Profitable product creation is not as complicated as it sounds. True, you have to go through many stages, but if you break it down into four basic categories, it may make it easier and save you some time. Here are the 4 keys to advance in profitable product creation.
Key 1: Deciding on a Product
You should turn to others for this, and listen to their complaints about products that currently exist or ones they wish did exist and don't. Profitable product creation depends on filling a gap or need, and choosing from things that have already been done well is a recipe for disaster.
Key 2: Development
Once you have an idea, you will have to build a prototype. This should be a fully functioning model of the final product (unless it's a web product or tool that will have many more expensive and difficult abilities added later). You should try it out and perfect it as much as possible.
Key 3: Testing
Here you are going to have others use it and give you feedback. You can either turn to your friends and relatives, or a research firm that does focus group testing for new products. Focus groups are expensive, but you won't have Grandma telling your she loves the product even if she hates it.
Key 4: Be Ready to Revise
Profitable product creation depends largely on perfections and revisions. Your product won't be right the first time, and you will probably go through this step several times before sending the final plans to the manufacturer.
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