Regardless of your niche, there is one thing for sure. In order to stay competitive you are going to have to be looking for ways to continually develop new products if you plan to survive and remain in the game.
This is especially true if you are in the field of consumer electronics. However, sometimes small businesses are faced with a daunting problem. They simply don’t have the capital to invest in research and development and certainly not to be able to compete with the big boys. But there are ways to deal with that.
That is to outsource the product design, prototyping and manufacturing (as well as anything else in between). There are very competent new product development services that can cover everything from A to Z and help level the playing field for small businesses and give you a chance to compete with the bigger corporations and their deep pockets. In actuality, even some of the biggest names outsource at least a part of their product development and manufacturing.
So, the secret is that you want to find a reputable outsource manufacturing and design firm that will take your idea and bring it to life.
Let’s say ideally it should go something like this:
While you are busy catering to your customers and selling product in your niche, you notice a gap in the market and the chance to introduce a ‘new and improved version’ of one of your hottest selling items. Instead of you needing to invest large amounts of money in hiring a research and development guy, instead you spend a few hours in the evening writing your idea down on paper and making some sketches. You then send your concept to a good outsource product developement service (be sure to have an NDA signed). The next morning you are back in your business, making more sales and waiting patiently for when you’ll receive your first order of new product.
A search for a good outsource manufacturing and product development service starts with verifiable reviews from satisfied clientele. If you can’t find reviews on your own, any upstanding company will be glad to furnish them to you. When you screen these firms find out how many aspects of your product design, engineering, prototyping and manufacturing they will be able to take care of for you. Just knowing that your outsource development and manufacturing provider can accommodate you on every step is definitely a plus.
So, not only does it make economic sense to outsource manufacturing and design tasks, but by working with the right product development services who can also do your manufacturing, you free up yourself and your on-site staff to tend to other important aspects of your business. And the good thing about choosing to outsource product design and manufacturing is that while you need to be cautious and do your due diligence, there are many very competent players in the field.
So in a nutshell, what you are looking for in a new product development services company are these:
1. A solid reputation with verifiable referrals.
2. Someone who is capable of handling product development & manufacturing from A to Z
3. Pricing that makes sense for your situation
So don’t let the fear of inadequate funds or lack of time stifle you in coming up with new product ideas in your niche. Outsourcing the heavy lifting to a good qualified new product development services company will help you be more profitable and it will also establish your business as a serious player in your field!
If you feel like you need more info on how to choose a good outsource manufacturing and product development partner, go ahead and download our free ebook that will teach you everything you need to know to get your product ides developed and manufactured properly and for the best possible price!