subject: Small Business and Product Development [print this page] Author: Marijana Author: Marijana
The successful introduction of new products to the market is of key importance to the survival of any business. Considering that the life cycles of products have shortened drastically due to the rapid changes in technology and customer demand, small businesses are facing the challenge to introduce more effective innovations. Customers are searching for the newest and the best products, and those companies that fail to provide are destined to fail completely. For a small business owner who wants to expand their business, it is very important to know exactly how and when to develop new products. If you dont follow the trends in your industry market, and try to lead rather than follow, you may put the survival of your company in danger. Well thought out introduction of new products and services can significantly improve your chances to stay competitive. The process of product development for small business begins with brainstorming, determining what type of products you are currently offering and what new products you should have. Dont waste any ideas, write them all down and try with unconventional ways of thinking. Put yourself in customers perspective and think of the products you would want to buy. Include the element of fun when imagining your new product, and think of the innovative ways of packaging and selling the product. The more ideas you can think of, bigger the possibility you will came up with a winning one. When you finalize your list, consider each of your ideas carefully. How feasible are they? How much time would you have to invest in development of those products? What would the costs be? Most importantly, you should think of how your customers will receive the product. What are the benefits this new product would provide to your customers? Does the product answer to your customers needs and wants? Will this product provide a good value for your customers and your business as well? In order to develop a top selling product, you must take all this into consideration. Further you will have to do a thorough research on the product you want to develop so that you can determine whether the development of new product will provide your business with a measurable success. This includes several factors including market research and analysis of time, resources and money investment. Make an informal inquiry among your customers about their interest in the type of product you want to develop. This way you can determine if the product is marketable or you would just be wasting your time and money. The key here is to give your customers what they want and your business will blossom. Another important factor in product development for small businesses is securing the resources and skills needed to create and market the new product. If your company doesnt have the resources needed to create a new product, you can decide to outsource work. When the new product is being developed, you should think about the ways to successfully introduce it in the market. At this point you may need help from an advertising agency. When using services of an advertising agency for product launching, you need to do the following things: Define a product concept Provide the agency with background on your companys products and goals. Have the manufacturing process in place Prepare a business plan that outlines funding of the project. Determine the proper timing for the launch. About the Author:
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