With new product designs, there are a lot of business values that come hand-in-hand with it. Staying ahead of the curve and always looking for ways to improve the design is part of what makes inventors great leaders and game changers in this cluttered marketplace. Here are some of the business values that good design can bring to the table.
Increase speed to market
Increasing speed to market is a huge focus for inventors. Innovating product design and development that allows it to react more quickly to change, increasing competitiveness. This includes, but isn’t limited to, rapid iteration to reduce development cycle time, the ability to validate new business opportunities, learn methods for building minimal viable products that can be released quickly, etc.
Extend market research
A whopping 40% of new products that enter the market fail, and although the success of a new invention is never guaranteed, market research can help with the success. Deep user insights, breaking market segments versus thinking in segments and categories and looking at product strategy more creatively to help identify a strategy that’s more aligned with customer goals.
Drive engagement and loyalty
A customer experience is defined by the interactions a customer has with a company over time through touchpoints like websites, apps, and physical touchpoints like the packaging. The better the customer experience, the more likely customers will want to engage with your product and form a loyal relationship with it. With the heavy competition out there, customer experience is high on the priority list of inventors.
For a deeper dive into the business value that good design can have, download this informative eBook.
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!