“Why didn’t I think of that? It seems so simple!”
Everybody has experienced this thought. Maybe you were watching TV, scrolling through social media, or talking to a friend when it happened. Somehow, you encountered a simple product that solved an everyday problem.
However, no matter how simple the product may seem, you can guarantee that its development was much more complicated. Every product developer must follow the steps of product development before their idea can hit the market.
Maybe you’ve already got an idea for a product that can solve a common problem people face. If so, excellent! If you have a product that you’d like to market, start by learning more about the five-step product development process down below.
1. Product Development Starts with Idea Screening
In the typical product development life cycle, you begin with several potential product ideas. Each of these ideas should address a customer need that has yet to be solved. Alternatively, your product ideas may find ways to solve these issues more efficiently than current products can.
Once you’ve generated a few ideas, the next step is to begin screening them. When you evaluate your product ideas, you want to identify the one with the most potential for success. Start by turning to people with knowledge in this industry and asking their opinions of your idea.
If you already work with a business, you’d also consult the Agile Development team in your branch. This team can break down the technical side of your product ideas. These technical concerns include how easily one could mass-produce the product or how efficiently it would operate.
Another way to analyze products is through SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. For your product to become marketable, its strengths and opportunities must outnumber the threats and weaknesses.
2. Follow Steps of Product Development Testing
Once you’ve determined which products seem most likely to succeed, it’s time to enter product development testing. When you enter this stage of the product development process, there are a few things to keep in mind.
First, you must determine your gain/pain ratio. What are the benefits the product offers to customers? How much effort will the customer need to exert to use and understand the product?
As you work on that ratio, take time to examine your competition. What do your competitors lack, and how can you improve in that space? Or, is there currently a blank space in the market that’s perfectly suited to your product?
Next, you’ll list the features of this product. When listing features, consider how these features are innovative and how they can help solve user problems.
Finally, put together a value proposition chart. This chart creates a concise and presentable way of offering customers insight into your product’s value. You can learn more about this process by consulting with Upstart Works Team.
3. Presenting Your Product for Concept Testing
Once you’ve tested your product through the development procedures above, you can move beyond your in-house efforts. Now, you can present the product to select customers for testing.
To receive the best insights possible, use these four tips to narrow your focus. First, identify a core focus group that can benefit from the developmental product.
Next, assess whether you present some alternative products to the focus group. This way, they have something with which to compare your new product. This comparison helps the group determine whether your product still lacks helpful features.
To ensure your product comes across more favorably, work on a plan for your New Product Development. This plan should focus on the product features, its marketing strategy, price, and potential distribution.
Lastly, position your product’s new and unique features in your focus group’s mind. This positioning should help them find and discover your product’s usefulness.
4. Conducting Business Analysis
At this stage of the product development life cycle, it’s time to hammer out your marketing strategy. The core goal of this strategy is to reach your targeted audience however possible. The easiest way to accomplish this is to focus on the 4 Ps.
The first P is Product, which focuses on finalizing your product according to your concept testing report. The second P revolves around Pricing, focusing on product-licensing cost and expected profit margins. It also considers how to craft the best marketing strategy to generate profits.
Next, you’ll begin Promotion. In this step, you’ll present the “hero point” that shows how your product distinguishes itself from other options on the market. How will it “save the user’s day” when they choose it over alternatives?
Finally, we move to Placement. This stage focuses on defining the product’s scope.
Do you intend for this product to perform on the world stage, or is it best-suited for a particular region or nation? Alternatively, you may provide a service that meets the needs of your local community, thereby fixing its placement as local.
5. Entering the Market: Commercialization
Once you’ve finalized your product, the final step is to put it on the market. When you do so, remember to focus on a few critical points.
First, emphasize the concept of your product more than its features. Help customers understand why your product is the one that will solve their problems.
Second, establish effective branding techniques. Set your business apart by giving its voice a unique identity that appeals to your customer base.
Depending on the product you’ve designed, you may find webinars a helpful way of generating leads. Webinars allow you to discuss how the new product benefits your audience through its added features.
Start Screening Your Ideas Today!
If you have product ideas swirling around in your head, don’t let them all remain ideas! Start screening your ideas to determine if any of them could achieve success. If so, make that idea a reality!
To accomplish this, all you need to do is follow the steps of product development. Before long, you may have a product to show off.
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