{"id":8961,"date":"2022-01-07T12:21:38","date_gmt":"2022-01-07T20:21:38","guid":{"rendered":"https:\/\/www.fictiv.com\/?post_type=cpt_blog&p=8961"},"modified":"2022-01-07T12:21:38","modified_gmt":"2022-01-07T20:21:38","slug":"guide-to-new-product-introduction-npi","status":"publish","type":"cpt_blog","link":"https:\/\/www.fictiv.com\/articles\/guide-to-new-product-introduction-npi","title":{"rendered":"Your Guide to New Product Introduction (NPI)"},"content":{"rendered":"\n

Developing a new product and bringing it to market is a massive undertaking, but it\u2019s also what drives the advancement of any industry. The Harvard Business Review says that \u201cideally, a successful new product<\/a> can set industry standards\u2014standards that become another company\u2019s barrier to entry\u2014or open up crucial new markets.\u201d <\/p>\n\n\n\n

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Not every product can pace the industry, of course, but every new project benefits from a considered, organized approach. It\u2019s vitally important that all the working parts are managed equally so that nothing is overlooked in the process. It\u2019s how you ensure that your project team is working together seamlessly so that the design, prototyping, engineering, and manufacturing phases are efficient and effective.<\/p>\n\n\n\n

Proper new product introduction (NPI) planning is valuable because it creates a concise action plan to manufacture your product from start to finish. Successful NPI improves the clarity of the design and implementation process while allowing you to both monitor all the stages and manage the other aspects of your business effectively. <\/p>\n\n\n\n

In this article, we\u2019ll discuss each stage of the design and manufacturing process, and how a well-thought-out new product introduction process can benefit you.<\/p>\n\n\n\n

Product Conceptualization<\/h2>\n\n\n\n

All great inventions and new products start with conceptualization or the conceptual stage of developing an idea. This is when brainstorming happens and the idea begins to form.\u00a0<\/p>\n\n\n\n

It\u2019s also the time to start planning, even if you\u2019re only working with rough ideas or simple sketches. There are two simple goals with the conceptualization process: determine which ideas will work and eliminate those that aren\u2019t beneficial. This is where the concept of \u2018fail hard and fail fast\u2019 applies \u2014 you want to discuss and vet your concepts, then eliminate those likely to fail and focus on developing the others.<\/p>\n\n\n\n

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Most inventions or new products aim to solve an existing problem. So, you must first clearly identify and articulate the problem that needs solving (ideally one with existing market demand for a solution) and then figure out how to solve it. <\/p>\n\n\n\n

A well-defined problem statement is critical because it helps to accurately shape your concepts into a fleshed-out design. But defining the problem and honing in on your solution are only the first steps in NPI. <\/p>\n\n\n\n

Research and Development<\/h2>\n\n\n\n

When bringing a new product to market, extensive research is required to confirm market demand (aka are people are interested in this product). This stage is when you perform due diligence on your competitors in the space. One way to perform competitor research is to answer the following questions:<\/p>\n\n\n\n

  1. Does a similar product already exist in the industry?<\/li>
  2. Does your product already exist in the market?<\/li>
  3. Do patents or other IP hinder your ability to execute your idea?<\/li>
  4. If your product already exists, what improvements or modifications to that product will differentiate it in the market?<\/li><\/ol>\n\n\n\n

    Next, you need to define what the function of the product is for your consumers and identify what their buying cycles look like as well.<\/p>\n\n\n\n

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    After your research comes design and development. This is when you narrow down your conceptualized ideas into a preliminary design. You and your team will begin to map out the costs of the project, including the manpower required and any costs associated with development and testing.<\/p>\n\n\n\n

    Doing so means performing the necessary calculations for required dimensions and material selection based on desired functionality. This is the time to explore which materials are optimal for manufacturing the product and for your budget. <\/p>\n\n\n\n

    This inquiry and assessment process is time-consuming and can be tedious, but proper research and development yield many benefits:\u00a0<\/p>\n\n\n\n