Every day, whether it be at work or in business, we make discoveries that inspire a new concept or idea. However, a few of these concepts live to reach the execution phase, and you sometimes wonder “why?”. In this article, we corroborate the significance of developing a concept and the different steps convenient for implementing a business idea.
Why should you be developing a concept?
Developing concepts are an integral contributor to the success of a business. Presently, innovation is not that much of an option to shy away from. It is a price that many businesses have to pay to compete successfully and stay relevant in the market. The business markets have become a place where consumer expectations are on a constant rise and their attention has become harder to attract. Therefore, every business has to constantly figure out ways to compete for relevance.
Staying relevant comes with an understanding of the market needs. Consequently, making improvements where necessary and developing concepts to meet consumer expectations.
What is concept development?
Depending on the industry you are in, the phrase concept development carries many definitions. In marketing, it is interpreted as a process of generating ideas for a product or service to meet a set of identified needs. In contrast, this is because marketing is about focusing on the opportunities available to satisfy customer’s needs, increase sales, maximise profit and lead the competition.
To illustrate, the steps below set forth how a business can engage and assess the process of bringing a new concept to life. The purpose of the process is to showcase feasibility and practicality of developing concepts. Remember, concept development is more of a simulation than it is an analytical process; therefore, it requires adequate time to develop and carry out. In this case, we focus on the steps necessary for new concept development.
The process of concept development
The process involves bringing a new idea to the marketplace. This may be because of changes in consumer preferences, an increasing competition or it could be a way to capitalise on new opportunities. These steps serve as a guide to help decide how to allocate resources when developing a new idea into a concept.
1. Generating and screening ideas
A successful new concept development process begins with identifying ideas and using a reliable criterion to decide which ideas are plausible to pursue. In excess, using more than one idea is possible. Research is necessary to help you align your concept with your customer expectations.
2. Idea development and screening
A time-intensive step which involves testing your new idea by defining it. Further, testing it with your market to determine whether it will be a success.
3. A business analysis of the new concept
The step is for ideas that have passed the screening phase, thus an advanced and detailed business analysis is required. A business analysis will help you drop inappropriate ideas and avoid unnecessary costs, therefore allowing your idea to develop into a solid concept.
4. New concept prototype and testing
Developing a prototype of your concept allows you to bring it to life. This is the most rewarding phase as you prepare to test it in the market. The concept should closely align with the identified objective.
With a well-considered new concept, a strategy can only help you organise your marketing plan. Developing a new strategy will aid with the right planning and resource allocation of the project.
Your marketing strategy and marketing plan will direct your launching and, help you make the most of your concept and exposure opportunities.
Launching and commercialising
Launching a new concept into the market is a remarkable business achievement. As this is the most important step, deciding when, how and where to launch your concept will define the impact you make in the market. Take your time and invest in the resources and expertise you need to perfect your execution. Once the phase is implemented, it is mandatory for the business to continue monitoring their performance.
In closing, concept development is not only limited to, product or services. Other different marketing concepts that can be looked into growing a business may include and are not limited to;
- Marketing concept development uses a consumer centred approach. It focuses on bringing attention to a business’ offerings.
- Production concept development focuses on improving production and the business distribution efficiency.
- Selling concept development focuses on sales and growing business transactions.
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