Producing new products is a great way to boost business revenue and solidifies its branding and its competence in innovation. It also provides customers the opportunity to try out these new products that could benefit them. For businesses, however, producing new products can be a risk that could either go well or could sink. Customers might not care to buy it and investors are way too calculating on risking putting a huge amount on a new product they’re not sure would sell and be a consumer’s hit. That’s why a new product proposal must be clear and detailed on how the product is made and how the business is going to market it. If you’re planning to launch a new product but you don’t have a proposal ready yet, then you’re in the right place. Read the article below to find out how to make a new product proposal.
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What is a New Product Proposal?
New products can either mean a product that has never been made or sold in any market before or an innovation of an existing product that improves its components and quality. A proposal is needed to help introduce the new product by a company to investors with the goal of securing a business agreement. It can also be used as a proposal to sell the new product to new customers.
How to Make a New Product Proposal
If you want to make an effective business proposal, an outline could help you organize your thoughts, data, and the way you want your proposal to look. Outline every section of your proposal and screen your information to only include the important details that could effectively describe your new product and stay focused on your main message.
2. Cover Page and Table of Contents
Once you’ve made your outline, now it’s time to write the details down. Start first with putting basic information of your business such as the name of your company, the product name, the date of proposal submission, and the name of the individual you’re submitting your proposal to.
Just like any other format document, the next part of the cover page is the table of contents. This will give the individual an inkling an idea of the content of the proposal and will know what page to flip later on if they want to review a certain section of the proposal.
3. Executive Summary
The executive summary must answer the question, what was the purpose of the proposal of the new product in the first place? How can it provide a solution that benefits your client or target market? Make sure that this part is concise enough for the individual your submitting the proposal to understands how the new product can improve current practices or concerns.
3. Statement of the Problem
This part is where you delve deeper into focusing on addressing the problem/concern/issues that could be solved by your new product. Provide a clear explanation of how the problem impacts your client or target customers negatively. It is given that when you were producing the new product, you already researched and analyze the issues the customers currently face, and from that situation, you were able to come up with something that could help them. Make sure you can explain this concisely.
4. Methods for Solution
This part of the proposal is where you list down the benefits of your new product and the plans and strategies of producing and marketing it. Describe your deliverables and the methods, and the timeframe of when the new product will be officially launched and produced commercially.
Make sure to provide relevant data and figures (such as charts or graphs) to supplement your strategies and make them more understandable and compelling to the individual you’re proposing to.
5. Pricing and Terms
Pricing is where things can get a bit tricky, as you don’t want to under or over-price your product. If you’d like to provide the prospect a few pricing options for their budget, include an optional fee table. This is where you go into detail about the pricing and payment schedules. Make sure you clear the terms and conditions before letting the investors sign to agree with your proposal.
Don’t be too conscious of your proposal length. The important matter here is t convey the information you want to get across. Keep your sentences short and simple. You want your proposal to be straightforward enough for the individual you’re proposing to can understand it right away.
What are the types of business proposals?
The three types of business proposals are formally solicited (when a business gives you an official request to make a proposal), informally solicited (when a proposal is done without an official request), and unsolicited proposal (when a proposal is submitted to the recipient who didn’t ask you to make one).
What tense should a proposal be written in?
When writing proposals, always make sure to use future tense. Your proposal is an outline that is projecting the action to be done in the future.
How new products are being developed?
New products are being developed through a series of stages of the process: ideation, research, planning, prototyping, sourcing, costing, and commercialization.
Don’t be afraid to let your company’s brand shine through in your proposal. Stay true to your brand and show your investors and customers how your new product can set you apart from everyone. If you follow the tips and guidelines mentioned above, you’ll have investors give you a go signal to kickstart the production of a new product and having customers purchase it in no time! To help you get started on making your proposal, check out the new product proposal templates above. They are free so downloading them is quick and easy!
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