What is New Product Introduction (NPI)?
New Product Introduction (NPI) is a set of activities that defines, designs, develops and launches a new or improved product. NPI must dovetail with the overall go-to-market plans. The cost structure must be compatible with pricing so that an acceptable profit margin is realized in the marketplace. Here are some steps to consider prior to your NPI journey of prototype and production:
- Market validation. Have you done your market validation via email, social media, meetups, test marketing, reading up market research and white papers.
- Use the Marketing Mix to drive product features and NPI plan
- What problem does your product solve? What is the solution that has real demand?
- Who is your target market? What geography do you plan to sell your product?
- What market does your product serve?
- Perform a product competitive analysis and a SWOT analysis
- Define your product roadmap
- Do a Pricing analysis. What is the estimated product cost?
- Summarize your product features and work on your design and development. In the definition (ideation) phase the focus is on understanding or anticipating customer needs and translating those needs into a set of specifications for form, fit, and function.
How Big Wau can help with your NPI?
Big Wau facilitates contract manufacturing services to Southeast Asia (Malaysia, Singapore, ….). We understand that navigating offshore design and manufacturing services can be challenging due to fragmented supplier information and lack of business expertise working with companies in Southeast Asia. Let Big Wau help you bridge the gap, so that you can focus on turning your product into reality. We support design and engineering, from prototype to volume manufacturing for startups to the Fortune Global 500 companies.
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