I Have A Product Idea—Now What?

product

Developing an idea into a physical product that people need, love and enjoy is a fulfilling venture for any entrepreneur. For first time entrepreneurs though, the product development journey may seem challenging and fraught with obstacles. With so much information available it can be confusing as to what needs to be done first and who you can turn to. Below we discuss the first five steps of product development to help you dig in and get to work.

Document

Write your idea down in detail. Talk about the functionality of your product, what it looks like and what you want it to achieve. Writing the details down will ensure that you don’t forget anything and help clarify the idea for yourself.

The documentation process doesn’t have to happen in one sitting, but may evolve over time as you continue to build upon your idea and narrow its scope.

Research & Evaluate the Idea

This step is going to take some sleuthing, but it will be well worth it. Take the time early-on to properly evaluate your idea, research the market landscape as well as potential competitors. With this research in hand you are less likely to make the (costly) mistake of developing a product that is already out there and available to consumers.

If you are planning on filing a patent, this research should also extend into preliminary patent research. Consulting an Intellectual Property Attorney would also be a great idea to assist with the patent research and be provided with all the necessary patent filing information.

Target Market Evaluation

Get to know your potential customers. Who do you want to buy your product? How does your product suit their needs? How will you be able to get their attention? These questions, and others like them, will help you narrow down and define your target market. You want to know all the details, age, gender, occupation, likes/dislikes, preferences—keep narrowing it down until you have a complete picture of who will be purchasing your product.

Make a Prototype

Depending on the type of product you want to develop, you might be able to make a prototype at-home with traditional household items. However, keep in mind that this prototype won’t suffice as you head into manufacturing. In the very early stages, a homemade prototype will help convey your idea to potential investors and customers. As you moved towards manufacturing, you are going to need a functional prototype developed using DFM (design for manufacturability) methods to ensure a smooth transition into manufacturing.

Market Testing

Using your new functional prototype, it is time to reach out to those potential customers to get their feedback and insight. This could be done through focus groups, product testing etc. At this stage you want to know what customers like about your product and what they don’t. Keep in mind that you might have to re-evaluate the design of your product if you are receiving feedback indicating that change is needed—these design changes may deviate from your initial idea, but ultimately you want to meet your customers’ needs.

Once you have gone through these five steps it is on to production manufacturing and preparing for your product launch. Developing a product takes time and patience, but once you see your product on store shelves or in the hands of customers, the journey to get there will all be worth it.

Have additional questions about product development? Send us an email at info@3d-innovations.com

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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.

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