New product development is an important way for businesses to stay ahead of the competition and continue to appeal to the changing needs of existing customers. In addition, new product development can open up new marketing channels and help to increase market share. There are a variety of strategies that can be used for effective product development
The best product designs begin with knowledge. Product Electricity applies extensive knowledge in product design, material selection, and sales potential within your product application.
Whether it’s a startup new product idea or a company product line extension Product Electricity can assist and streamline the process and increase speed to market.
We look at each development process differently. While a classic strategy for product development is simply focusing on customer need approach or whether it is necessary to solve a component issue within a product offering, Product Electricity works with the client to solve all areas. It is often said “Necessity is the mother of invention” and this is certainly true when it comes to new product development strategy. Having a problem and coming up with a solution to solve that problem has generated a wide range of new product ideas. Product Electricity will assist you in spotting a need and then take steps to fill it.
With ongoing customer brands and expansion Product Electricity can offer Brand extension as a common strategy for new product development. Brand extension simply involves using a commonly known brand name to introduce another similar, but different product. For instance, Arm & Hammer Baking Soda extended its brand to toothpaste. Sometimes extensions work well; other times the extensions are too different from the original brand to appeal to consumers. Dove soap, for instance, developed a shampoo that failed to resonate with consumers.
Product Electricity can provide focus and direction within the startup new product stage and although management and marketing play a major role in any company’s success, manufacturing strategies can mean the difference between success and failure for many corporations. Companies must develop a manufacturing strategy that plays up their strengths and pits them competitively in their market. Developing a manufacturing strategy that suits a company’s strengths is essential not only to maintain the supply chain to customers, but to ensure the company remains competitive within its market.
Allow our team at Product Electricity to work to create the next big thing for your company.