Costing: Product costing for new product designs
Costing for commercial viability
Our aim with each project we take on is to create something that is both innovative and marketable. It is important to consider commercial viability all the way through a project so that the concept does not stray from it’s end goal of reaching consumers. With this in mind, we try to get an approximate cost from our trusted network of manufacturers as soon as possible. During the concept stage we will often engage with our manufacturers to have their input, obviously this is done under strict confidentiality agreements. At the end of the detail stage, once we have technical drawings and/or CAD, we send them a product profile report which details out every aspect of the proposed products, including elements such as packaging and shipping transit cartons.
Making products marketable
“You can make anything, but only marketable products sell”. This is a something we have learnt very well over the last 20 years. Product design takes on many forms: consumer products, Business-to-business (B2B), and one-off specific installations. But at the end of the process, someone has to pay for it. Our end customer must be delighted with the offering and believe it to be good value. At Bang Creations, typically 80% of what we have designed and engineered is in production within 12-24 months, and the remaining 20% often follows. To achieve this, we work closely with our suppliers and manufactures and get them involved as early as we can with a project to help advise us of the challenges and associated costs we could expect when we get to the end of the development journey and start production. Their input is invaluable, and often shapes the detail design stages.
Meeting targets
As a design team we have many years of experience of taking product off production lines, so when designing the product we have an idea of what the product will cost and how best to assemble the product efficiently. We design for manufacture (DFM) and design for assembly (DFA), but what we believe makes us different is we engage the manufacturing partners as early in the process as possible. We can do this as we have been working with manufacturing partners in Asia for over 15 years as well as partners in UK and Europe. Different products will have different cost matrices depending on their route to market. A consumer product could have as much as an 8 to 10 times multiple from cost to retail price, a B2B product as low as 2 times multiple or even sold at cost to drive consumables. In the concept and detail design stages we will be constantly evaluating the design to hit target manufacturing costs while ensuring they meet the perceived market cost.
Costing: Product costing for new product designs
Costing for commercial viability
Our aim with each project we take on is to create something that is both innovative and marketable. It is important to consider commercial viability all the way through a project so that the concept does not stray from it’s end goal of reaching consumers. With this in mind, we try to get an approximate cost from our trusted network of manufacturers as soon as possible.
During the concept stage we will often engage with our manufacturers to have their input, obviously this is done under strict confidentiality agreements. At the end of the detail stage, once we have technical drawings and/or CAD, we send them a product profile report which details out every aspect of the proposed products, including elements such as packaging and shipping transit cartons.
Making products marketable
“You can make anything, but only marketable products sell”. This is a something we have learnt very well over the last 20 years. Product design takes on many forms: consumer products, Business-to-business (B2B), and one-off specific installations. But at the end of the process, someone has to pay for it. Our end customer must be delighted with the offering and believe it to be good value. At Bang Creations, typically 80% of what we have designed and engineered is in production within 12-24 months, and the remaining 20% often follows. To achieve this, we work closely with our suppliers and manufactures and get them involved as early as we can with a project to help advise us of the challenges and associated costs we could expect when we get to the end of the development journey and start production. Their input is invaluable, and often shapes the detail design stages.
Meeting targets
As a design team we have many years of experience of taking product off production lines, so when designing the product we have an idea of what the product will cost and how best to assemble the product efficiently. We design for manufacture (DFM) and design for assembly (DFA), but what we believe makes us different is we engage the manufacturing partners as early in the process as possible. We can do this as we have been working with manufacturing partners in Asia for over 15 years as well as partners in UK and Europe. Different products will have different cost matrices depending on their route to market. A consumer product could have as much as an 8 to 10 times multiple from cost to retail price, a B2B product as low as 2 times multiple or even sold at cost to drive consumables. In the concept and detail design stages we will be constantly evaluating the design to hit target manufacturing costs while ensuring they meet the perceived market cost.
Costing: Product costing for new product designs
Costing for commercial viability
Our aim with each project we take on is to create something that is both innovative and marketable. It is important to consider commercial viability all the way through a project so that the concept does not stray from it’s end goal of reaching consumers. With this in mind, we try to get an approximate cost from our trusted network of manufacturers as soon as possible.
During the concept stage we will often engage with our manufacturers to have their input, obviously this is done under strict confidentiality agreements. At the end of the detail stage, once we have technical drawings and/or CAD, we send them a product profile report which details out every aspect of the proposed products, including elements such as packaging and shipping transit cartons.
Making products marketable
“You can make anything, but only marketable products sell”. This is a something we have learnt very well over the last 20 years. Product design takes on many forms: consumer products, Business-to-business (B2B), and one-off specific installations. But at the end of the process, someone has to pay for it. Our end customer must be delighted with the offering and believe it to be good value. At Bang Creations, typically 80% of what we have designed and engineered is in production within 12-24 months, and the remaining 20% often follows. To achieve this, we work closely with our suppliers and manufactures and get them involved as early as we can with a project to help advise us of the challenges and associated costs we could expect when we get to the end of the development journey and start production. Their input is invaluable, and often shapes the detail design stages.
Meeting targets
As a design team we have many years of experience of taking product off production lines, so when designing the product we have an idea of what the product will cost and how best to assemble the product efficiently. We design for manufacture (DFM) and design for assembly (DFA), but what we believe makes us different is we engage the manufacturing partners as early in the process as possible. We can do this as we have been working with manufacturing partners in Asia for over 15 years as well as partners in UK and Europe. Different products will have different cost matrices depending on their route to market. A consumer product could have as much as an 8 to 10 times multiple from cost to retail price, a B2B product as low as 2 times multiple or even sold at cost to drive consumables. In the concept and detail design stages we will be constantly evaluating the design to hit target manufacturing costs while ensuring they meet the perceived market cost.