Develop a new product

First make sure you have a viable product idea. This stops you from wasting time and money developing something people don’t want.

• Define your idea – Describe what your product is and the problem it solves for people. Try to explain it in 1 or 2 sentences.
• Identify your market – Think about the target customers for your product. What do they want? What annoys them about similar products?
• Check out your competitors – Look at similar products from other businesses. What do they do well? What could they improve?
• Ask real people – Run your idea past potential customers to see what they think. Run surveys or interviews to get honest feedback.
• Write it down – Write a report of everything you found so you can refer to it in the next steps.

Create a basic version of your product. Test it to find problems early and get feedback from users. Then use the results to make your product better.

• Build a prototype – It doesn’t have to be perfect, just something that demonstrates the main idea of your product.
• Test it with real people – Give your prototype to a group of potential customers to try. Watch how they use it and ask them what they think. What do they like about it? What would they change?
• Try to break it – See what happens if someone uses your product the wrong way. Does it still work? Is it going to break with regular use?
• Listen to your users – Use people’s feedback to fix problems and make your product better. Don’t be afraid to change things – that’s what prototyping is for.

Once you’ve got a product design you’re happy with, you need a way to produce it in bulk.

• Source materials or parts – Find suppliers that can get you enough of the materials and parts you need. Consider price, quality, reliability, sustainability and delivery times before making a decision.
• Plan manufacturing – Decide if you’ll work with local manufacturers, get it made overseas or make it yourself. If your business will make the product, make sure you have right tools and equipment and workers can use them safely.
• Know the law – Ensure you can meet any safety rules or standards that apply to your product.
• Think about packaging – Work with designers, writers, printers and other experts to create user-friendly packaging and clear product instructions. Make sure you meet any labelling requirements that apply to your product.
• Focus on finances – Calculate your production costs, think about a pricing strategy and confirm your product is financially viable.

Once you've developed an original product, you should consider protecting it as your intellectual property (IP). This helps prevent others from copying your work.

You need to register some IP rights, such as trade marks, patents and design rights.

Other types of IP are automatically protected, such as copyright and circuit layout rights.

Come up with a plan for marketing your new product

• Know your customers – Analyse your market research for the best ways to reach your target customers. Are they active online or would they respond to a different type of promotion?
• Decide on your message – Think about the message you’ll use to sell your product. What makes it special or different? Why should someone buy it?
• Choose your channels – Will you use social media, ads, events or something else?

A good marketing plan tells the right people about your product and makes them excited to buy it.

A strong launch helps your product get noticed and makes people excited to try it.

• Pick a date – Decide when you want to start selling your product.
• Be prepared – Check that you’ll have enough stock and that your website or other sales channels are ready. If you’re selling online, know how you’re going to ship orders.
• Educate salespeople – Make sure the people selling your product know what to do and can answer customers’ questions.
• Tell everyone – Announce your launch on social media, email and your other channels. Ask your customers and other stakeholders to help spread the word.
• Offer something special – Consider launch discounts, giveaways or special events to get people interested.

Once your product is out in the market, keep reviewing and improving it. This helps keep your customers happy and stay ahead of competitors.

• Ask for feedback – Talk to customers to find out what they like and what could be better. Record their suggestions and complaints.
• Track sales and reviews – Use this information to see what’s working and what isn’t. Encourage customers to give you an honest online review.
• Watch your competition – See what other businesses are doing and if you can learn anything from them.
• Update your product – Make changes and improvements based on feedback and new ideas.