A company that wants to be successful in this cutthroat market must bring original ideas to the table. You must present to the public a new product, something that meets their current needs and offers them a solution or service that stands out from the rest, but this process is not done overnight. The new product development process requires a team with experience and management of multiple tools, made up of diverse profiles.
Product Development is not an easy task, companies usually resort to the most creative minds to achieve it, who spend months together evaluating all aspects and market needs until they find the ideal product or service.
But you don't always have that much time to wait since you have to create something profitable almost immediately, so the best idea is to use a quick process, and simple steps to product development process and thus position your company as a leader in their field, in addition to satisfying your audience or customers by giving them exactly what they need.
A product development process starts with an idea, that's for sure. Conceptualizing that idea that resonates in your mind is the ideal way to start the product development lifecycle. The strength, weakness, opportunity, and threat of this product or service must also be analyzed to know if it can be carried out or not. Also, take into account the suggestions of the target audience and the company's employees or teammates.
The new product development process can be messy at first and can easily turn into a nightmare, so proper planning is absolutely necessary. It is wise to have detailed product planning organized before implementation or launch to ensure that the goal can be achieved on time.
This part is vital because it will depend on whether the product is approved for financing or not. The idea of a new product must be objective, well presented, with all its strengths and weaknesses, as well as a plan for its marketing and who needs this product or service. The product strategy must justify the existence of the product and its usefulness in the market.
The product design at this stage exists on paper, in a conceptual idea, in the mind of its creator or creators, but it is time to create a prototype, a product that is as close as possible to its final form and that can be used to test with the target audience. In Marutitech they comment “The main objective of the prototyping phase during the product development process is to create a finished product to use as a mass production sample. Product prototyping differs depending on the product you are developing. You can easily create the prototype for the products involved in the category of fashion, ceramics, design, software, and other verticals”.
With the prototype plan ready, it's time to gather the materials or work equipment needed for its production. In this stage, the supply chain is also defined, for example vendors, activities and materials that will help you with the development of the new product and have it ready for the market and its promotion. At this stage, the experience of the product developers is essential.
Having the prototype ready, it's time to do a market test. In this stage, the product follows the guidelines of the marketing team and the concept is validated in general, analyzing if it works with the public and if it will be a sales success when it comes out in its final phase. Agile product development is fundamental as well as the product marketing team.
Verizon experts explained this step as follows: “Once the concept has been developed and tested, final decisions must be made to bring the product to market. Pricing and marketing plans need to be finalized and sales and distribution teams informed, so the product and the company are ready for the final stage.”
A detailed launch plan is created: the date on which the product will be accessible to the general public, places where they can acquire it or where they can register, whether it is a service or software. While this is happening, a customer and user feedback analysis plan should be ready in order to apply the suggestions and improve the product, seeking to have lasting success.
Product Development is due to several factors, always taking into account the needs of the market and the public and offering something new that can satisfy these needs.