Product development, often referred to as ‘The Stage-Gate’ innovation process, is when teams collaborate for developing new innovations. These innovations are primarily new products or an improvement of the concept of an existing product. However, as easy as product development may seem, it actually isn’t.
There are many problems and challenges faced throughout the whole process. Are you planning on developing a product but don’t know how to? If so, then here is a complete guide to the product development process and all the steps included to successfully create a new product:
Generating – Analysing Market Trends
To begin, you will first have to assess current marketing trends as well as external and internet SWOT analysis. This way, you can determine the level of competition in the market and can generate ideologies by taking factors such as affordability, widespread distribution costs, and ROI into account. During the product development process, use flexible discretion over which activities are executed and keep the system nimble. This way, you can avoid making costly mistakes that may slow down the development process.
Screening the Idea – Bring the Product to Life
What kind of product will interest consumers? Should it look fancy? Should it be expensive? What are people looking forward to? Idea screening is an important step in the product development process. Answer these questions and try setting specific criteria for ideas that should be dropped or continued. This can eliminate confusion and can even help determine which product idea is better. Therefore, stick to the agreed upon criteria, so poor projects can be sent back to the idea hopper. Jot down all important points about the new product idea and if it has any advantages or disadvantages.
Testing the Concept – Analyse Product Uniqueness
Concept testing is basically done after idea screening. However, please note that this step is different from test marketing. Perform patent research and take a look at the legalities involved with new product development. Keep in mind that knowing where your marketing messages will work best is perhaps the most important part of the testing concept. So, try asking yourself a simple question: ‘does the consumer want, need or understand the product?’
Business Analytics – Monitor Progress
You need to monitor your progress throughout the whole product development process, so consider building a system of metrics. Include input metrics (average time) and output metrics (percentage of new product sales, value of product). By regularly monitoring progress, you can make sure your team is on the same page with you and in agreement of the criteria and metrics. Even if the product idea doesn’t come to life, you can always keep it in the idea-hopper as a basic for growth or learning.
Beta/Marketability Tests – Time for Some Tweaks
Form test panels, launch beta versions, arrange private test groups after the product has been tested to receive valuable information regarding your product. This way, you can make last-minute tweaks and improvements and generate a little buzz as well.
Technicalities – Producing the Product
Provided all the information and technical aspects, the production department will make plans to produce the market. The finance department will provide a good financing plan for introducing the new product. The marketing department will make plans on how to sell, market, and distribute the product. In this step, you will be required to provide photographs, sketches, and drawing with different views, such as rear, front, top, bottom, side and perspective views that describe and illustrate the design of the product.
Commercialize – Time to Advertise and Sell
You have now successfully developed a new product, now all you have to do is get your product into the market. Once this is done, constantly monitor progress and begin advertising. Additionally, take a post-launch review to look for continuous improvements.
So, now that you are familiar with the product development process, creating a new product won’t be a problem.
