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Developing a new product is an exhaustive process. It involves a structured roadmap that helps you navigate the path to bring a new product into the market. From generating an idea to establishing the product, stick to the steps to get the desired outcome. Also, when you are embarking upon a new product development scheme, you need to be aware of what goes where.
There are 7 steps involved in this process. Follow each of them, and your new product will turn out to be focused and flexible.
To stay longer in the market, companies introduce new products to attract new customers and increase their revenues. If you are planning to do the same, take a look at the below steps.
7 Steps to Develop a New Product
1) Product Idea Screening
* Introducing the Product
Introduce your product to the team. Add some product details such as product advantage, market attractiveness, technical feasibility, and more. Either you will get a 'go ahead' or you will hear 'don’t'. So you have to be very specific while introducing the product.
* Product Roadmap
Introducing is not enough. Showcase a plan of nurturing the product. How are you planning to add new features to the product in the future? Use this product roadmap slide to demonstrate your plan.
2) New Product Analysis
* Detailed Analysis
Conduct a detailed analysis of the newly-introduced product. Determine its strengths and weaknesses to improve the product for the consumers. Throw light on its features and benefits too.
* Category Analysis
Evaluate the product based on the four categories mentioned above. Analyzing these four categories will give you a clear picture if your product is suitable for the customers or you need to improve in some areas.
3) Tools & Techniques
* BCG Matrix
Use this analytical tool to assess the cash demands of the product. This matrix will also help you analyze the profile of the product or business. You can easily allocate resources using this tool. Not only this, but the matrix will also allow you to know whether the product needs harvesting or divesting.
4) Market Analysis
* Market Segmentation
This slide will help you segment your consumer market. Choose an ideal target market based on the four categories given above. Fill in the details and analyze the four segmentation variables. This will help you evaluate the appropriate target market. Depending upon the category your product will fall into, you will have a marketing plan accordingly.
* Market Attractiveness
This particular graph shows the correlation between the market attractiveness (the level at which the product is liked in the market) and the business position. It will help you put forward through the graph various scenarios such as a strong business position might not necessarily mean that the product is being liked in the market.
5) Development Plans
* Marketing Launch Plan
Demonstrate the marketing launch plan for the product. How are you going to attract the audience? Think of every possible way to reach out to the masses. This slide will help you figure out the various options.
* Digital Marketing Plan
We are in the tech generation. It would be best if you had a digital plan to advertise your product. Incorporate this professionally-designed slide to help you strategize the digital plan for your product.
6) Cost Analysis
* Production & Cost Analysis
Since you are developing a new product, it involves many financial resources, including production cost, operation cost, and more. You are also answerable to your bosses and accounts team for the finances involved. It would help if you kept a tab on the money involved in the product development. Have a production and cost analysis chart in your presentation, put the numbers in, and keep the things transparent.
* Marketing & Launch Cost Analysis
Just like the production and cost analysis chart, you can also create a chart on marketing and launch cost analysis to check if you are going out of budget or not.
7) Product Feasibility Review
* Feasibility Review
Once the product is developed, get it evaluated by the project managers. Score the product based on the categories mentioned in the chart. Analyze the score and amend changes in the product accordingly.
* Product Quality Check
Get a quality check done of the product before the product enters the market. This quality check will help you assess the product in a better way. You will get to know if it is ready to enter the market or not through this quality test.
These are the 7 steps that you need to go through before you see your new product. Take one step at a time and carefully scrutinize the results before going to the next level. Develop a new product to offer new benefits to the customers.
2021 update: Try out these new product development templates for excellence
When trying to penetrate the market with something disruptive, you have to keep your team well informed and organized. So given that you have understood the above key points to include in your presentation, you can apply them by trying out the new product development templates mentioned below. These templates are fully customizable. So you can make alterations down to the color and size of each graphical element. Click on the links given below the templates to download them and set out on a remarkable new product development journey. Perfection made simple!
Template 1
Chalk out the perfect plan to make new product development a breeze. Use this template to spell out the right strategies to evaluate product idea screening, besides feasibility overview and marketing decisions for the brand. Additionally, you can use various charts used in this thematic template to clarify the metrics to be used for evaluating the product performance. Download the template now!
Template 2
Promotion strategies are key to a flawless new product development process. So you should ensure that your presentation includes an outline of marketing strategies and the roadmap to their execution. Communicate the ways to jack up sales and product outreach with the help of this stunning set of slides. Additionally, you can describe the digital marketing roadmap for your online teams to run every operation smoothly till the point of product launch and beyond.
Template 3
A lot goes behind rolling out a new product in the market. You have to keep tabs on every aspect, right from ideation to execution. When you want to hand over this plan to your teammates, it would be better to present it in a sharp format. Therefore, you should use the following template that showcases monetary and procedural aspects of your new product development in a lucid manner. Grab this template and deploy!
Template 4
Catering to a customer’s needs can be a challenging task. But when you have the power of analysis with you, there will be no errors of judgment. So utilize this template to elaborate the market and data analysis to let your team dive deep into the customer psyche. The template can also serve as a ready-reckoner for product promotion activities as well as a tool to attract investors. Feel free to use as many slides as you want and make changes to them to make your new product development flawless.
Template 5
The only way you will be able to market your new product effectively is if you know what its unique selling points are. So prepare a comprehensive analytical guide for your team to chart out the techniques they will need to make the product a hit. Factor all key points into your presentation and solicit groundbreaking ideas to improve your product using this fully-editable template. Mention the product pricing and branding roadmaps to enable your team to gain a loyal customer base.
Template 6
Utilizing our manual for making a precise new product development plan can become even more fruitful with this template. You can earmark budgeting proposals in this customizable template and take feedback from various department representatives. Implement the feedback before you put the plan to work. You can also include quality control measures and assign personnel to handle them. Manipulate the template according to your brand theme and devise an unbeatable strategy.
Template 7
Tracking feedback and changes can help you gain precision in your new product development scheme. So use the following template to give your team the right start. You can depict a new product development funnel with this template and empower your team to go beyond their assigned roles to contribute to raising the product quality. You can also use the striking infographics in this template to highlight the points of value. Just click to download and present with finesse.
Template 8
When you have to deliver an outstanding new product development presentation, you will need to get the macroscopic as well as microscopic view of the project. Envision each detail of the product with this ready-to-use template. Jot down every possible loophole that your team needs to avoid to develop an outstanding product that takes the market by storm. Feel free to add images or replace the default images on this template for relevance and precision.
Template 9
Unlock new opportunities with this new product development schema template. Track down key metrics and assign goals to make your team more productive and efficient. The template is fully functional and can be reproduced into other viable formats for print and digital communication. Highlight all the product development methodologies and results with this creative bundle to work out the best strategy. Click the link below to download and present for perfection.
Template 10
Develop a sharp outline for your project and discuss with your teammates using this striking template. You can present it to your team and prospective clients in modules. You can also choose to add more slides to the templates to develop bespoke modules that relay information within seconds. Additionally, you can add graphics and charts to elucidate budget provisions and sales targets. All in all, this template has something for every part of your team. So go for it right away!
So there you go. Script your success story with the help of our new product development templates. Good luck with your next venture!
I am extremely impressed and inspired by Madam Hanisha Kapoor's presentation.
Thanks so much indeed!