Product Formulation Development Process of any product is essential for every organization to come up with winning products. Launching a successful brand-new product doesn’t happen overnight but requires attention and preparation. Companies design products that people love for a reason and this article will highlight the stages taken to achieve such products.
Understanding Market Research and Customer Needs
The first step towards product formulation is understanding target customers and what problems or needs the potential product is aimed at solving. Thorough market research involving customer surveys, focus groups, and analysis of industry and competitor data helps our team dive deep into the market landscape and identify customer pain points and preferences.
Defining Product Requirements
With insights from market research, the next step is defining product requirements. This involves specifying attributes like ingredients, taste, texture, packaging, and other tangible and intangible features that will make the product appealing and help it fulfill customers’ requirements. Defining clear and precise requirements sets boundaries and guidelines for the formulation process and ensures the end product ticks all the boxes of the target audience.
Developing Formulations
Then begin developing potential product formulations within the pre-set requirements. This is the most creative part where we experiment with different ingredient combinations and quantities, production processes, recipes, etc. to come up with numerous formulation options. Simultaneously, we also conduct small focus group studies to preliminarily test consumer perception of different prototypes.
Lab and Market Testing
Selected top formulations are subjected to rigorous lab and market testing including nutritional analysis, shelf-life tests, taste panels, consumer usage tests, and market simulations with consumer feedback. This helps ascertain how well formulations align with original requirements and fairs with actual consumers in real-world scenarios.
Conclusion
Following careful, systematic Product Formulation Development Process Steps cross-functional teams can help create innovative products fulfilling customer needs and market requirements. Want to make a new product but not sure where to start? Bhawins LLC can help! We’ve helped many companies successfully create product formulas that sell. Contact us today for a free consultation on how we can use our proven formulation process to develop your next hit product.
