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 NEW PRODUCT DEVELOPMENT SERVICES

Products are the lifeblood of every business. But in this internet age, the market is changing at a rapid pace. That means products—all the things one can purchase, like services, mobile apps, and even enterprises—are always improving. So how are businesses supposed to keep up with this constant change? The answer is new product development. Product development companies can help your company offer new products that meet your customers’ needs and help your company grow. 



NEW PRODUCT DEVELOPMENT

WHY BOTHER?

Innovation is driving our economy. We live in a world where you can’t keep up with your competition by making more of what you already have. The only way to maintain and improve your market position is by having better ideas—more of your own intellectual property—than your competitors.

remain

RELEVANT

It’s certainly possible to continue providing the same products and services until the end of time. But remaining in this stagnant state allows no opportunities for growth.

So when someone else inevitably comes up with an idea and makes an invention prototype that gives consumers a better option than what you offer, you find yourself in a difficult situation.

The way that mobile phones and smartphones are replacing the landline is a great example of how new product development determines the fate of companies.

ENGAGE consumers

In some industries, consumers don’t repurchase products. For example, you might return to a restaurant to buy a meal you’ve tried before. But you probably wouldn’t buy the same dress twice.

Rather, you might buy a new dress (a new product) from the same brand you like.

If consumers don’t typically repurchase items from your company, new product development is especially important because it keeps your customers engaged.

add value to YOUR COMPANY

Additionally, intellectual property is itself an asset to your company.

Patents have measurable financial value because they protect the exclusivity of your ideas.

They prevent your competition from having access to your idea, helping you maintain your market position.



CREATE NEW OPPORTUNITIES

Moreover, a new product is a way to open doors that may not have been previously accessible to your business. A new product can provide a way for you to utilize your company’s resources more effectively or even give your company a presence in a new market.

Internet of Things (IoT) products, for example, often allow companies to offer many new products and services, such as software subscription, upgrades, new hardware, maintenance, and technical support. This is just one example of how new product development is an opportunity for your business to live up to its full potential.

New Product Development is for Everyone

If you own a small business, new product development—as important as it is—probably isn’t your first priority. Meanwhile, if you’re an individual inventor or entrepreneur, you have an idea, and you think it may solve a problem. You might have questions like, “Should I invest time and money in an invention prototype? Could my idea turn into a business? Isn’t it risky?” Yes, to all three.

Society is constantly changing, creating new needs and new problems. Inventors and businesses play a crucial role in our society’s progress by noticing these problems, making invention prototypes, actively working to meet consumers’ needs, and making our lives better.

If you already own a small business, you and your team are likely devoting your attention to your company’s day-to-day operations. So it may be difficult to spend time developing new products, especially if creating the product you need won’t organically fit into your business’s routine. For example, it may be advantageous for your company to offer a new product with an electronic component. But if designing electronic devices isn’t already your company’s expertise, developing the product yourself is probably not a productive use of your time. Hiring a product development company to make an invention prototype and prepare the product for your market can allow your company to remain competitive while you focus on running your business.

Even if you have time on your hands, ideas require professional input to prosper in the competitive market environment. This is why successful inventors often work with product development companies to create an invention prototype and minimize the risk of putting the product on the market.

The Only New Product Development Company of Our Kind

A new product has to go through many stages of development before it’s ready to go on the market. First, you conceptualize it, and industrial designers modify that design with your consumer’s experience and the product’s functionality in mind. Market research experts identify your target consumer and compare your product to its competition so you can plan to make sure the project is feasible and patentable. Engineers then step in to make it a tangible object, something functional and manufacturable. Finally, marketing experts are necessary for the product’s commercialization. They create a strategy and materials to attract your target audience to the product.

Product development is a journey. It’s a long-term process for accomplishing your long-term goals. This is why professionals in a product development company work together to develop and market a product. Its appearance, production feasibility and cost, status as intellectual property, prototyping limitations, and consumer experience must all be taken into account.

OUR SOLUTION

At LA NPDT, “new product development” is an umbrella term for the many services we offer to accomplish your goals, including:

Our team analyzes your project from every perspective so that when our product development company’s services are complete, your product will be completely ready to become a sustainable business. The process can take between six months and two years and the cost varies depending on the project, so meet with our product development experts to learn more about what this process would look like for you.

Turn your dreams into reality!

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