Product Development

Improving an existing product or creating a new product that will satisfy the customers is not an easy game. It requires considerable resources and a lot of critical decisions to lower the chances of failure.

Before we start, have you heard the saying "Product Development is the life-blood of any product development company"? If yes, you might have wondered why right? And if yes, then this topic is just for you.

In this lesson, we will cover everything there is to know about product development. And by the end of this lesson, Surely you will fully understand why product development is the life-blood of any product development company.

With that said, here are the list of topics we will cover in this lesson:

Ideation and Brainstorming - Ademar Tutor

Stage 1
Ideation and Brainstorming

It is the first stage in the development process, where you gather your team and generate different ideas.

Coming up with a product idea is easy, but coming up with a great product idea is another story. This stage's primary goal is to give significance and think of something that could solve the customers' problems and cater to their needs.

There are several methods to generate valuable ideas. The following are two great ways on how to create valuable ideas for your product:

SCAMPER method

This method helps you generate ideas for your product and services by asking yourself or your teammates these seven different types of questions; Substitute, Combine, Adapt, Modify, Put, Eliminate, and Reverse.

This method will help you understand how you can innovate and improve existing products, services, problems, and ideas.

To put it simply, you take an existing product and create an even better product.

Mind mapping

Mind mapping is also a handy method for generating a product idea. It helps organize brainstorming sessions efficiently and document results in an easy-to-understand manner.

Usually, mind maps start with a simple idea or product description and eventually form a visual representation of everything a product must do or that customers want it to do.

In fact, there are certain circumstances that mind mapping that will give you unexpected solutions.

Once ideas are generated, the next stage is to screen those ideas to determine whether they will succeed or not.

Idea Screening - Ademar Tutor

Stage 2
Idea Screening

Idea screening is a very crucial stage in the development process. Product ideas that do not meet the company's objective should be eliminated.

The idea screening process helps you narrow down irrelevant ideas into an acceptable amount. In other words, it is the process to eliminate the number of product ideas without screening out the potential ones.

If a poor product passes through the screening stage, it would be a waste of money and effort in the subsequent stages and even worse if a worthwhile product idea is screened out.

But through successful idea screening, the company can focus the whole product development process with a higher chance of achieving success of their product.

During the screening process, specific criteria are prepared in which a product should meet. Some of the primary factors are:

The product's feasibility
Company's values
User needs

If the product does meet the screening process's requirements and objectives, it will move on to the next stage: produce a clear product concept and test its viability.

Concept Development and Testing - Ademar Tutor

Stage 3
Concept Development and Testing

At this stage, a few and realistic product ideas remain. You will need to describe the product in a way how the customer would use it. This involves a detailed description of the product idea and the customer's perspective.

In other words, you need to develop a product concept. But what exactly is a product concept?

What is a product concept?

A product concept is like a blueprint of your product idea. When developing a product concept, certain things are needed to consider:

  • Describe your concept from your customer's point of view
  • Thorough research to determine your target audience
  • Conduct focus group and in-depth market research
  • Resources needed for designing, manufacturing, and delivering the product.

Also, a product concept should describe and highlight the best features of the proposed idea. These features are:

  • Quality (Does the functionality of the product will meet customer's needs and expectations?)
  • Pricing (How does the customer willing to pay for the product?)
  • Usability (Is the functionality easy to understand?)
  • Convenience (Does the product saves the customer's time and effort?)

After you develop your product concept, you need to test it with a customer to test its viability. But first, let's understand what concept testing is.

What is a concept testing?

Concept testing is a way to assess your customer and determine their reaction towards your proposed product or service before introducing it to the market.

Concept testing typically involves surveys to your potential customers and asks their opinions towards your product's concept.

You may ask them specific questions like if they are interested in the product or how much they like the product.

You can also present several other concepts to determine which among them the customer finds most fitting.

After the concept and testing are evaluated and confirmed, the next stage in the process would be prototyping and evaluating your product.

Prototyping and Evaluation - Ademar Tutor

Stage 4
Prototyping and Evaluation

In this stage, you are finally giving life to your product. This stage aims to create a finished product and use it as a sample for mass production, using surveys and research results from customers as a guide to creating a prototype with designs and features that the customers desired.

Prototyping helps you explore your product idea and demonstrates its features before investing in its complete development. Also, prototyping is a common practice among many companies since it saves time and money.

