New products come and go from the market. Some of them stay and become relevant to the population at large, while others become trivial in the eyes of the masses. Hence, apart from the need for an excellent marketing plan or a strategic plan, a proper and professional product proposal is necessary to highlight the product in a manner that people will want and will stand out in the market. So for your product proposal-needs, we have ready-made Product Proposal samples that will surely keep you up and above. Apart from this, we also have a guide that you can use whenever. Go on, hover your cursor below and have a great find.
A product proposal is a proposal letter or document that showcases a new product to the company. Although they might appear already ready for the market, the company might be deemed not ready and improve them through systematic product development. Overall, the product proposal’s job is only to act as a stepping stone for the product to be in the spotlight.
A technical proposal is one of the documents that people use when it comes to the product development stage of a new product whether it be food or a device. However, this is more common for developing devices. So here are the four parts of a technical proposal that you should have in a technical proposal.
So, what you want to focus and address on your technical proposal is not its retail value or other marketing-related things. Nope. You’re still on the product development and what people want to see at this time is how your proposal answers a need or problem. So make sure to highlight this area first.
After acknowledging the need and providing its solution. You end up with a question “how do we do that?” So that’s when you provide the work plan in doing this so people can see that your solution is possible. In this way, you can gain people’s trust and advance the progress in your product development.
After determining the necessary steps you needed to take to fulfill the solution, you now address the logistical and other operational support that the team might need to do the job. If you can make sure that you create a proper operational plan that’s perfect for your team.
With your work plan and operational plan ready, you can now mention the team and the people who are working to make things work. If possible, provide a clear profile of the team with skills and previous experiences. By doing this, you ensure that everyone will see your company as an asset, not a liability.
Now you’re ready to create an exceptional and effective product proposal. So to help you keep that fire we provided simple steps below that will surely help you make your product proposal into something tangible with a whole team doing product development after. Check these steps below.
Step 1: Study
Gathering information is necessary before you even think of making a specific product. A product without a certain need in the market will not make sales at all. That’s why if possible you should make a feasibility study or a case study and ensure that people need your product. If you can, do a brainstorming session, as well.
Step 2: Goals
With a beautiful idea at hand, you can now start creating goals that help you achieve the solution. Make sure that these will act as an outline for the whole project. In this way, your path will be easy. So, put a design phase, technical phase, and other phases as you deem fit.
Step 3: Cost
People will dive into your project once they deemed that it’s possible and it doesn’t cost that much. So if possible make sure that you calculate the labor and cost of the project. By doing this, you are lessening the people’s adverse reaction ‘cause for you, this is a unique opportunity to expand and learn more but for them this means business. So use that concept well by creating a good calculator and estimate.
Step 4: Use a Template
If you think that you can create one fast, then you won’t need a product proposal template. However, if you think that a format is not enough then make use of a template. Do remember also that you don’t need to provide the whole project plan inside the proposal. Provide an executive summary instead. By doing this, you allow people to lessen the meeting time.
These things are what your project needs, however, you can skip some and add some depending on the need.
1. Cover Sheet
2. Table of Contents
3. Executive Summary
4. Team Profile
5. Project Description
6. Work Plan
7. Workforce 8. Budget
A good proposal is concise and compact. Although it might reach 20-30 pages, it would still be shorter compared to a redundant and proposal filled with fillers that could go for 50-60 pages. Make sure that you also don’t bombard people with jargon and technical words.
The three types of proposals are:
1. Solicited proposals
2. Unsolicited proposals
3. Continuation proposals
Product development is a long and grueling process that takes so much time. However, with a proper work plan and operational plan ready, you can be sure that it will become shorter. Business professionals love product development that does not go beyond the budget and delivers the product within the time limit. So make sure that you do it, which gives you time to make more and do more.