It is essential to provide consumers with safe, reliable products time after time. Yet, a few manufacturing mistakes can result in a low-quality product that can impact a company’s reputation and bottom-line. Read the six biggest considerations during product development.
- Different Consumer Requirements
Both direct consumers and industrial consumers will base their purchasing decisions on different factors. Direct consumers will more than likely purchase a product based on its appearance, usefulness, convenience and durability. While industrial consumers will primarily look for durability, suitability, quality, affordability and a stable supply. You must ensure you provide them with a product that ticks every box on their list.
- Developing and Manufacturing
Once you have identified the different consumer needs, you should then focus on the development and manufacturing process. You will need to identify the cost of the manufacturing process, so you can forecast the potential return on investment. It is also imperative to factor in the cost of producing the items on a continual basis.
Different industries will have different demands. For example, aerospace, automotive and defense will more than likely need to source affordable yet high-quality Mueller Corp emi rfi Shielding, which can provide heat shielding, vapor barriers and conductive paths. While clothing retailers will need to find and secure the highest quality fabrics at the best possible price, so they can enjoy a healthier profit margin.
- Intellectual Property
Have you got a unique invention? It is important to identify if you can apply for a trademark, patent or copyright, which can protect your idea or design from being used or stolen by a direct or indirect competitor. An intellectual property protection can therefore provide a USP that can separate a business from its rivals.
- The Development of Complementary Products
During the product development process, identify if you can utilize your existing equipment to create complementary products to boost your revenue. For example, a toothbrush company may also produce toothpaste; however, they would need to use different equipment, materials and methods to create the products. As a result, you could boost consumer engagement, brand awareness and can increase sales.
Byproducts and waste are a natural part of the product development process. Companies must therefore find ways to use their excess materials to reduce or eliminate waste. For example, a business that manufactures leather belts could potentially expand on its collections to offer shoe soles or dog collars. You never know, the by-products could potentially turn into a company’s biggest seller.
- Impact on Additional Products
Before you embark on the product development process, you must aim to gain a greater understanding of how a new product can affect the established products already in production. For example, a newer, higher-quality product may go head-to-head with an existing item, which could help you cater to different demands or could potentially be detrimental to the lower-quality item. Weigh up the pros and cons before you decide to put a new product into production.