The Pros and Cons of Designing a New Product vs. Extending the Life of an Existing Design

When considering revenue opportunities, companies often face a critical decision: should they invest in designing a brand-new product, or should they focus on extending the life of an existing design? Both strategies come with their unique advantages and challenges. 

Deciding between designing a new product and extending the life of an existing design requires a careful evaluation of a company’s strategic goals, resources, and market conditions. While new products can drive innovation and capture new markets, extending existing designs can be cost-effective and less risky. Ultimately, a balanced approach, considering both strategies, might often be the best course for long-term success.

Understanding these can help businesses make informed choices that align with their goals and resources.

Read more below.

The focus and discipline of DFX is a powerful tool if used as part of a broader strategic approach to developing product/process differentiation, and a sustainable advantage against competition. Involve Design for X in Strategy. Once your team has determined the focus of your strategy, place the focus of design on developing competitive advantage. 

At Boston Engineering, DFX is a core part of creating values during our product development process. We focus on several key DFX areas that align with our expertise:

• Design for Manufacturability (DFM)
• Design for Assembly (DFA)
• Design for Cost (DFC)
• Design for Testability (DFT)
• Design for Reliability (DFR)
• Design for Serviceability/Maintainability (DFS)
• Design for Usability (DFU)
• Design for Modularity (DFMo)

Learn more about Design for X (DFX) at Boston engineering: Boston Engineering Design for X

Decision Time: Design a new product or Extend teh life of an existing design?

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Below is a list of pros and cons to help your discussions around the import decisions you will need to make.

Designing a New Product

Pros:

1. Innovation and Differentiation:
   • New products can leverage the latest technology, materials, and design trends, providing a competitive edge.
   • Fresh designs can attract new customers and tap into emerging markets, driving growth and expansion.
2. Solving Unmet Needs:
   • A new product can address gaps in the market that existing products cannot, providing solutions to problems that have not been adequately tackled.
3. Brand Image and Perception:
   • Launching innovative products can enhance a company’s reputation as a leader in its industry.
   • It signals to customers and stakeholders that the company is forward-thinking and committed to progress.
4. Customization and Personalization:
   • Starting from scratch allows for the incorporation of modern customization options, catering to specific customer preferences and needs.

Cons:

1. High Costs:
   • The development of a new product requires significant investment in research and development, prototyping, testing, and marketing.
   • There are also costs associated with setting up new manufacturing processes and supply chains.
2. Longer Time to Market:
   • Developing a new product from concept to launch can be time-consuming, potentially leading to missed market opportunities.
   • Longer development cycles can also delay the return on investment.
3. Market Risks:
   • New products carry a higher risk of market failure as they are untested and may not resonate with consumers as expected.
   • Predicting consumer acceptance and market trends can be challenging.
4. Resource Allocation:
   • Significant resources are required to bring a new product to market, potentially diverting attention and investment from other areas of the business.

Interested in providing your product development team with DFX skills? Learn More about our Applied DFX process and development workshops.

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Extending the Life of an Existing Design

Pros:

1. Cost-Effectiveness:
   • Extending an existing product’s life is generally more cost-effective than developing a new one, as it leverages existing R&D, manufacturing, and marketing resources.
   • Incremental improvements can be made with relatively low investment.
2. Reduced Risk:
   • Enhancing a well-established product minimizes market risks as it already has a proven customer base and market acceptance.
   • Customer feedback can guide improvements, reducing the risk of failure.
3. Faster Time to Market:
   • Improvements or extensions can be implemented more quickly than developing a new product from scratch, allowing faster response to market changes and consumer demands.
4. Sustained Customer Loyalty:
   • Continuous improvements on existing products can maintain customer loyalty and satisfaction, as customers appreciate the ongoing enhancements.

Cons:

1. Limited Innovation:
   • Focusing on existing designs can stifle innovation, potentially leading to stagnation and vulnerability to more innovative competitors.
   • Over-reliance on old designs can result in missing out on new technological advancements and market opportunities.
2. Brand Perception:
   • If customers perceive that a company is not innovating, it could harm the brand’s image as a leader in the industry.
   • Continuous small improvements might be seen as incremental rather than groundbreaking.
3. Diminishing Returns:
   • There is a limit to how much an existing product can be improved before it no longer meets evolving market needs.
   • Over time, the costs of maintaining and updating an old design might outweigh the benefits.
4. Market Saturation:
   • An existing product may eventually saturate its market, leaving little room for growth without significant changes or new offerings.

New eBook Available Now! 

"Leveling Up Existing Products through DFX" 

-Download Insights from a DFX Subject Matter Expert- 

Developing successful new products from scratch is challenging enough, but what about improving on existing designs? 

In this eBook, we’ll dive into the real-world experiences of DFX subject matter expert John DePiano, exploring the common areas where existing product owners excel, as well as the key opportunities where targeted DFX support can drive major improvements.

 Understanding the Importance of a DFX approach

Applying Design for X (DFX) methodologies upfront in product development optimizes the entire lifecycle by improving manufacturability, testability, reliability, usability, and other critical characteristics. This avoids costly redesigns later on, facilitates high-quality products that satisfy customers, reduces manufacturing and service costs, and supports flexibility through modularity and platforms. The holistic perspective of DFX drives efficient, cost-effective delivery of successful products that provide competitive advantage. Investing in DFX early pays dividends across the entire product lifespan.

Do you offer training on DFX for engineering teams?

Education is critical to effectively implement DFX principles. We provide training tailored to your engineers’ roles and product lines. This includes overall DFX methodology, deep dives into specific disciplines like design for reliability or manufacturability, and practical application workshops. Our hands-on approach combines real-world examples and case studies with tutorials on leading DFX software tools. The goal is building organizational DFX expertise and establishing repeatable processes that endure beyond individual projects. Investing in DFX knowledge pays dividends across your entire product portfolio. 

Ready to Begin your next DFX Project? 

Impossible Challenge? Try Us. 

Selecting a partner to help you complete your design project is a valuable option to reduce project duration and save money.    

The Boston Engineering product development system encompasses DFX to ensure a smooth product launch and success in the marketplace.  Boston Engineering has DFX knowledge and experience to address aspects and values of a product such as manufacturability, test, reliability, safety, serviceability, cost, and compliance with industry standards and government regulations.

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