Home > Operations > Products and Services > Developing New Products and Services


Diane Benson Harrington

Guide to Developing New Products and Services

Boost business by developing new products and services


Extremely
Useful
7.1
out of 10

Add Your Comments
 
 
Email Guide to Developing New Products and Services to a friend
Save the Guide to Developing New Products and Services to My Work.com Favorites
Print the Guide to Developing New Products and Services
link to this page
Save to del.icio.us
digg it!


If your sales force is still stellar but customers are dwindling and new competitors keep cropping up, it's a sure sign you need to bring something new to the table. Follow these steps to introduce new products and/or services, and turn your interesting ideas into a better bottom line:
  1. Generate new concepts.
  2. Protect what you develop.
  3. Promote it for maximum profit.

Action Steps
The best contacts and resources to help you get it done

Turn good into better


Going a few steps beyond expectations is a sure way to please buyers. Reinvent existing products by listening to your customers. What tweaks to your current offerings do they suggest? Tune in to employees, too. The best ideas often come from front-line personnel.

I recommend: Turn weaknesses into strengths by conducting a "best practices assessment." Talk to a Small Business Development Center for targeted guidance.

Invent the next wheel


Consider using elements of existing products to create something totally different, or try to forecast your industry's future.

I recommend: For a software nudge with brainstorming, try IdeaCue. Hire a trend forecaster or keep up with journals like the Trend Research Institute's. Once you have ideas in place, use GreenBook.org to find focus groups, and follow guidelines for productive focus groups.

Protect your ideas


If you don't officially call it your own, you can't profit from it.

I recommend: Familiarize yourself with intellectual property basics online at the Franklin Pierce Law Center or FreeAdvice. Determine what type of patent you need, then apply for a patent. Ensure your efforts are legal by choosing a specialized lawyer in your area through AttorneyPages.com.

Make marketing a priority


Customers won't have a clue if you don't fill them in. Tell them how your new product works and why they can't live without it.

I recommend: Easy Contact by Deluxe helps get your marketing off on the right foot by offering economical e-newsletter campaigns.  And be sure to follow the basic Principles of Marketing to help get the word out.

Tips & Tactics
Helpful advice for making the most of this Guide

  • Take what's not working off the menu to make room - and time - for something new.
  • Don't dismiss any idea too quickly. What seems quirky at first (a laptop computer? a fuel alternative?) can become a must-have overnight.
  • Stay away from prototype or invention development companies, which tend to be rip-offs, and stick with established product development firms.
  • Choose development companies that state their fees up-front.
  • Investigate new distribution methods if your product is radically different from your old offerings.

The official source of Developing New Products and Services is
the Product Development page at Business.com


Featured Vendors

Invention Ideas Wanted
We Patent, Design, Develop & License your Invention. Free Info!
www.AbsolutelyNew.com

Save $2,000 on SolidWorks CAD Software
For a limited time, SolidWorks software and subscription service are available for $199/month for 36 months with special 0% financing. Go Here!
www.solidworks.com

Brand Name
Grant Marketing is a Certified Brand Strategy firm helping businesses grow by connecting your business strategy to your brand strategy.
www.GrantMarketing.com

Product Development Brand Management - Brand Institute, Inc.
Branding, naming, online market research, design, regulatory (FDA), paid surveys, package design, corporate identity, survey hosting, & recruiting.
www.brandinstitute.com

Sign up for the What Works for Business weekly e-newsletter!
 Related Resources from Business.com Back to top 
 Recommended Solution Providers Back to top 

Protect a new product from the competition via a patent.

Get training on product development strategies.

Use software to manage your product development activities.

Provides services to help small businesses develop new products.

Learn product development strategies.

Focuses on marketing for small businesses.

Provides software for new product development.


 Best Sites to Learn MoreBack to top 

Definition and basics of product development.

Focuses on new product development.

FAQs on product development.

Learn the basics of new product development.

Product development basics.

Collection of articles on small business product marketing.


  Best Blogs and Forums Back to top 

Get advice on new product development.

Thought leaders of product development and management.


  CommentsBack to top 

Loading Comments...


Add Your Comments


Email Guide to Developing New Products and Services to a friend
Save the Guide to Developing New Products and Services to My Work.com Favorites
Print the Guide to Developing New Products and Services
link to this page
Save to del.icio.us
digg it!


Is any content on this page inappropriate? To let us know, please click here.



© 2009 Work.com, Inc. All Rights Reserved. Work.com is a property of Business.com.
Help | About Us | Site Map | Terms of Use | Privacy Policy | Community Policy | Taskonomy | Advertise | Contact Us | Local Business Directory | Work.com Feed