4 Common Mistakes to Avoid in New Product Development

The successful operation of a business depends on the uniqueness of its products and innovations. Now, successful new product development might be the key to a healthy manufacturing business, but only about 30% of products that hit the market actually deliver the returns that were expected of them. So, what seems to be the cause of this misfortune?

Well, many businesses often miss out on a few important factors of the product development process that eventually leads to the destruction of the entire project. Therefore, they often end up overspending and missing the intended launch date only to introduce a product which isn’t exactly the best. So, what can businesses do to avoid this? Well, they should avoid these 4 common mistakes:

1. No Market Research

One of the biggest mistakes businesses or new product managers make is failure to carry out thorough market analysis and research before ‘screening the idea’.

Failure to research directly leads to the annihilation of the entire project, as you have no information regarding what consumers actually want, how you can meet their demands, and address basic issues and problems.

While it is understandable that every business has deadlines to meet, make it a habit to always carry out thorough market research before moving on with the product development process. This way, you can avoid any possible mistakes and create a strategic plan that will lead the way for future product developments.

2. No Future Planning

New product development is all about creating new innovations for the future. Designers and engineers spend significant time in working out solutions that will not only give a good ROI in the present, but also in the future. Failure of future planning will directly result in poor product development and jeopardize the way for future product developments as well.

Therefore, to avoid this from happening, make sure to fine tune your product for the future. This way, you can avoid creating products that are superior in terms of ‘features’ and instead focus on ‘simplicity’, which is the key for successful new product development. So, when you have a good idea, make sure to analyze how it will perform and function in the future with the rise of new technological advancements.

3. Focusing on Benefits, Not on Product

Many businesses believe a successful product should provide numerous benefits to consumers. While this is a good approach to new product development, it may actually raise many issues and problems in circumstances where the product cannot provide what was quoted. Keep in mind, the focus of the development team should be on the product itself rather than the benefits provided. Ultimately, the customer will buy the product for its benefits, but unless you do not focus on the limits of the product, the end result would be a great product that perhaps no one would want to spend money on.

4. Pricing It Too High or Low

Every business wants to gain maximum ROI on the new product they have brought into the market. However, the customer would not buy the product because it is too costly and you will not be able to earn profits if the price is too low. Therefore, the pricing of the product has to be consistent with the benefits it provides and the purchasing power of your target market.

Keep in mind, if the price is too high, the customer is likely to ignore the new product and it will remain on the shelves, thus resulting in a huge loss. Therefore, make sure to price your products based on the price competitors’ charge.

Eczema Treatment – Newly Launched Products Often Available Online First

Eczema is an irritating skin condition. It has symptoms such as inflammation of the skin, rashes, redness, dryness, and persistent itching. It is the name given to a general skin condition, medically termed as atopic dermatitis.

The exact cause of eczema is not known; it is generally perceived to be an allergic reaction to allergens in the atmosphere. And sadly, the eczema condition can last throughout one’s life due to problems in the immunity system. So, avoidance of exposure to such allergens is the first step to eczema treatment. With sustained and regular care, it is possible to reduce the symptoms associated with eczema and eventually render the skin free from them. Use of cleansing and moisturising creams help alleviate eczema to a great extent.

And rather than visiting numerous dermatologists and other specialists and spending a lot of money, eczema treatment can be carried out through home remedies. This means much of the treatment procedure would be herbal. You can go for cleansers and moisturisers made of special herbal extracts, researched and noted by scientists for their unique skin-healing properties. And the good thing is that many of these herbal preparations in your local stores are available at conveniently lower prices than those of chemical-based medicines.

Many of these creams work by restoring the natural balance to the skin. These creams, composed of natural ingredients, provide you the natural means of eczema treatment. And even better is the fact that those effective products which are new launches by good companies are easily available online, which means you also get all the information you want about them. You can decide on the product you like with easy purchasing options, with home delivery available to you. Online availability of eczema healing products has made task much easier for those who do not have much knowledge about what to go for.

Using Instagram To Launch Your Home Based Business

We live in an age where social media is allowing us all to engage and share in a way that has never been possible before. We can all instantly see what others are doing, keep our eye on the markets and get ideas on absolutely anything we need or want. It is almost impossible to imagine a time when the internet wasn’t part of people’s lives, if you are old enough to have experienced that time, you will appreciate the impact it has had but for younger generations, it’s the real world and everything has always been this way.

If you have a small home business and want to make the most of your social media it isn’t hard to sign up and have Facebook, Instagram and Twitter account, but surprisingly many of us don’t use them in the correct way especially when it comes to business owners. One of the most important aspects of social media is linking your social media accounts together, this ensures when you post, you don’t just post to one site, you post to all of them at the same time ensuring your have maximum coverage. It is reported that Instagram has a 15 times higher rate of engagement than Facebook meaning small businesses and work from home businesses must make the most of its every use.

Instagram works very quickly with users having thousands if not more followers at one time, you only have a certain amount of time to make an impact so keep your videos short, but to the point. Whatever your business is or provides, give your audience what it wants, there is no one that understands your business like yourself, hold onto the thought and post pictures that interest your followers and keeps them engaged.

Always stay aware of your market and what interests them the most, take a look often at the photos and videos you have posted and the reactions they have been given and focus on the ones that are the most popular. Always stay consistent and post regularly you will start to gain a following and see how Instagram can help launch your business and keep it in the spotlight.

If you have a home based business or are thinking of starting a business always use social media as a platform alongside your website and blog pages to launch your products. Share pictures on Instagram and stay consistent and true to your brand, this will enable you very quickly to get your product or service out there and gain a loyal following.