Five Stages of Developing a New Product
Written by: BD Team | Published a year ago
Have you ever been curious about the journey of a product? Or the steps involved in getting your brand onto supermarket shelves? Well, it's possible! In this article, we go through the development stages of creating a brand.
Research Stage
New product development kicks off with comprehensive research. This phase involves conducting market analysis to identify trends and opportunities, gathering customer feedback and insights to understand their needs, and conducting competitor analysis to gauge the competitive landscape. It's during this stage that the seeds of innovation are sown as we pinpoint the gaps in the market and prepare to fill them.
Packaging Design
Effective packaging design is not merely about aesthetics; it's a critical component of product success. It should encapsulate your brand's identity, offer practicality in terms of product protection and user-friendliness, and possess an aesthetic appeal that draws in potential customers. The packaging serves as the first impression of your product, influencing purchasing decisions and setting the tone for the entire consumer experience.
Sensory Testing
Sensory testing is where we fine-tune the product to meet and exceed consumer expectations. It involves quality control measures to ensure consistency, obtaining invaluable consumer feedback through product sampling, and iterative testing to perfect the sensory attributes. The sensory testing phase is all about creating a product that doesn't just look good but tastes, smells, and feels right to the target audience.
Commercial Feasibility
Before taking the leap, a detailed assessment of the product's commercial viability is imperative. Cost analysis is conducted to determine the production, marketing, and distribution costs, ensuring profitability. A pricing strategy is crafted to strike a balance between covering costs and remaining competitive in the market. Real-world market testing allows us to gauge the product's performance and make data-driven decisions.
The Launch
The grand finale of new product development is the launch. It's a moment to showcase the culmination of hard work. A well-thought-out marketing strategy is put into action, including digital and traditional advertising, social media promotion, and PR. Ensuring that the product is available where your target audience shops becomes a critical aspect of distribution. Hosting a launch event adds to the excitement, generating buzz and media coverage. The post-launch period involves continuous monitoring of sales and customer feedback to adapt and refine the product as needed for long-term success.
New product development is a complex and exciting process that involves various stages, from the initial concept to the product's launch into the market, and can be quite daunting! Imagine can support your vision of the idea to market. Get in touch with us if you want to see your brand on the shelf - https://www.imaginefmcg.com/#