11. Test the product thoroughly prior to launch
Your new product won’t get off the ground unless you test it before the launch. Customers hate being guinea pigs and will start looking elsewhere for supplies, as well as returning faulty goods for recompense.
12. Plan the termination of a product’s lifespan
If a new product is intended to replace an existing one, it is essential to time the introduction of the new product so as to allow stocks of the existing product to be sold first. Be careful not to ‘land’ stocks of old models on a valued customer’s lap, as he will resent being overstocked and be unable to take up stocks of the new model. Try to find a market that will willingly accept the old models so that all your valued customers can be involved to the full in the new product launch.
13. Design for the total market
So often companies take the view that a new product should be designed to suit its national market. Following a successful home market launch, export markets are then sought, only to find that the designers have omitted to consider international trends, fashions, standards etc. By adopting this approach you have said farewell to your biggest market.
14. Keep designers in line
Some design work never ends. As soon as one bit of design work is completed someone comes up with an idea to improve upon it. These good ideas grow in momentum to the point where the designers are seeking the ideal rather than the practicable. At some stage new product development has to leave the drawing board and appear on the price list.
15. Ensure designers are aware of product costs
Products should be designed to be manufactured at a predetermined cost. Unless the designers are aware of the cost impact of their work, they will exceed the product cost budget. Feed them with alternative material and production costs so that there is no disappointment at the end.
16. Set target dates for the completion of new product designs
If no target dates are agreed, months or possibly years of valuable sales time will be lost. Set target dates and review them regularly. Don’t allow excuses for delay.
17. Keep an eye on your competitors
Keep track on your competitors’ activities but at the same time plug the leaks in your own organization. Limit the number of people with whom your secrets are shared. Premature disclosure prevents patent registration.
18. Be involved in the appropriate trade associations etc
Trade associations can often give you the necessary leads for investigating growth areas. Keep in touch with them and also the appropriate government departments, aid programmes and the relevant pressure groups.
19. Use university and college facilities
Academic establishments possess excellent specialist skills both in their members of staff and students. They can be approached to give you the benefit of their academic knowledge, although it will be up to you to turn it into something have practical use. In addition, both universities and colleges laboratory equipment which you may be able to use.
20. Obtain government grants
Make sure you have researched all grant opportunities. Grants are there to be used, so use them when you can.
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