Identify market needs
Successful NPD requires a thorough knowledge of your target market and its needs and wants. A targeted, strategic and purposeful approach to NPD will ensure your products fit your market. Ask yourself:
What is the target market for the product I am proposing?
What does that market need?
What is the benefit of my proposed new product?
What are the market's frustrations of existing products of its type?
How will the product fit into the current market?
What sets this product apart from its competition?
Draw on your existing market research. You may need to undertake additional research to test your new product proposal with your customers. For example, you could set up focus groups or a customer survey.