Success starts with a process
Have you ever asked yourself what differentiates a good product from a bad product? Why some companies succeed and others fail…
Every story starts with a process and careful decisions that shape the way to success through something called the New-Product Development Process.
Todays story is going to begin with a self starter surfboard company with a twist. It began with an idea that quickly lead to a reality when two individuals, an engineer and a business partner decided to take on the task of creating an electric powered surfboard that could glide above the water.
In order to fully understand the New-Product Development Process and how this company utilized it in order to launch a product from the ground up lets first take a look at the steps of the Process and how this company was able to nail each one on the head!
Idea Generation:
The first step of creating a successful product begins with understanding what the consumer wants and how you can go above and beyond to fill that need. You need to start by understanding the consumer, collecting research to see if there are any competitors out there, researching the current market and conducting surveys to see if people are interested.
For the Lift it started with a passion for surfing, hydrodynamics, engineering and flying which lead to the idea of creating a surfboard that could fly above the water by capturing each of these elements and combining them into a product. This lead to them thinking of different designs and how the pieces of the puzzle would fit together. From this idea they were then able to start the next part of the process.
Screening:
The second part of the process brings in a well known concept which is the SWOT analysis. You have to look into your Strengths, Weaknesses, Opportunities and Threats to see what kind of position you’ll be in once you enter the market and by strategizing with this type of analysis you’ll be better prepared for the challenges to come.
One of the major strengths made apparent from the idea generation is going to be the originality and convenience that this product will bring to those trying to enjoy a day on the water. Combing surfing and electric power can allow you to enjoy a day on the water even if the conditions aren’t perfect. Weaknesses to this product will definitely be the battery and amount of time that one charge will last you when you are out on the water. Most people out on the water expect to be out for a few hours so making sure the charge can last that long is definitely an issue since better batteries are going to cost more. Threats to this product will definitely be the introduction of competition and others who try to recreate similar products. Other watersports that take market share will also be something they are going to need to address. Opportunities for this product could be in the watersports market and for the casual surfer who needs a little help catching the waves.
Idea Evaluation:
Following the screening process you have to start thinking about your product on a different level. It’s time to start evaluating it more carefully and thinking of ways to get feedback on whether or not someone would actually buy it. So far, we have identified the product and what we want it to be. The next step is to use concept testing and think of ways to get feedback from others on whether or not this is a feasible idea and if starting the prototype process would actually be worth it.
This startup didn’t seem to do much on the customer side regarding the marketing of this product to see how it would sell at release, but they did have discussions with some very intelligent individuals talking about ways to produce it. They likely met with different factories that could mass produce it, firms to discuss how the motor would work and battery companies to talk about how to maximize the charge while keeping the price reasonable. After collecting all of this information they were able to get a better understanding of how to move into the development stage.
Development:
If you’ve reached this step then you are in a good position and your idea is almost ready to reach the consumer. The development stage is when you start diving into the prototype and doing research and development in order to make sure your product is in tip top shape and ready to enter the market.
The lift foil in this stage likely started its journey to becoming a real product through multiple stages of 3D design software, woodshop and fiberglass mold creation for the board, testing various types of batteries to determine the right fit and testing the product in the water to make sure all the parts are working correctly. This step is oftentimes very time consuming but is very important in making sure that your product is ready to enter the final stage of commercialization.
Commercialization:
The final step in the process is to finalize your product and get it ready to bring to market. After a long prototype process you are finally ready to start production and marketing in order to roll it out to the consumer. You’ll want to start with a introductory promotion and effective advertising in order to reach your market. Each company has different ways to do this but some start out small by focusing on a specific area and expanding over time to keep the costs low.
Because of the expensive price tag this was likely a difficult step for them cause excessive inventory could lead to problems. You want to have enough of the product in order to satisfy pending orders but overstocking could lead to inventory sitting in a warehouse and that could of been spent elsewhere advertising the product which could of created more sales. It seems like they have done a great job though cause they have recently been improving and expanding the product line.
By effectively using the New-Product Development Process you can turn an idea into a reality just like you’ve seen with the Lift Foil. If you want to learn more check out the video which I’ve linked below to start your product development journey today!
