When I needed to store some of my belongings, I called around pricing out self storage units. I was surprised to learn just how many different offers self storage facilities run to attract new customers. However, while some of these deals are a bargain, others may not be so great if you plan on leaving your belongings in storage for an extended period of time. I created this website to discuss the different specials used by self storage facilities to attract customers and which of these specials may be beneficial to you, based on your particular needs. I hope this helps you get a great deal on a self storage unit.
There is no one-fits-all blueprint for product development. Yet, the overlapping similarities in the process fall into several stages. Understanding the product development process can help you make fewer mistakes and ensure market penetration. This post highlights the critical steps in the product development process.
Step 1: Ideation
In this stage, the entrepreneur comes up with different unique ideas for new products. The key is to find existing customer needs for products using internal research and external market analysis. You can consider the following aspects when initiating a new product. Who is the target market, and what is the consumer profile? Are there existing products to solve their problems? How would a suitable product function? Then, refine your ideas using the SCAMPER method:
Step 2: Idea Screening and Research
Screening validates the product's feasibility and ensures that potential customers are willing to pay for the idea. One way of validating your product is by consulting your friends and family. Also, you can use online surveys or analyze market trends on relevant sites. Nevertheless, the important thing is to get substantial and objective feedback from prospective customers. This way, you can decide whether the idea is a worthy investment. Conduct a market survey on potential costs, revenues, and products from the product. The best strategy is to undertake a strengths, weaknesses, opportunities, and threats (SWOT) market analysis.
Step 3: Product Prototype Development and Testing
This phase involves creating a finished product that acts as a sample for mass production. Typically, you have to develop different versions of the product for experimentation. Then, eliminate some options to end up with the most functional sample. Although you can create prototypes by yourself, the standard practice is to outsource the service. Given technological advancements such as 3D printing, prototyping companies can provide quality prototypes quickly and cheaply. Then, you can proceed to conduct a minimum viable product (MVP) testing at this stage. Essentially, MVP involves releasing the prototypes to the market for early customer use. This way, you can collect feedback on product functionality, interest, and price sensitivity and use the information to improve the product.
Step 4: Commercialization
The last step in product development is commercialization, where you introduce the product to the market. At this point, you have a product that is marketable and profitable. You will need to build a supply chain by sourcing manufacturers, suppliers, warehousing, and distribution partners. Then, create a costing strategy to price the products. Lastly, develop marketing strategies and tactics for the product launch.
Ultimately, a new product undergoes a series of stages from idea generation to commercialization. However, the product development process is not linear since it never ends until the product life cycle is complete. As such, one continuously collects feedback on product features and functionality to enhance its utility.