{"id":25048,"date":"2017-11-13T00:13:28","date_gmt":"2017-11-13T06:13:28","guid":{"rendered":"https:\/\/www.crowdspring.com\/blog\/?p=25048"},"modified":"2025-11-30T17:19:36","modified_gmt":"2025-11-30T23:19:36","slug":"product-development-important-steps","status":"publish","type":"post","link":"https:\/\/www.crowdspring.com\/blog\/product-development-important-steps\/","title":{"rendered":"4 Important Steps To Turn Your Idea Into a Successful New Product"},"content":{"rendered":"

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Many aspiring entrepreneurs and business owners obsess about starting a business<\/a>. This obsession can be all-encompassing, and most never get started.<\/p>\n

There are many reasons for this.<\/p>\n

Some are naturally afraid to start something new.<\/p>\n

This is not uncommon. Startups are risky.<\/p>\n

Others hold their ideas close to their chest, worrying that people might steal them. But as we previously wrote, you should worry about people listening to you, not about them stealing your ideas<\/a>.<\/p>\n

Others spend months writing a business plan<\/a> when they can grab a quick one-page business plan template<\/a> and get started in a few days.<\/p>\n

But, the biggest risk for entrepreneurs and established companies is doing nothing.<\/p>\n

History is filled with companies that imploded when they failed to innovate. Young, innovative upstarts crushed Xerox, Blockbuster, Borders Books, Blackberry, Yahoo, MySpace, and many other once-successful companies.<\/p>\n

A company that resists change and fails to invent new products does nothing to expand its market base and risks losing ground to competitors who invest in new and improved products.<\/p>\n

History teaches us that this risk can be fatal. It’s hard to reverse course when your business has been made irrelevant.<\/p>\n

Whether you’re an aspiring entrepreneur building your first product to compete with established companies or a large, established company looking to innovate, product design<\/a>\u00a0is critical to success.<\/p>\n

Unfortunately, as many as nine out of ten new product launches fail.<\/p>\n

That\u2019s not an encouraging statistic, but don\u2019t lose hope! Follow a proven product development process to give your product every chance to be successful.<\/p>\n

The specific process you or your business follows may differ slightly depending on the product you\u2019re designing. Innovation takes many forms, and developing a new vacuum will be a bit different than developing new dental floss.<\/p>\n

Fortunately, the process has guidelines that apply to any form of innovation. Following them makes you much more likely to hit the market with a viable and competitive product.\u00a0You can use\u00a0process documentation software<\/a> to get better organized, among other options<\/span>.<\/p>\n

So, if you’re wondering, “How do I make a new product?” or “What is the new product development process?” “What is idea screening for new product development?” or “How do you create a product to sell?” you should read this article.<\/p>\n

This article will discuss important strategies to incorporate into your product development efforts.<\/p>\n

Here are the four important steps you must follow to turn your ideas into a successful new product:<\/h2>\n
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  1. Define<\/b> – Talk to your customers, research your market, and engage in competitive analysis.<\/li>\n
  2. Explore<\/b> – Measure the opportunity, build your business case, and screen or develop the business idea<\/a> or concept.<\/li>\n
  3. Build<\/b> – Know your target, check in, and be flexible.<\/li>\n
  4. Learn<\/b> – Use focus groups, listen to your customer service team, and take advantage of social media.<\/li>\n<\/ol>\n

    1. Define<\/h3>\n

    Some of the best business ideas happen entirely by accident.<\/p>\n

    It\u2019s exciting to have one of those \u201cEureka!\u201d moments – maybe in the shower or on a long walk.<\/p>\n

    These moments of unexpected inspiration don\u2019t always fall into our laps, though – many great ideas come through careful investigation and research.<\/p>\n

    Talk to your customers<\/b><\/h4>\n

    Listen to your customers. Engage in conversation with them, and find out what they have to say about their experiences.<\/p>\n

    Voice of the customer (VOC<\/a>) research is a great starting point for figuring out your customers\u2019 unmet needs. Four in every five<\/a> industrial innovations directly result from customer input – that\u2019s a statistic worth listening to.<\/p>\n

    While you shouldn\u2019t rely on customers\u2019 input alone to generate new product ideas, listening to their feedback and opinions is vital. Maybe you\u2019ll come away with a great new product concept, but you\u2019ll certainly come away with a clearer idea of what your business is doing right – or wrong.<\/p>\n

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