How To Create And Develop A Successful Product
Before you focus on selling out a product, you have to make and develop it first. Some might focus on pursuing the “best” product idea they have in mind. However, the key to selling out a great product does not always depend on what you think is a genius idea.
It’s all about what will solve the consumers’ needs. It also should be innovative enough to stand out and drive growth in the industry.
This is why the product development process is something that you and your company shouldn’t skip on.
To give an overview, a Product Plan defines product development as “the stages involved in bringing a product from concept or idea through market release and beyond.” Typically, there are five stages that make up the whole product development process.
In this stage, companies gather ideas from market trends and demands, consumers and competitors, current events and industry needs, and the like. This serves as the foundation for the whole product development process
Product development is a collaborative effort. At this stage, businesses need to gather opinions from workers, customers and applicable entities in the industry. This can help companies avoid costly ideas that are unfeasible (or have no market demand) in the first place.
From this phase, you will be able to segregate viable product concepts from a large pool of ideas.
From pinpointing to development, this stage is where companies start to flesh out the ideas. The product development process requires heavy research which will help determine the possible costs and profit margins.
A SWOT analysis will be also useful, as well as market strategy and segmentation to determine who the target consumers will be.
How do you develop a product that will actually be a market hit? Through extensive testing after manufacturing. In this stage, a company designs, develops and creates the product into something tangible and usable.
However, this does not mean it’s ready for market release.
First the prototype undergoes different market testing. Then, based on results and opinions, that’s when large-scale production will commence.
Once a company has gone through all the stages, that is when commercialization of the product begins, and where marketing campaigns to sell the generated product play in.
However, keep in mind that your product development strategy may also extend well after the product’s launch. After large-scale production and release, it’s important to pay attention to user opinions and feedback to continuously improve your product.
When creating and developing your next product, always keep in mind the value it will bring to the market. Remember that the product development process always circles back to the user. No matter how genius the idea is, it will only sell if it there’s a market willing to buy it.