Every year, thousands of new products are launched by companies all over the world. And yet, the ones that stick out in the average consumer’s mind belong to a minority of companies that maintain a sizable market share. We’re talking about the global giants in different industries: Apple, Toyota, Unilever, Amazon and more.
These giant companies may only launch a dozen or more new consumer products per year and yet they get all the attention! The other (vast majority) of new products are launched by small businesses. They have to fight for the scraps of what’s left for market share in their respective industries.
Sadly, many small businesses are left dazzled by the perceived risks and high development costs of new product development. So they simply turn their heads away from launching any new products.
At Innovolo, we have witnessed countless first-hand success stories of small businesses overcoming the odds, managing the risks, and keeping costs low while developing and launching new products. In this post, we’ll show you how!
Here are some ways you can keep your product development costs low:
1 Reference Designs:
You don’t have to reinvent the wheel to launch a new product. By looking at other designs in your industry, you can come up with a good sample of features and characteristics for your own products. Just add in some of your own professional flavouring. Then, iterate on the design to solve the needs of your unique customers and you’re set!
One technique to use reference designs is to license ready-made designs from other development firms. This is a great option since you start with a design that is near-completion, which can save development costs.
- Not sure where to look? There are lots of great resources out there to draw from. For starters, behance.net, a powerful creative platform by Adobe, is a perfect place to browse the work of creative designers around the world. Just filter by the “Product Design” category to see examples of real-world designs in all sorts of different fields – from industrial design to toy manufacturing and more!
2 Reduce obvious Costs:
When choosing how to keep things thrifty in your product design, look for the obvious sticking points for the development journey. These will depend on the industry and the type of project, but watch out for new system development, software purchases and new staff hires. These are all resource-heavy instances for your development.
- Did you know? One of the simplest ways to reduce these obvious costs is to outsource the expensive bits of the project to other firms. As a new product development and innovation firm, Innovolo has the expertise and packaged options to turn those massive costs into fixed costs that you can depend on. If you work with us, you’ll get clear and visible pricing options rather than run the risk of pouring untold resources into hidden costs of development work if you decide to do it all internally. That way, you can plan for consistent costing throughout the length of your project, which helps you make sharper decisions!
3 Follow a Thorough Process:
A clear process can do wonders for conserving your precious business resources. One of the most common horror stories in the product development world, especially for newcomers, is the frightening reality of needing a “do-over” on development work if the process fails.
By adding rigor and clarity to your product development roadmap, you can reduce the risk of wasting your resources on a “do-over”. One simple way to boost your processing is to build in milestones for your project. These checkpoints and development gates ensure that you can adequately monitor the progress of the project throughout the cycle.
- Avoid process errors! If you want to accelerate the development process, partnering with an innovation service provider can boost your chance of success. Innovolo’s industry-tested Innovolation Framework is a ready-made roadmap that can guide your development through important processes like Scoping, Risk Management, Designing, and ultimately Development.
4 Enlist Experts:
Sometimes, the need for an expert opinion is unavoidable. As an example, to ensure your project is up to the technical requirements, you may need the help of a licensed engineer.
Rather than hiring your own technical expertise for a one-off new product, efficiencies can be found by enlisting expert help through the use of by-the-hour contracts.
- Access a network of experts: why settle for just one expert? By partnering with Innovolo for the duration of your new product development, you can save the time and hassle of searching for contractors, signing agreements, and monitoring their work. Innovolo has a large pool of talent in many different industries and creative fields. With Innovolo on your side, you can tap into that network of experts in an instant!
There you have it – 4 reasons why you don’t have to be scared away by the cost implications of new product development. With a plan and the proper tips and tricks, you can reduce the costs and risks of product design, no matter your industry.