The Ultimate Guide to Product Development

Editor's Note: Take a look at our featured best practice, Product Lifecycle (34-slide PowerPoint presentation). Product Lifecycle Analysis is an invaluable tool for developing a robust product marketing strategy. Marketers and strategists can use this analysis to predict sales growth, associated customer and competitor behaviors, and, in turn, devise the appropriate product marketing strategy. The Product [read more]

Also, if you are interested in becoming an expert on Strategy Development, take a look at Flevy's Strategy Development Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

* * * *

Product development is one of the numerous essential factors for business growth. Improving the products your company deals with is ideal for satisfying customers’ unlimited wants and indicating the growth of your business.

What Is Product Development?

Product development is creating a new product from conception to production and then from production to sale. It includes the conceptualization, design, engineering, and marketing of a product.

Things to Consider before Starting with Product Development

Several considerations need to be considered when attempting to execute a product development strategy.

Put the Human at the Center of Your Strategy

Base your strategy according to the needs of your clients. Focus on systems that meet human wants rather than numerous functions that do not satisfy client needs. 

Getting it right will make your product more marketable and valuable. It also makes it exciting for consumers and potential investors to get involved.

Set Milestones

Project development in Seattle requires you and your team members to unite when building processes. Unison in creating strategies to achieve set targets eases project development. 

To set up the processes, acquire information from published materials, or ask for aid from product development and consultancy agents. In addition, existing strategies must undergo refining to avoid getting stuck in outdated methods. 

Analyze Your Cost Drivers

Before commencing your product development, it is necessary to evaluate costs. Keep your costs manageable by keeping an eye on the financial aspects of your activities. 

Reviewing your product and budget is advisable if the cost drivers get out of hand. Don’t shy away from considering alternatives if the cost drives get unmanageable. 

The Main Steps in a Product Development Process

Every product development process is different, but there are a few common steps that most companies take. Here are the critical steps in any product development process.

Idea Generation

The first step in product development in San Francisco is deciding on the product line you wish to venture in. Next, your team develops innovative ideas for product evolution. Assign different responsibilities to all team members, aiming at creating revolutionary concepts. 

There are various ways to come up with fresh ideas for product development. To do so, identify market gaps through intensive research. 

Moreover, acquire views from your customer base by enquiring ideas from your clients and analyzing customer feedback to know your customers’ wants. Check for gaps existing in current product trends by utilizing marketing analytics tools such as google trends. 

Product Definition

The process of idea creation yields many ideas. Product definition allows you to choose which view to follow, thus filtering out weak ideas. After making a choice, go ahead and define the purpose and function of your product. 

Product definition gives an introductory view of your product. Convey the preliminary with your team members to understand their role in developing the product. Members of your team handle different aspects of the definition. 

For instance, the marketing team checks the market to scrutinize, managers handle business aspects of the product line, and the technical team tackles the technological elements. 

Product Research

Product research involves extensive analysis of the product market. Your marketing team should conduct research directly with potential clients to establish the feasibility of the new product in the market. Apart from identifying the target market, you acquire opinions about client interest in the product through customer feedback.

Acquire essential feedback through surveys, SWOT analysis, and talking to clients and market experts. Feedback gives your team hindsight on product features and alternatives which work best. The research process also lets you know competitors’ price ranges for the product. 

Product Planning 

After efficient idea generation, product definition, and research, it is time to put your project on paper. Your team members have various tasks to perform. 

Your technical team should put the project on paper after successfully finalizing the establishment of product features. The design team creates sketches and gets ready to lay down appropriate prototypes. Lastly, analysts evaluate financial aspects and project viability. 

Prototyping

Prototyping is an experimental process that brings ideas to life. Through prototyping, you implement ideas into tangible forms. 

Your team builds prototypes of varying designs to capture concepts and test them on clients. Then, refine and validate your created models with prototypes so your organization releases the right products. 

It is crucial to ensure that all your team members get involved in prototyping. Efficiency is also vital in this process, making rapid prototyping a viable option. Through rapid prototyping, created prototypes undergo reviewing, enabling you to know areas that are working well and refining areas that are not working well. 

Validation

Design validation aims to test whether you designed a suitable product. Doing so means proving whether the product meets customer needs and intended uses. 

Carry out testing with the aid of product development technologies such as product validation platforms, which allow you to forecast your product’s demand and price. Ultimately, you’ll determine if people need and want what you’re building.

The good thing about product validation platforms is that they allow you to discover the ideal price range for your product, gain insights about traffic, and identify the features that customers like most about your product. In addition, product validation programs enable you to test your products efficiently, saving you on costs.

Commercialization

The last step in product development is commercialization. In this step, you debut your product in the market, making it available for sale. This step marks the culmination of developing your product. Your marketing team must utilize marketing and sales techniques to launch your product effectively. 

To effectively launch your product, you must create awareness among your clients through social media marketing platforms, pay-per-click ads, email, articles, events, and more. Awareness creates anticipation around your invention. 

Similarly, you can use a team of influencers to get people excited about your product. Ensure you and your team have prepared adequately for introducing your product to the market. 

Utilize This Guide for Your Product Development

The above seven step-by-step strategies are here to assist you in successful product creation or evolution. With this ultimate guide for product development, be sure to transform your product design firm in Seattle to the next level.

Want to Achieve Excellence in Strategy Development?

Gain the knowledge and develop the expertise to become an expert in Strategy Development. Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.

"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu

For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.

These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.

Learn about our Strategy Development Best Practice Frameworks here.