New Development Process

Here at Sorcit we have helped both big and small firms from initial creative concept to getting their product to market. With our vast experience we understand the ins and outs of new product development and are always on the lookout for future innovators.

New product developments are imperative to driving the success of a company and so it is crucial to get this right from the get go. The fundamental components to look out for when launching or creating a new product is maximizing the fit to customer’s needs and understanding who your potential and existing customers may be.

Customer satisfaction can be met through key focus’s including cost, time and quality which can usually be the difference between success and failure within the firm.

Sorcit has provided some top tips when monitoring the process of new products and development.

#1 Research – This would be the most significant part of the process, analysing both external and internal information to base a foundation. Great ways to do this are SWOT (Strengths, Weaknesses, Opportunities and Threats).

#2 Testing – Usually being the step that firms either fly or fail, this is testing the idea and actually seeing whether there is real potential behind it.

#3 Business Analytics – Monitoring output metrics and looking out for important data such as percentage of new product sales and the value of launched products. Getting feedback here is great to move on with, allowing last minute improvements to be made.

#4 Product Development – Linking on to the last point, the feedback generated is the time to improve and further develop your product.  Here at Sorcit we ensure our products are trialed and tested and are always looking to mature and progress our products.

#5 Commercialising and Marketing – At this point the products are usually out to its consumers and this is the time to keep marketing and advertising refreshed. This keeps your customers and clients engaged and excited creating more buzz in regards to your products.

6# Evaluation – The new development process is always shifting to meet new needs and so evaluation is also an extremely important element to consider.

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