Marketing strategies for new product development can be improved by using Expert Networks. How is this possible?
Expert Networks allow individuals and companies to connect with industry specialists and this is one of the best ways to gain deep market insights for future development.
Through interviews with experts, the details of a new or existing market can be discovered, a better understanding of a product portfolio can be gained and more can be learned about an investment opportunity.
The role of Expert Networks in product development
Whether a company is a start-up or a reputable organization, product development will be an essential component of its marketing strategy. A successful product needs to be developed by employing a mix of innovation, skill, and market knowledge.
What is product development?
Product development covers all the phases that contribute to creating a product, from the initial idea or concept to launching the product onto the market and beyond.
Here’s how Expert Networks can help to improve the development of new products:
1. Discover new possibilities
With the help of Expert Networks, organizations can find fresh business prospects more quickly. Companies can learn a great deal about new trends, technology, and gaps in the market by drawing on the expertise of those industry professionals who Expert Networks find through meticulous searches and interviews.
2. Produce better goods
Expert Networks can help companies to produce superior-quality goods. Industry specialists can offer insights into the characteristics, functionality, and design of products. They can also help businesses to review and improve the prototypes of their products.
3. Analyze the competition
Industry experts can shed light on the advantages and disadvantages of rival products (in compliance with the ethical and legal requirements of Expert Networks). They can also offer information on new sectorial trends and companies can then position their products more effectively on the market.
4. Access specialist knowledge
By talking to appropriate industry experts, companies can acquire specialist knowledge. For instance, a company working on innovative medical equipment can get in touch with an Expert Network that will provide specialists who are able to offer important insights into the product’s development.
5. Time and budget optimization
Companies can prevent costly errors and hasten the process of product development by leveraging the expertise of industry professionals. Expert Networks can also help companies to avoid wasting money on products that are unlikely to be successful in the marketplace.
As an innovative and dynamic Expert Network, RightAngle gives companies access to a wide variety of industry specialists who can offer unique insights into new trends, product design, competitors, and niche expertise. Get in touch with RightAngle if you want to learn more about the advantages of collaborating with Expert Networks.
Suggested reading:
Five precision medicine trends for 2022 and beyond
Expert Networks: a game-changer in healthcare research
The major technology challenges to be aware of in 2023 and beyond
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