In 2017, the global market for virtual prototyping was valued at a whopping $210.4 million. That size is expected to increase at a CAGR of 19.4 percent between 2018 and 2025.
Prototypes play a significant role in today’s business world. Imagine you have a product idea you’d like to introduce in the market. While you can see it clearly in your mind and know how wonderful it will work, it’s not easy to put it in words.
To explain it to your stakeholders, you need a prototype. In today’s post, we’ll tell you what all you need to know about prototypes, and why you need one for your idea. Keep reading to learn more.
What Is a Prototype?
A prototype refers to an initial creation of a new product that reveals the basics of the product’s appearance, functioning, and purpose. In other words, it’s a rough draft form of the final version of the product.
The prototype will often have the elements that show how the final product will operate. This gives people a solid idea of the final product and allows you to make any necessary alterations early enough. You can learn more by looking at this case study.
How a Prototype Helps Your Product Idea
Some entrepreneurs see the prototyping process as unnecessarily time-consuming and expensive. However, the truth is that without prototypes, most new product ideas do not turn out as expected. Below are three main benefits of why you should have a prototype for your product ideas:
1. You Gain More Clarity
When you don’t have a clearly defined concept, you can set up your product for failure. Prototyping tools help you create a visual aid that you can work with. You can use your prototype to get more information on what features you need to add so your final product meets the specific needs of your target customers.
2. An App Helps You Validate Your Idea
If you need investors to support your idea, you’ll need to first validate your concept in the market. A high-fidelity prototype can help you achieve your goal by testing your market demand.
Assuming you’re developing a mobile app, for instance, use helpful app metrics to determine market demand. These metrics include app usage and engagement. From the information you get, you can determine whether the app you develop will sell or not.
3. You Get to Save on the Cost
Developing a new product does not come cheap, especially when that product is a mobile app or an electronic. The cost could range from thousands of dollars to millions, depending on how much maintenance and customization are required.
With a prototype, you get to reduce or eliminate inefficiencies in the production stage. You’re also able to identify any vulnerabilities before the final product goes on sale. More importantly, you get to make sure that your final product meets all regulatory compliance requirements.
Investing in a Prototype Can Make Your Product Idea Come True
Whenever you have a new product idea, it’s always a good idea to start with a prototype. Not only does a prototype give you and your stakeholders a clear idea of what the final version of the product will look like, but it also helps you avoid time and money wastage.
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