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Experience that helps you mitigate new product launch risk

MAGNET’s experience with new product development both with manufacturers and startups follows a strict Product Market Fit – Prototyping – Scaling process. Working together with our expertise and your internal team’s company and industry knowledge helps mitigate some of the risk with launching new products. Our startup and manufacturing expertise helps you through these complex stages.

 

When an issue arises on your manufacturing floor, you solve it with discipline, alignment, and rigor. 
 
Shouldn’t you put the same effort and precision into your strategy, marketing, and sales processes? 
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New Product development is not an easy road. There needs to be a deep understand or customer needs and market size, expertise and resources in prototyping, and rigid alignment on a scaling checklist to make sure resources for product, people, and process are all in place. These three offerings help manufacturers strength validation, prototyping and scaling.

If you're struggling with:

  • I can’t think of any new products?
  • My internal teams isn’t coming up with new ideas or is overloaded
  • I don’t know if this idea is worth investing in?
  • I don’t know if my idea is patented/trademarked

then-you-need-2

 

Product Market Fit

To define the right new products to develop

Product development chasing the wrong new ideas is expensive. Killing bad ideas quickly sometimes is the hardest but most important job in new product development, allowing you to focus on the most promising ideas. You need a partner to help identify customer needs, market size, understand freedom to operate within the patent space, and an understanding of the investment to bring this to market to decide which new product to pursue. MAGNET consults with manufacturers to understand all these intricacies to lower the new product risk.

Investment: $5,000- $25,000+ (depends on type of product)

Timeframe: 1-4 months

ROI: 1-2 years (quick product kills will immediately maximize ROI)

Bottom line: Doing the right research up front can help understanding of which products to pursue and which to abandon.

 

If you're struggling with:

  • I have a validated customer problem/idea, but I need a concept or design I can show others
  • I want to know if my idea will work technically
  • My customers want to see a functional prototype so they can see if they like it
  • Need a small run to pilot and test
  • Do you know what certifications and qualifications you need to go to market?

then-you-need-2

 

Prototyping

To test if your product will solve the customer need

Being able to quickly understand if the customer problem is solved by the new product concept is something often manufacturers don’t have the capacity or expertise to undertake productively. Iterating through minimal prototypes is often a different skill set than manufacturing engineering teams have. MAGENT can partner with your team to compliment your inhouse expertise with our prototyping and proof-of-concept skills.

Investment:  $10,000 - $50,000+ (depends on type of product) 
Timeframe:  3-9 months

ROI:  1-3 years
Bottom line:  Product that validates the customer need is solved. 

If you're struggling with:

  • I don’t know if I should make or buy
  • I don’t know if it is best to go to market utilizing distributors or going direct?
  • If you are going to make it, do you have a new product commercialization process?
  • I have started my product launch but I am over budget and behind schedule?

then-you-need-2

 

Scaling

To take your product to refinement, certification, and mass manufacturing

Scaling coupled with a go-to-market strategy is a complex set of steps to be able to launch a new product.

  • Finalizing product including efficient design for manufacturing, developing a Bill of Materials and quality documentation are just a few pieces to this step.
  • Then you need to ensure the people are in place, whether you are building your product internally or turning to supplies or a combination of both finalizing the manufacturing process is critical to success.
  • Process involves tooling and non-recurring engineer's tasks and often is a different skill set for companies that aren’t regularly launching new products.
  • Finally, your go-to-market strategy needs to be in place with marketing and sales support to create a successful launch.

Investment:  $50,000 - $250,000+ (depends on type of product) 
Timeframe:  6-12 months 

ROI: 1-3 years
Bottom line: Profitable and timely launch of a new product line meeting margin, demand, and quality requirements.

Which one of these low-risk, processdriven offerings will be your entry point to purposeful and profitable growth?

It’s time to move from reactive, instinct-driven growth efforts to disciplined, repeatable, and scalable performance. Give MAGNET a call today. 

 

MAGNET’s New Product Development Practice

 MAGNET aligns with manufacturers and startups creating new products to launch and grow manufacturing in Ohio. Leveraging your company’s knowledge coupled with our team’s expertise mitigates risks with new product launches. Focusing on validated product market fit, iterating through prototyping, and systematically ensuring the steps in scaling allow for a company to find new products growth and new revenue streams. 

andrea-navratil-1

Andrea Navratil
New Product Development Practice

 

Get in touch with an expert.