Developing a product idea - how to do it right
There are no magic solutions or instructions that will give you 100% success, but if you have a winning idea for a product that will make everyone's life better and also bring you income, then it is worth starting a product development process. But to start the process and go through it in the best way, you need to know how to do it right. We have compiled here the best recommendations and tips that will help you develop your great idea for the next product in Israel.
I have an idea, what next?
The best products are usually ideas born from people who have experienced some problem, recognized that it is a common problem that many people experience, and managed to invent the product that will provide the appropriate solution. Take, for example, the plastic pieces that are put in the supermarket cart instead of a five-shekel coin. Someone recognized the constant inconvenience at this point, when you don't always have the coin and have to give a deposit or change bills. The inventor went further and turned the product into a keychain that can even be branded. So it's true, not all products are so simple and intuitive, but in the end it all boils down to a problem or difficulty that a target audience is experiencing and the product can provide a specific solution to it. So if a particular idea takes shape in your head, the solution to the small (or big) problem that we all have, here are some tips that you should follow to promote the idea.
Notes
Do you have a product that has been brewing in your head for a while? If so, then it seems that you are an entrepreneur at heart and your mind is working 24/7. This is the basis for product development, but it is important to remember that ideas that are not consolidated will not take you far. Throughout the day, thoughts and moments of inspiration will come and sometimes these will be important insights that are a shame to miss. Use notes on your phone and write down every thought and spark of an idea that comes to your mind. It is possible that these thoughts, as random and random as they may seem, will be worth a lot to you in the future.
Market research
In the next step, after you already have an existing idea and the details are listed in a relatively clear and organized manner, it's time to check if someone has already thought of your product before you. In some cases, you will discover that such a product does exist, and perhaps even several similar products, or that the idea has been patented. In other cases, you may discover that they have indeed thought of the problem or difficulty that your product wants to address, but that the product is different and does not provide a complete or appropriate solution to the problem. But let's remain optimistic. In the best case scenario, we will discover that no one has yet thought of an idea similar to ours and there is no appropriate solution to the problem we are addressing. It is very important to do a comprehensive check because only in this way can we understand the right course of action.
A dream come true
So far it sounds pretty simple, right? All you need is the winning idea, check that we don't have competitors, and...hopefully, we have a winning product and we start making a lot of money, but in reality it's not like that. Even if we really have a unique idea for a new product, there are still many steps along the way and before we start, reality always looks more promising and rosy. In practice, you will probably encounter quite a few legal difficulties, difficulties in manufacturing and developing your product (and this is more noticeable the more innovative, technological and complex the product is), difficulties sometimes in financing its production and raising sources of financing, and more. It may even be that along the way you will discover that your idea is simply not successful or profitable. All of this happens quite a bit, so we must lower our expectations and prepare ourselves for many bumps on the road to wealth.
Characterization of the idea
From here, the next step is to dive deeper and formulate the general idea of the product. What problem does it aim to address? What does it look like? How is it used? Who is supposed to use it and when? How do you operate it and how do you carry it from place to place? Here we actually get down to the smallest details and begin to paint a clear picture of the thing.
What is the concept?
The most important question we need to ask ourselves here is what the product concept is. Is the product technological? Is the product related to the worlds of lifestyle? What is the nature of this product and who is its target audience? The concept of our product has a direct connection to its branding down the road, so it is very important that the answer to this question be as clear as possible.
Market research
If we talked about market testing, which is essentially the initial test done to find out if a product is the same or similar to ours, the more advanced stage is market research – a more in-depth stage in which we get down to the smallest details and find out what the market situation is in general in relation to our product. The research includes an examination of direct or indirect competitors and the products they market, their disadvantages and advantages, and so on. It also includes examining potential audiences, investigating consumer attitudes about the problem or product, mapping marketing challenges, and so on. This stage is extremely critical in the product development process and should not be skipped under any circumstances.
Uploading a document
If in the preliminary stage it was useful to put ideas and thoughts on notes, here it is important that we know how to save and organize the information in an orderly manner in writing, with full backup to files. It is important to include everything that comes to mind, such as production processes, thoughts on product development, comments from colleagues and insights that occur to us during the day, questions that arise that need to be answered in the future and open tasks, and so on. This will allow us to approach tasks easily and promote the idea and process effectively.
