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5 Proven Phases of Product Development
If you’ve immersed yourself in an industry or hobby about which you’re truly passionate, consider yourself lucky. The beautiful thing about a growing interest in any field is the respective mastery that comes with it. If you’ve become well-seasoned in the beauty industry, have a knack for trends, and you’re thirsting for something new, why not go it alone?
Here’s the good news: partnering with formulation specialists, like DMI Personal Care, makes product conception, development, and execution that much more obtainable. Generating the perfect beauty product rests on the collaboration of multiple skills. To gain a better understanding of the process, from start to finish, here are the 5 phases of product development.
It was all a dream
A new idea is generated. You can combine the benefits from multiple products or augment certain features from another product. The inspiration can come from customer requests, brainstorming sessions, social media, a little healthy competition, and more. At this stage, you have the foresight that you may have something valuable on your hands.
You need to ask yourself two questions: how much will it cost to create and develop my product and what would the market demand be? The great thing about all of the existing products available on the market is that you can get pretty accurate answers to both questions before you even begin. If there’s high demand for a particular product, it may be a safe bet to create a prototype.
Test it out
Once your product prototype is drafted, you want to see how customers interact with it. This process can be conducted on an informal or formal basis. You can use focus groups of prospects and customers or existing customers, if available. Encourage your test groups to provide you with feedback, good and bad, so you can make any necessary changes to the product itself and the price point.
Once you’ve gathered all of the feedback and data from your customers or prospects, you can come up with tangible solutions to tweak or rectify any issues that presented themselves. This is the last stage of modifications before your product hits the shelves or an e-commerce platform.
Your product is now available for purchase. There are many ways to make your new product known to the public, such as word of mouth, a product launch event, etc. However, you’re going to need to do what you do best and market it. Advertising will become your best friend as you personally promote your new brand, put ad spend behind your social media posts, create a website and generate traffic through blogging, and more.
DMI Personal Care can help transform your love of beauty trends and the industry into something that’s not only alluring, but profitable. No matter the stage in the product lifecycle – we’re on board. Contact us today!