Four Reasons Why A New Product Development Plan is Important in Growing Your Business

The Importance of Proper Evolvement and Execution of New Product Development Services.

New product development is a process in which you see a market opportunity and develop a product to take advantage of that opportunity. Because your process has many steps, you need a new product development plan. The plan keeps your development on track. The plan also ensures your product is the best it can be. Coolidge Corporation is one example of a company whose products have succeeded because of good new product development planning. The company developed and executed a new product design plan to introduce its Stratovac vacuum cleaner in 1952. It modified and reworked its plan to introduce Stratovac Plus and Stratovac Deluxe later in the 1950s. The same framework was used but new products added in the 1960s. The company also used the same planning process to introduce the Handivac line, and later the Helpmate line of vacuums. A product development plan was critical to launching each new product, according to a case study in Harvard Business Review. Without planning and mapping, Coolidge would have fallen behind its competitors through the 1990s. Since Procter & Gamble has developed a systemized product development plan, the company has tripled its innovation success rate, according to Harvard Business Review. Before the plan, its Tide detergent brand had stopped growing. As part of the plan, new Tide-branded products were created. As a result, the brand’s revenues nearly doubled. Likewise, its toothpaste brand Crest had lost its top ranking to competitor Colgate in the late-1990s. When P&G implemented its new plan, it launched three product innovations within 10 years. These were Crest Whitestrips, Crest Pro-Health, and Crest 3D White. The Crest brand has now retaken the No. 1 spot in many markets. Both Tide and Crest were struggling as brands. A product development plan put the brands on top again.

What is product development plan?

A product development plan is a detailed roadmap that guides you through every step needed to brainstorm, create the product, gain funding, and produce it. Our New Product Development Plan (PDP) ™ is a step-by-step design roadmap that serves as a navigation tool for your team from product conception to manufacturing. You need our New Product Development Plan (PDP) ™ for every product for four reasons.

The PDP™ guides you through the process

As an inventor, you are creative. The details of the process of bringing your good ideas to market may overwhelm you. Likewise, as a product developer, you may tend to underestimate the time required for product design and development. This leads to more time and expense in the long run. A master product development plan can help you better understand all the requirements of your project, including market research and production requirements. The New Product Development Plan can provide you with everything you need. Essentially it is a product design plan, marketing plan, and production plan all wrapped up into one cohesive roadmap.

The PDP™ keeps your team motivated

Teams thrive when communication thrives. Having a PDP™ helps you eliminate miscommunication. It also provides direction to those companies to whom you outsource work. You can easily assign tasks to team members and complete the steps in the plan in a way that is efficient and cost-effective. Clearly-defined tasks and good communication will improve your team morale.

The PDP™makes budgeting easier

The plan helps you budget better because it lays out all the costs upfront. An Arthur Andersen study has discovered that a well-developed budget is a key to success. Those companies that succeeded were those who streamlined the budget process. They also were the companies that planned their resource allocations so that they were in line with their overall strategy, and managed their costs within the budget. The PDP™ enables you to do this.

The PDP™ helps you reach investors

Investors are often the key to your being able to move forward with the development of your product. Investors expect to see a detailed execution plan which the PDP™ provides. The new product development plan concisely represents the actions required to realize your product’s potential. It outlines the product engineering services needed and clearly provides prospective investors steps, timeframes, and costs associated with new product development. Without PDP™ you are a struggling inventor. With a PDP™, you are a determined product developer and entrepreneur.

Contact Us

We develop your PDP™ individually based on your product and your needs. We ask you questions to determine the stage of development and the plans you have for the product. For example, do you plan to license the product or build a business around it? Then we develop the PDP™ accordingly. We also analyze the marketing you already have in place so we present a plan that is not repetitive. We also can provide a sample development plan. Give us a call at 318-200-0526 or drop us a line online.

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