The UK Rules
Develop New Products and Services

Developing New Products and Services

Check these strategies for developing new products and services and benefits of development. It's a good time to review the guidelines on business ideas and intellectual property.

The development of new products and services is the core of UK enterprise.

In fact, business growth and profitability depends on it. Considering it as an optional extra could be a costly mistake.

That said, some business owners see the development process as a risky undertaking. Well, you can reduce risk with considerable planning and a little bit of strategic organisation.

Your clients will be crucial if you are planning to develop new products and services. They give you an opportunity to test out any new developments before the rollout.

The purpose is to make sure that real demand for what you plan to sell, actually exists. So, you will be able to identify and fix any problems before wasting too much time, energy, and money.

5 Stages of New Product or Service Development

  1. The Idea: The first phase is all about generating and developing an idea. Talking to existing clients, as well as potential customers, will help you discover their needs.
  2. Research and Development: Whenever possible, develop a 'cheap' prototype. It can help you work out the least investment needed and confirms whether it will meet a genuine demand.
  3. The Testing Phase: Test the results with real customers to get lots of feedback. You also want to determine how much they would be willing to pay for it. Try different price ranges with many clients using a consistent, realistic process. Would the return on investment cover the cost of developing new product and services?
  4. The Analysis: There may be other businesses competing for the same market. If so, what makes yours different, is yours better, and how is different (or better) to what you already offer?
  5. The Rollout: It is the final phase in new product and service development. Rolling out anything new to the market is never certain. Even so, small businesses rarely prosper through word of mouth alone. You will need to promote the product or service using a variety of advertising and marketing campaigns.

Benefits of New Development

There are varying strategies for developing new products and services. But, in most cases the benefits of development give you an opportunity to:

Importing goods from overseas to sell in the United Kingdom is another strategy used to expand a product range. But, there are rules on commodity codes and taxation to consider if you are starting to import into the UK.

Business Ideas and Intellectual Property

You might invent something new or develop an original idea that you want to turn into a product or service. As a rule, you should get it registered to stop others copying it without your permission.

Alternative sections cover the rules and regulations on copyright, patents, intellectual property and your work, as well as trade marks. Other organisations offer different sources of advice and support, such as:

Note: You can improve the competitiveness and productivity of your business through funded partnerships with academics and researchers through Knowledge Transfer Partnerships.

ALSO IN THIS SECTION

Improving Products and Services | Start by focusing on existing clients and what needs they have.

Hiring and Training Staff | You need more capacity and a wider range of skills as the business grows.


How to Develop New Products and Services: A Guide for Small Businesses

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