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Developing a Go-to-Market Strategy for a New Product

Posted by Bob LeGere on Mon, January 22, 2018

Bringing a brand new or improved electronic device to the market is an exciting step for companies. But without the right design and production plan, this excitement can quickly turn to disappointment.

To properly plan for the design and production of a new product, follow these go-to-market strategy guidelines.

Guidelines for the Go-To-Market Strategy of a New Product

Analyze Current Market Trends

A lot of time and resources go into product design. So before you begin that process, it’s important to first ensure that your idea aligns with target market needs and industry trends.

Through market research, you can gain insight into what your customer base values in electronic devices while learning about the competitive landscape. This will help you better gauge which solutions to focus on as well as where your best opportunities for product growth are.

Balance Function with Features

It’s not only the functions of a product that attract consumers — it’s the look and feel. In the case of electronic devices, simple and lightweight designs are the preferred strategy for a new product.

While it may be tempting to add various bells and whistles, product designers should focus on only including components that serve a purpose. Unnecessary add-ons can actually diminish from the customer experience, while increasing production costs.

Test Your Design

While testing a prototype of your electronic device, you notice a fault in one of the components. You head back to the design table to reconfigure your device and in your next test, the system operates successfully.

Now imagine if this fault had been found by a consumer. Not only would this be costly for the business in the sense of product recalls, but it could also lead your customer base to turn to other companies for similar products.

That’s why testing product designs is so crucial to your go-to-market strategy. The results will indicate whether your product works as it should or if further improvements are needed.

Plan For Manufacturing Processes

The design practices you choose for a product significantly impact its manufacturing processes. Say that an electronic device has fewer components than its counterparts and uses materials that are easier to process. Chances are that this product will get to the market faster at a lower cost.

As the design process begins, product designers should keep the manufacturing step in mind. This will help ensure greater efficiency in product development while wasting fewer materials.

Here at iCONN, we put these go-to-market strategy guidelines to use in the design of custom cables and connectors. This helps our customers get the high-quality products for their application in an efficient manner. Contact us today to learn more about our customized engineering solutions.