New Product Development Strategy

If you have a business, I am sure that you have already known what you have to do to run your business smoothly and how to improve or expand your business. Yes, one of the most important things to do is making product development. We cannot deny that people, the customers, need something different, even though it is from the same product. They need a variety.

You do not have to open a new business to attract your customer. You have only to make varieties of your product, so your customer will not be bored. You can take a look at Pond’s as the example. From the first time, Pond’s come as one of cosmetic brands, Pond’s only have two or three products. However, during the time, Pond’s starts releasing new cosmetic products in order to attract their customers.

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If you want your business continue to exist, you need to make product development. In this competitive world, you have to be able to see what people want and what the trend is because it will lead you to know the customers’ demands.

In this case, I know and understand that making a product development is really hard. The process can take your time, even your money because you have to do some researches. Here, all you have to understand is that the customer demands is your main idea. In order to know where to start to develop your product, you need to know what the customer wants. You need to do some researches and survey. Therefore, that is why there are many independent surveyors nowadays.

If it is not about a new product, then it might be about the latest product. Try to find out if there is any flaws of the product, then you can develop your product better. After doing some researches, you can turn it into a concept and you can make the production cost. If the concept is done, then you can make the prototype of the product. At this time, the role of marketing officer is really important. Here, they can make a prediction where to start to introduce your new product and how to do that. As a marketing officer, they must be familiar about product development and how to handle it.

The next thing you need to do is branding. Sometimes, branding can be such a difficult thing to do because you need to find a good name as your brand. Moreover, you may need a new logo. Choosing a great name as your brand is not an easy thing to do. There are many considerations before you make a decision. It is fine if you use the previous brand and logo.

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Yet, if you make a different name, then people will definitely look on your product. The last thing you need to know about product development is when is the right time to release or introduce your product to your customers. A good timing is also the important point to make people attracted to your product. If your customer starts to get bored, then it is the right time to introduce your product.