively and find ways to work around the challenges. This may sound laborious, but don’t let that deter you, this is all part of the process.
Do Your Research
Research is a crucial part of the product development process. Before you invest large amounts of time, energy, and potentially cash to your emerging idea, you need to be sure that no one else has got there first. Researching to see if the same product is already available on the market is crucial. If there is something similar already available, you will need to consider how your product will be different from the existing one, and how you will compete against it successfully.
Know Your Market
Successful products have a purpose, and they solve problems for the end-user. To be able to market your product, you will need to establish exactly what the purpose of your product is, and who will buy it. Knowing who your audience is will enable you to market the product directly to them, and design it to make it appeal to this particular market.
Put Your Idea to the Test
One of the best parts of the product development process is the creation of the prototype. This enables you to see your product as a tangible item for the first time. Nowadays, the latest rapid prototyping 3d printing technology allows you to create a design prototype faster than ever before. Thanks to technology this stage of the design process can take place over a short period of time, so you will be able to get your hands on your prototype without delay.
Seeing your prototype is a special moment, and enables you to refine your product further, in preparation for taking it to market.
Categories: Outside Contributors