The majority of product development today is done through agencies such as, www.treadglobal.com and other similar development firms which use a multifaceted approach to global product development. Still, there are many companies that decide to undertake the task of product development on their own, and for those companies we aim to highlight here some of the elements of product development which should be considered. Even for companies that do all their own product development, it is still a smart idea to at least consult with an expert before taking on the considerable task on your own.

Product sourcing often takes place through foreign companies, and so there are a few things to be aware of when buying from an overseas product supplier. Laws and codes that govern how a company operates here in this country are also required of overseas partners. Since our own regulations committees and lawmakers can’t dictate how foreign companies operate, they can only require that local industries work with those companies overseas that meet national requirements. We mention this for one big reason; if your company produces a product that ends up causing your clients some kind of injury, and that was due to low production standards overseas then your company will be held liable for all damages. Make sure that your design and prototyping is being done in accordance with all regulations here at home, otherwise you might be facing serious legal issues in the future.

Another thing that people often overlook during product development is the need to target different markets in different ways. One dimensional marketing is a thing of the past, and only companies that keep it innovative will be able to move in on diverse markets across the world. A marketing campaign that is a huge hit here at home might be useless in another country, so it is essential to take a look at cultural and business practices for each specific market, and adjust how you plan to sell in each different part of the world. China is one of the leading consumers of our products today, and anyone who has attempted to market to China will tell you; it’s a whole other ball game marketing over there. For large markets with serious potential for major sales, the best thing a company can do is hire a marketing consultant from that country. Having someone from a country that you want to market to on the team will help you create marketing that speaks to the unique marketplace in other countries.

Finally, we leave our readers with a very important tip which is to step up online marketing in any way possible. The internet is hands down the most important sales platform in the world today, but it hasn’t even reached its full potential yet. In the years to come, companies that dominate online sales will be the most successful companies in the world. The days of shopping for products in actual stores are fading quickly, so the more you invest in online presence,  the better you will be as the years go by.

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