New product introduction – the preparation
When focusing on product innovation and introducing new products, have we covered all the bases?
It might seem strange to some of us, but often much of the attention is on product features and not on how to get it to market. Product innovation is expensive, so how can we ensure our resources are put into the right things? For some, the following will be second nature, but it is always good to examine ourselves as to how we can improve.. and if we have it all covered then that’s great!
Understand Your Market
Critical to your business is whether a new product will in fact deliver you increased profitability. A successful product will hit the right balance between meeting customer feature desires and be something that can be manufactured economically.
When is the ideal time to introduce your new product and capture market share? Is there a compelling event causing a critical market entry point? This varies from business to business, but principally this is all about planning and allowing enough time from concept to product realisation.
Understand Your Competition
No matter how large or small a business is, conducting some level of competitive analysis across your market sector and finding out what your competitors offer, and when they plan to introduce new products can save you time and money.
Does your chosen manufacturing partner offer you a tailored fulfilment model that will support your market needs? The attention should not just be on NPI, but how your product will be served to the market volume.
NPI at NOTE
Working in close collaboration with our customers from the early design stages, our team of experts will support you with the above considerations and will ensure your product is streamlined for cost effective manufacture. With access to a global market database tool for components we can help mitigate lead times at the front end. Using our proven NPI process employing best practices in Design for Procurement (DFP), Design for Manufacture (DFM) and Design for Test we aim to ensure your product introduction is seamless from NPI to full production.