How to Develop Winning Product Concepts - A Complete Guide
A product concept takes a very basic idea for a new product and fleshes it out with more details about the target audience, the benefits, core features, and what makes it different from anything that’s similar in the marketplace. The concept development for a new product can streamline the next steps, such as creating a prototype for testing.
Having a strong concept of the product is an important first step that will save time and money, resulting in more effective manufacturing and marketing processes. Enki Product Development is a UK product design company that will successfully shape a winning product concept.
What is a Product Concept?
An idea for a new product is just that – a basic idea. A product concept delves deeper, fleshing out the potential of the idea/product by determining what makes it stand out from the competition, who the target audience is, what are its benefits and features, and how it will be used.
The concept of the product is developed in the earliest stages of the process before any kind of detailed design is created. It requires a thorough analysis of the marketplace, any competitors, the targeted customer, and a detailed value proposition. This is all written up in a summary called the “Concept Development Milestone Summary”.
Why is the Product Concept Important?
Product concept development, such as what Enki does as a UK product design company, is important because it creates a well-defined vision for a new product. This guide keeps the team focused on the purpose of the new product, its target audience, and its key features. Think of it like a “roadmap” getting you to the end result of a fully fleshed-out product that performs as it’s designed to and reaches its intended audience.
This roadmap allows the team to make better-informed decisions on marketing, design, and development. It leads to much clearer messaging and the ability to communicate the product’s advantages and key features to the target audience.
Another advantage of having a well-developed product concept is that it can encourage stakeholders to jump in early in the process.
Key Components of a Strong Product Concept
Product concept development must include certain key components. Perhaps the most important piece revolves around the consumer: who does the product help? What do they want? Are there competitors and how is this new product better? What are the market trends that align with the new product? Understanding the target audience and their needs and wants is essential.
The next step in product concept development is zeroing in on the specific features and how they benefit the customer. The look and feel of the product will be part of the concept, especially in how they differ from competitors, so these elements must be outlined.
Another essential ingredient in a winning product concept is the value proposition. It must clearly define exactly why it’s needed, who the customer is, and how it will fill their needs and wants compared to a competitor’s product.
Technical Considerations:
What is the problem the product will solve? How will it achieve that? Is there existing technology that can be tapped or does something need to be adapted or invented? This information will be needed for any prototype design services.
Practical Applications:
What problem will this product solve? How does it solve a customer’s want or need? Under what circumstances will the product be used? Why is it better than what is (or isn’t) out there already?
Intended Audience:
The product concept begins and ends with the target audience. Who are they and what do they need or want? Deep market analysis and research into trends are needed to create a full picture of the intended end user.
Distinct Value Proposition:
What will customers get from this new product or service? This needs to be very specific and highlight why it’s needed and how it differentiates from any similar product or service currently on the market.
Production Approach:
How will the product function and what’s needed to make that happen? Is there existing technology that can be augmented or enhanced? Are there any special considerations that may be needed to put this product into production?
Pricing Framework:
How does the product compare to existing products? What is a reasonable price for the target audience? How does that work into manufacturing costs?
Alignment with Brand Identity:
The point of a product concept is to bring all the various components together into a cohesive brand identity. The design, functionality, and messaging must all work together. Do these elements work together in the written statement?
2 Types of Product Concepts
When it comes to developing successful product concepts, there are basically two types.
-Original product concept: a detailed outline of a new product that’s new, better, or has more features than something that’s already on the market. For example, the smartphone was an original product concept, combining a cellphone with internet access and apps.
-Augmented product concept: an existing product is given more features and functionality. There may be more services, add-ons, or the like. This is very common in the tech space, like software updates.
1. Original Product Concept
An original product concept has novelty. The product is new or is significantly different from anything similar that’s already on the market. It generally revolved around innovation or technology.
2. Augmented Product Concept
An augmented product concept focuses on an existing product, enhancing it with features and benefits that go beyond its core function. These can include things like warranties, services, or exclusive content. It helps a product stand out from competitors by offering more than just the basic functionality.
How to Develop A Product Concept
The first step in developing a product concept is to understand the target audience for the product or service. Who is it? What do they need or want? This is determined through various forms of market research, from surveys and interviews to existing data. Next, you need to look at what already exists in the market (or doesn’t). Does your product do it better? If so, how does it achieve that? That’s your unique selling point.
Part of the product concept is to outline what the product will look like, how it will function, and what’s required to achieve that. That will inform the manufacturing process, which in turn will influence pricing; you’ll also want to examine the pricing of any competitor’s product to firm up this aspect of the concept.
All of the information in the product concept will clarify key selling points, making crafting a cohesive marketing strategy much easier.
Define Your Target Audience
Use market research to understand who the audience is for your product. Use data, surveys, interviews, and more to do a deep dive into what they want or need.
Analyze Existing Products in the Market
Is there anything similar on the market? What could be done better or differently? What are the weaknesses
Determine Your Product’s Unique Selling Point
Based on the features and benefits of your product, what makes it better or different? This is your unique selling point.
Outline a Production Strategy
What’s required to produce the product? Can existing techniques or technology be used, and in what way
Assess Pricing Estimates
How does the price of the product compare to your competitors? What’s the range yours can fit into?
Create a Marketing Plan
The product concept provides a clear picture of key benefits and more that can shape an effective marketing plan.
Advantages of Product Concepts
Having a well-thought-out product concept streamlines the entire process of bringing a new product to market. It saves time and money and keeps the entire development team on the same page. Having this clear vision makes communicating between various teams and stakeholders much more effective, avoids costly confusion, and contributes to an effective marketing strategy.
Establishes a Clear Product Vision
Understanding who the product is targeted to, why they need it, and why it’s better than what’s currently available creates a vision that serves as a “north star” through every stage of the development, manufacturing, and marketing process.
Enhances Communication Efficiency
When every team member and stakeholder understands the vision for the product, communication about issues – from design to marketing – is much clearer.
Strengthens Brand Identity
The clear understanding provided by the product concept brings every aspect of the process together. That supports the brand identity and makes it easier to communicate to the target audience.
Supports Focused Implementation
With every team member looped into the “vision” provided by the product concept, each step of the production process works together seamlessly.
Ensures Long-Term Business Viability
The groundwork used in creating a winning product concept continues to work long after the product goes to market. Those insights and processes can be utilized to ensure that the product remains relevant and viable.
The Bottom Line
Enki is a UK product design company that brings new products to market faster and more efficiently. One of the essential processes we use is crafting a solid product concept development document. We utilize the right kind of research for your product, a blend that utilizes data and analysis to uncover your ideal customer, the features that they want, and how to compete most effectively in the marketplace.
With a well-developed product concept, we’ll move through the design, manufacturing, and marketing processes for your product in a clear, disciplined, and transparent fashion.
The product concept is the detailed roadmap that will save you time and money by avoiding expensive detours and dead ends. Let us get to work on yours!