27 Oct Why Product Development is an Investment, Not a Cost
Each new product has a big goal in mind
⦁ Is your item destined to become the next great thing?
⦁ Designed to boost your company’s market share to new heights?
⦁ Make your development staff your company’s golden goose of success?
⦁ What will be the next revolutionary product?
One thing will be common to all of your products:
You must generate a sufficient ROI (Return on Investment) so that you may continue to grow in the future.
The end goal is NOT only to launch the product.
After the launch, you’ll want to have a strategy in place for the following stage. This could be:
⦁ Invest the proceeds of your sales in R&D to develop the next major electronics product.
⦁ Keep an eye on your sales and create a premium edition of your product later. Alternatively, you may use the information gained from your sales to create more money.
⦁ Ensure strong profit margins to protect your company and allow it to progress to the next level of development.
⦁ “However, I don’t care about money; I want to change the world.” It’s possible that you’re concentrating on people. However, if your product fails, the number of individuals you can assist is at best limited. Your product will be either ineffective or temporary. If you do this right, you’ll be able to help a lot more people.
Do product development right or the end result will be a disaster
Make sure you’re working with the proper technical team to help you move forward with your product development. Choosing a team that will put your project in development hell with delayed responses and failure to communicate issues may cause you to regret your decision later.
Choose an electronics design partner
If you do it right, you could see significant returns on your development investment.
How Extron may assist you in turning your product development into a money tree
We address important business and technological challenges. We utilise feasibility studies to assist you in developing a strong business case. Our services are intended to help you bring your amazing ideas to life and ‘get stuff done’ in terms of technology and product.
Our initiatives are built on communication. At Ignys, we have various means to communicate with our customers, including Teams meetings, specialised Slack channels, and a project manager who oversees our projects.
Then we assist you in creating your money tree.