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What Should You Include in Product Concept Statement?

Imagine: you have an idea for a new product, and you know that there’s a market for your idea. Because you are doing it for a first time, you are not sure from what to start. What will be handy for you is to work through all the whys and details of your product idea in your head. In other words, put it into paper and to draft a product concept. But what is a product concept? Let’s explore.

While everyone appreciates a great finished product, not everyone understands the key steps of product development. Moreover, to achieve that the idea and product itself goes through many iterations, prototypes, and market trials. Therefore, a solid product concept is what can make your idea for a product a successful reality. If you’re new to the idea of product development, it can be helpful to work with tools such as Realizr. In addition, if you need more personal guidance, hire expert to work you through the discovery stage.

Product Concept Defined

In the first place, a product concept is simple: it’s a statement that explains the problem the product aims to solve. Also, how the product will solve the problem. While you are working on your product concept, you’re explaining the reason there’s a need for your product. Therefore guiding your team’s decision making process as they create the product you’re going to be selling.

Additionally, a product concept is an essential part of the research and development process for both large companies and individual inventors & startups. The old adage is true: if you don’t know where you’re going, you’ll probably end up somewhere else. Correspondingly, your product concept statement guides each step of the decision making process throughout product development. However, its a live document which can be modified and edited as more information evolves and new and better applications for the product are discovered! In addition to explaining the need for the product in the current market, a product concept will also describe the target audience for the product, and may explain how the product improve the target audience member’s life.

This example of a product concept statement for a company that’s creating a new tea brewing system shows the various components of a solid product concept explanation. While outsourcing your product concept statement is certainly possible, you’ll want to work closely with your product concept team to ensure that they fully grasp the purpose of your product, and the hole in the market you’re attempting to fill.

Product Concept Design Questions

Again, a product concept statement embodies everything that makes the product unique. For instance, it helps the research and development team understand how to create the specifications of the project. Your product concept will answer several questions, including:

  • What are the goals of the product?
  • What pain points it solves? How does it solve those pain points?
  • Who are the end users of the product?
  • Are there any similar products on the market?

Product Concept Design Components

In the light of above, let’s take a look at some of the common traits you’ll see across successful product concept statements.

  • Convenience – If the goal of the product is to save people time or make their lives easier, the product concept should explain how this will occur.
  • Functionality/ Performance – In this part of the statement, it’s important to explain how well and how well the product solves pain points of the end user. If you get stuck in this part of the product concept, it’s a good sign that you need to go back and revisit your initial goal of the product and its design and functionality.
  • Lifestyle / Target Market – Does your product lend itself to a particular demographic? In other words, your product concept should explain why people who fall into your target demographic will benefit from your product. In other words, delve into why your product will appeal to your specific audience. Keeping an eye on the pulse of your target market (and shifting your market as necessary over time) is a key piece of an evolving and modifying your product concept statement.
  • Quality – Discuss what makes your product stand out when it comes to quality. Whether that means discussing premium grade materials or how you’re getting the highest quality possible while maintaining your low price point.
  • Price – Whether your price point is high or low for the going rate of similar products, you’ll want to explain the reasoning behind your cost. You might use a high price point to garner a sense of exclusivity around your product. You may use a low price point to make your product accessible.

LA NPDT: Your Partner In Bringing Your Ideas Into Fruition

If you have a great idea, and now it’s time to make it a reality. As a matter of fact, your product concept statement is a great place to start. Above all, our Realizr tool might be your right hand during the brainstorming and working through the details of your product idea. Of course, if you would need more guidance and navigation, our team will be happy to work with you on your discovery stage.

In conclusion, at LA NPDT, we’re here to help you through the creation of a concept design statement to help you zero in on what you want to create. We understand how tough it can be to articulate your idea for your product. We will help you to navigate the process. Reach out to us today to learn more about how we can help you make your idea into reality. Schedule a consultation now!

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