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How to make product development easier

18/11/2013

We deliver a range of injection moulding solutions at CPM and like to tackle new challenges when the opportunity arises. We have been exporting moulds around the globe for over 35 years and know how difficult it can be to develop a new product and introduce it to the market. Our knowledge and expertise has been relied upon by a number of companies over the years and these are our tips to make product development less complicated. • Set the budget: Before you begin developing a new project work out how much money you spend on the development of the item. You have to be reasonable about the budget that you allocate for the project, underfund the process and you might not even get to the launch stage. Figure out the total cost in advance, set a realistic budget and you won’t waste money during the development stage. • Who’s going to buy the product? Think about the bigger picture when you are developing a product, who’s likely to buy the item you are making? Stay focused on the end user, imagine you are buying the product for the first time and think about the features you want it to have. Consider whether consumers actually need the product, are they likely to buy it or will they want it when it launches? • What’s out there already? Look at the marketplace and the types of items that are already out there at the moment. Is your design similar to something that’s already on the market or is it totally unique and like nothing else that’s out there right now? If your product is similar to other goods that are already out there, what makes it stand out from the crowd? Or if you are introducing something new think about doing a little market research first just to be sure there’s a demand for this type of product. Do background checks or use consumer groups to find out if your new product will be welcomed with open arms and you’ll know in advance

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