New Product Introduction (NPI) process allows launching a new product efficiently in the market. It involves all the activities from the initial idea generation, design, testing, and launch of the product. NPI is crucial for a company’s growth and success because it allows them to introduce new products that meet the evolving needs and wants of consumers.
Marc Hurr has helped in NPI for Tea Payment Ltd. It focuses in helping Fintech Companies provide e-wallets to the end-users.
For successful new product introduction Marc took the following steps:
- Researched and analysed the market to understand customer needs, preferences, and behaviour to identify gaps and opportunities.
- Clearly defined the unique selling point (USP) of the new product to differentiate it from existing solutions in the market.
- Created & tested a sample with a limited number of users before launching it to the market.
- Assembled a team of experienced professionals to work on the new product.
- Developed a comprehensive plan to introduce the new product to the market, including pricing, distribution channels, and online marketing campaigns.
- Continuously tracked the performance of the new product and gathered feedback from customers to improve its features and functionalities.
Tea Payment Ltd. has experienced a successful New Product Introduction in the Fintech sector. Using New Product Introduction process, it set the foundation for the entire process.
8 stages of new product introduction [NPI] process
The first stage of new product introduction involves generating ideas for new products. It can come from different sources like brainstorming sessions, market survey, and customer feedback.
In the second phase, the ideas generated in the former stage are screened to establish their potential and feasibility. This involves evaluating the ideas based on criteria such as market potential, technical feasibility, and profitability.
Once an idea is deemed feasible and has potential, it moves into the concept development stage. This involves creating a detailed concept of the product, including its features, benefits, and target market.
In this stage, the potential profitability of the product is analysed. This includes assessing the product’s cost structure, pricing strategy, and potential revenue streams.
Once the business case has been established, the product is developed. This involves creating prototypes, testing and refining the product design, and establishing production processes.
The next stage involves testing the product in a small market to gauge customer acceptance and identify any potential issues. This can involve conducting focus groups, surveys, and other market research.
Assuming the product is successful in test marketing, it can then be launched in the market. This involves establishing distribution channels, marketing the product, and ramping up production.
Once the product is launched, it is important to monitor its performance and gather feedback from customers. This can help identify any issues and inform future product development efforts.
The NPI process helps to identify potential risks and challenges that may arise during the development and launch of the product. By addressing these issues early on, companies can reduce the likelihood of costly delays and setbacks later in the development process.
Overall, the NPI process is essential for a successful product launch, and it should be the first step in any product development project.