Great Idea For a Product Launch!

If you are involved in product creation you could take a lesson from rabbits and rats.

I know I can just imagine you scratching your head as you wonder what furry creatures have to do with product creation. Both of these animals were designed to be productive when it comes to the number of offspring they can have.

For instance the rabbit can mate by three months of age. Their gestation period is slightly more than a month and they can have as many as 12 kits in each liter. They can also live up to twelve years of age. By the way if you were curious a rabbit is lagomorphs while the rat is a rodent.

A female rat can begin to reproduce as early as 35 days of age. These rodents can also have as many as 12 pups and multiple annual litters. Unlike the rabbit a rat will generally live just 2-3 years, but could have a few hundred offspring and preside over many generations of rats during that time.

So what can a lagomorphs and a rodent teach us about product creation? Simply put these two creatures teach us that more may be better.

Thomas Edison used existing products to make new or better products and he never stopped at one product. He held multiple patents for his devices and he kept trying new things.

This philosophy is what’s needed for those involved in product development. Always keep developing – always keep dreaming.

Let me present a scenario for your consideration. A business owner has what they feel is a great idea for a product launch.
They have researched the idea; they have developed the product and are banking on the buzz factor for the product. They are so convinced this is THE idea they were meant to create that they invest everything in the product and do not look at additional product creation.

What happens if the product fails?

Obviously this business owner risks potential financial ruin because they did not consider a contingency plan.

What if this same business owner involved himself or she in the creation of multiple products released on a slightly staggered basis? The new product ads to the overall product line and the success vs. failure ratio are spread out among a variety of products and not simply one that may succeed or fail.

Like the rats and rabbits, work on a product creation gestational cycle where new products are being developed on a consistent basis.

Obviously low cost products are the most cost effective means of developing multiple products, but even high end products could be retooled to add new options or trim to an existing model.

It is highly probable that you will develop a product that does not connect with your customers, but there is an equal chance that one or more of the products you create will become a best seller for your business.

The product creation strategies you implement could be in tangible goods or it could be in new software applications or ebooks. These final two products may not be overly expensive to create and carry the potential for a longer shelf life.

Successful Product Development Strategies

Product development is a crucial stage that many companies have to go through, frequently time and time again, and with it comes development of manufacturing techniques. Firms have to make it right first time or they will have to face increased costs, lost sales, lost time, and lost share of the market. The outcome of this process can actually bring huge success or failure to a company.

But why is there a need to go through the product development stage? Is it a one time process that a company should undergo, and once developed surely a product is just that: a product? In fact, any business that does not invest in improving its products will find itself in serious trouble and lagging behind its competitors.

Nothing stands still, and this is particularly true of the needs of the public. What was cutting edge yesterday is a standard product today and will be obsolete tomorrow. In fact many businesses design obsolescence in their products as part of their product development. What future is there for a business that makes products that last forever? However, that aside, constant development is important because you cannot launch new products unless you develop them, and if you don’t launch new products, your company will die.

What should be done to develop a product? First, you can make goods that will generate a new market, or what people call a niche. You can introduce something new that will cater to a specific group. This can be quite a risk, because if your target market sees your product as a waste of money, you will incur big losses. But if the consumers support your new product and render it commercially viable then you will make big profits.

Another strategy you can consider is to add products to the existing line. This can mean new flavors, new colors, and new sizes, depending on the current products that you are offering to the market. This will encourage present buyers to patronize your new products, and it will expand your existing market to bring in more sales.

Product improvement is also part of product development. Once a product has been launched, its development can continue with improvements in cost, aesthetics and performance. With the increasing competition nowadays, there will always be something better in the market, or worse, something similar to your current products or services. A cheaper way to develop products is to improve the current ones so that they can stand out among your competitors. Continuous improvement of a product must be done so that you can constantly satisfy your customers. Through intensive marketing strategies, improved products can kick-off well in the market.

And lastly, if your current products are known for a particular use but they can actually do other things that can benefit other consumers then you should try to reposition them. For example, you have a food product that is popular for its delicious taste, but it also has health benefits which are not known to all. In this case, you can market the health benefits of the food instead of its taste alone. This can lead to an expansion of your target market, since the product will be repositioned to appeal to those who love food as well as health conscious people.

A company can choose one or a combination of these product development strategies. Just remember the main objectives of your product development process:

1. To be prominent compared to your competitors.
2. To continuously satisfy customers.
3. To expand your current market.

1+2+3=Growth! Growth through an increased market base, increased sales and increased profit. The full term is R&D: Research and Development. You research the market and also your competitors’ products. You use the results of that research to develop products that meets the market demand, and beats anything your competition has to offer.

Your competitors then do the same thing, and you then have to follow – ad infinitum.

However, it is not only product development that is important in a business but development of everything else that makes a business special. You should develop your sales techniques, your marketing strategies, your manufacturing processes and your office procedures. Products, processes, procedures, strategies and techniques, all of these can be researched and developed until they are all cutting edge.

You should do all that you can to make sure that your products are what your customers want and will continue to be so well into the future. That involves long-sighted product development strategies that will keep your business in the forefront of its field, and always one step ahead of the competition.

Don’t be a ‘me too’ company, but a ‘cutting edge’ company through well thought out and planned product development strategies.