A new product business plan is an exciting document to create. The plan for a new product is unchartered terrain – there are no templates or models that will directly apply, so it's your canvass to make a compelling statement about the product and what it can accomplish in the marketplace. Ideally, you should be able to include a strong description of the product or technology along with sketches, photos, schematics of it in application, etc. wherever applicable. If you hold a patent (or have applied) talk about the application and the strategic advantage it could give you. Also, list out the markets that you think it could be a success in, and show all of the following:
• Value of the main market
• Potential share the new product could command
• Price points supported in these markets
• Primary competitors in these markets
• Secondary competition and/or second-tier threats
The business plan should also talk about how you envision monetizing the new product. Sometimes packaging and selling it yourself isn't the best approach to profitability – sometimes it is actually better for the company to license the core technology, or to sell the patent rights, or to incorporate the design into an existing product and co-market the improved device. It all depends on what you've created and the vision you have for your own corporate growth. Either way, be sure to include a market-tied revenue forecast that uses assumptions and industry average figures to model the potential sales you could reap. MasterPlans is here to help with this document if you need it – in fact, we've written for a wide range of new products, from rivet guns to medical implant devices. Trust our expertise and call a consultant today, toll-free: (877) 453-2011.
