Every company that works on product development has its procedures, but they always follow a general plan for the development of the product, in order to ensure that they present their clients with a quality finish and that it meets all the requirements that they raise when they decide to seek help from their problems.
TCGen, an expert company in product management, specifically defines what this process means: “A product development process refers to the entire range of activities in which a company conceptualizes and carries out a new offer. The concept of a product can originate in the market, or in a laboratory or workspace, or in the so-called fuzzy interface. Ideas also arise from customer requirements.”
Several aspects must be taken into account in the product development lifecycle, whether it is done on the company's own initiative or if it is fulfilling the specific request of a client, these are important factors at play.
If it is something that is born by the team's own initiative, the need for the said product in the current market must be taken into account. Study it, analyze it and reach the conclusion of whether people or users really need this product or if they are just following an idea that came out of nowhere and can lead to monetary losses.
If it has already been concluded that the public does need this product, then we must study the competition. Observe in detail the similar products on the market and ask ourselves, what can we offer as innovation and thus win over users? It is important to do this preliminary research before starting the new product development process.
Another aspect to take into account is the feasibility to create the product. The budget, the human capacity and the knowledge or talents that the team has must be considered and thus know if it can be created successfully or it will be an effort in vain.
In the product development process, everything starts with an idea. To create a product, either on your own initiative or on request, you must have an idea and a clear concept of what you want to achieve. Know what need we want to attack with this product, the market, what its specific use will be, and others. Not always everything will be clear from the beginning, but a good organization, research, and analysis will help to have a clear concept and thus start with the following.
Product development takes time and money, so it is often necessary to have a financial partner and they will surely want to see a marketing report. You must do some research and verify that you are creating the product that the public needs, one that people are going to buy or subscribe to if necessary. Sometimes a product very similar to the end result is used to get a market reaction, these can be primitive, for example, paper prototypes are commonly used to get early test marketing feedback.
Having a clear idea of what you want, a concept with the steps to follow and the market report to meet the needs of the public, it is time to begin with the product development process. In addition to this, in this step, a detailed business plan is created to explore the competitive landscape, in addition to creating a financial model for the new offer.
“For tangible new product development, such as mixed hardware or systems, the team also considers the manufacturing capacity of the proposed new product, and this includes the sourcing of the product if it is outsourced. At the end of this phase, senior management should have a clear idea of what they are investing in and how it will perform in the market.
When doing product development, this is one of the most important stages. When a website or application is developed, a realistic user interface that resembles the product is first created to ensure that users have a pleasant experience.
This stage takes into account all user comments during the prototype phase to apply them to the product, service, website or application. In parallel to this, the marketing and sales team begins to prepare for the launch of the product, fine-tuning the details to publicize it and have a closer relationship with its customers. Product design is crucial.
A step where the final product is tested with target customers, validating its operation and making it clear if it will work in the real market. “Validation testing is confirmation that a product meets its intended use and the needs of its users. After successful verification, development teams should employ validation tests with the initial production product and in the real (or simulated) use environment” they mention in Goddard Tech.
After the product development process, comes the final step: the manufacture or creation of the product and its distribution. In this step, everything necessary to bring the product to market is done, in addition to the marketing department and its plans for the introduction of the product to the public. If it is software, a website or an application, it will be released and can be sold after the final test. A marketing strategy is continued to ensure that the company has a successful launch.
These are the steps to follow for the product development, a guide that even the largest companies in the world follow in detail to ensure that their creation has the success they expect.
At Rootstack, we make sure that the product our customer needs meets their expectations.