The present study shows the set of analyses conducted during the development of a hot chili pepper sauce to valorize green peppers usually discarded in the Espelette region (France). A traditional production process was used as the inspiration for product development, and two different fermentation processes were assessed and characterized by measuring pH, sugar content, instrumental color, volatile composition, and conducting sensory (discriminant test) and microbiological analyses (total plate count). Significant differences were observed among pepper mash samples with respect to their physicochemical characteristics, but the products were considered similar from a sensory standpoint. Both sensory and physicochemical tests suggested that the ingredients added to make the sauces were determinant and had a higher impact on the organoleptic profile of the final product than the fermentation process. Finally, a Napping® test was conducted to determine the attributes that could differentiate the product from the hot sauces found in the current market. The results of the present research allowed the optimization of the elaboration process of the new product, saving time and ingredient costs. The procedures shown in the study could be used as an example of a new product development process in which physicochemical and sensory data are collected and used for decision making.