Contacting professional bodies
External professionals are an important part of the process and will help us turn our ideas into reality. If the product is a new technological product, for example, we need to find a relevant software and hardware development house. If we are developing a product in the agricultural field, we will look for companies that specialize in this type of production. Other relevant professionals that can be useful are property and intellectual property lawyers or those who specialize in patent registration. Often, there is a need for high-quality digital marketing or assistance in raising funding sources. Sometimes there is also a need for general business advice and, in essence, we need to understand exactly what our challenges are and choose the appropriate professionals accordingly.
Listen to your intuition.
At this point, you are likely to discover that there are many companies and businesses offering services that may be relevant to you. It can be confusing and it is important to make the right choice that is an investment and not an unnecessary waste of money. It is absolutely fine and even right to contact several consultants in the same field, they will help you get a broader and richer picture of the market situation and especially of where you stand. After you have a lot of information in hand – listen to your intuition, sometimes it is worth letting it lead.
Funding sources
It should be remembered that if we do not have a large amount of money for mass production of the product and its development, we will need to find sources of financing for the cause. There are all kinds of ways to do this and sometimes several approaches need to be taken simultaneously. Options such as crowdfunding, turning to venture capital funds, a loan from the bank or non-banking entities or searching for partners. It should be remembered that it is not always easy to find such sources and that the task of raising funds is a job in itself.
Production phase
To release any product for mass production, one must go through an organized process, and after lengthy planning, one can begin producing the initial product, a prototype, which will be tested to ensure market suitability.
prototype
The production phase begins with the creation of a prototype, which is the first model of the product from which all units will be manufactured in the future. Even if you have an initial product from the design phase, it is not yet a prototype and you need to produce one finished product that will be the basis for all the others. With this unit, we can now get started and test how usable and effective our product really is.
Usability testing
Now we can begin to examine whether the product is really useful, and it is important to do this patiently and carefully. It is important to try it ourselves, but also to let external people, especially the target audience, try it out and test it. It is very important to define precise parameters that are interested in testing and examining every aspect of the user experience, including operation, updates if necessary, maintenance, comfort of carrying, and so on. Throughout the process, it is very important to document the users' experience of using the product.
Feedback and improvements
From here begins a ping-pong of comments and rejections that bring updates, corrections, and changes to the product from the other side. It is important to receive as much feedback as possible in order to get the full information about the user experience. This way, we can make changes and refine our product even more, which will increase its chances of selling in the future.
Correct marketing
Proper marketing is the engine for distributing the new product, and without it, even the best product on the market will have difficulty breaking through. It is important to invest in the marketing process separately, and if necessary, outsource it to a marketing company that can promote the product well.
Challenges in new product development
time
Without a doubt, the most valuable resource that is also worth money from the very beginning. Many times, slow processes that get stuck lead to the end of a good product before it even reaches the market. Therefore, it is very important to work with clear and organized schedules. Make sure that you push to meet deadlines and that you allocate time for each stage of the process.
budget
Remember from the very beginning that developing a new product and marketing it takes a long time. You have to take into account development costs, production costs, advertising and marketing costs, legal costs in many cases – in short, it's an expensive story. Therefore, it is very important to plan a budget in an organized and clear manner, and it is important that it is a generous budget, and to round the numbers up because there are often unexpected expenses. In addition, you need to take into account that along the way you may need another round of fundraising, despite the budget planning you have done.
Small/weak development team
If you have a small or insufficiently skilled development team with which you started the process, there is a chance that you should consider hiring additional help in the form of development teams. Outsourcing the development team is a step that can be very profitable, and similarly, there are other services that we can outsource and thus achieve professional and fast service.
In conclusion
To turn a winning idea into a product that makes people's lives easier and brings us a lot of money, we must work in an organized manner and not give up on the important steps. If you also have a technological idea or any other product you are thinking of developing, it is always worth consulting with the experts who will walk with you hand in hand as the dream becomes reality. Want to know more? WeDev's experts are here and will be happy to answer any questions.