A product prototype must be built as early in the process as possible so you can evaluate the product and gather feedback from your clients or customers. At the same time, you are thinking of ways to improve or make your product better.

Thus, it makes sense to create a prototype product first rather than spending thousands of dollars and hundreds of hours creating a finished product and then realizing that it still needs modifications.

From web development companies' perspective, they usually spend time making prototypes for their clients to illustrate how the website will work and what its features will look like.

In that way, if the client desires to make some changes, modifications can be made quickly since none of the back-end code has been implemented yet. And when the client is satisfied with the prototype, only then will the developers invest time to make a finished website.

Product Rollout - Ademar Tutor

Stage 5
Product Rollout

This stage is also known as commercialization or market entry. This is the stage where your product enters the marketplace. All information collected throughout the previous stages is utilized to produce, market, and distribute the final product.

At this stage, your product will be launched, full scale to the market. Thus, this is the point where the highest costs are sustained. Other than the costs, other factors must also be considered. This includes both when and where your product should be launched.

Promoting your product is also essential to your product's success. If possible, promoting must be done before product launch to pique customers' curiosity.

Social media is the biggest, if not the most influential channel for advertising and marketing. The fact that it is easy to interact with people that got fascinated with your product. It is the most effective way to reach the most customers as quickly as possible through sharing and word of mouth.

With everything in place, your product is now available to everyone and the "product development life cycle" begins.

Since you made it this far reading, surely you already know that product development has several stages.

From producing an idea to distributing the products to the target customers, each stage has a strategy implemented to make the product successful and generate revenue.

What is a Product Development Strategy?

Product development strategies are methods and actions to develop new products or innovate existing products to appear new and offer those products to the market.

A product development strategy can reveal certain areas for improvement and which methods are most suitable for your product. And to gain the most benefits from your product development strategy, you should consider how various techniques would work.

Moreover, having a clear product development strategy can help your product turn into a profitable one and modify it to stay competitive within the market.

That said, the following are some product development strategies:

1. Modify an existing product
Modifying an existing product and improving it is an efficient strategy in product development. This strategy focuses on determining which features the consumers wanted to improve and then make those changes.

2. Create new products
This strategy is risky since you don't know how the customers will respond to something new. Thus, in this strategy, you should always be mindful of what the customers are looking for.

3. Change ideas
If the market does not respond to innovation, this strategy should be helpful. The company should consider focusing its resources on researching what the market wants.

Since not all ideas will result in a successful product, changing ideas when needed can be an effective strategy.

Product Development Strategies - Ademar Tutor

Each company has its own approach to product development strategy. A company may focus on adapting to its current products, while others may create innovations.

Regardless of what path the company may choose, a product development strategy is essential to its product's ongoing growth and success.

Examples of Product Development - Ademar Tutor

1. Netflix

Netflix started as a DVD rental platform and eventually became the largest streaming service in the market. Netflix's decision to shift to streaming media was a great success in evolving alongside market trends.

Each decision that Netflix makes always focuses on what the user needs. Netflix iterated on the product experience, content, and pricing model as they continued to add value to satisfy the user's needs.

With a solid product development strategy, Netflix achieved the ability to capture more revenue as the company continues to grow. Thus, being able to anticipate the market trends and customer expectations makes Netflix grown into one of the most over-the-top streaming platforms on the market.

Examples of Product Development - Ademar Tutor

2. Popsocket

David Barnett, the founder of the product, first created the PopSocket for him to hold and store headphone cords with his phone.

Eventually, PopSocket became a popular, removable smartphone grip as Barnett marketed the product as an easy way to hold smartphones with one hand as a kickstand for a smartphone so it can stand upright.

Personalization of the product gained more value, and it gave rise to a completely new revenue stream for the company. Now, Popsockets offers a wide variety of promotional items, and each can be customized based on what the customer wants.

PopSocket became famous because of a clear understanding of market trends and intensive research implemented during the planning and discovery stages in the product development.

When you have a clear understanding of how the market perceives your product, it is easier to build features to provide customers needs and meet their expectations.

Examples of Product Development - Ademar Tutor

3. Houseparty

Houseparty is a face-to-face social media app for connecting with individuals and small groups. Houseparty is a great example of how product development happens in small, gradual changes.

To illustrate the value of Houseparty to their customers, they needed a way to increase their usage engagement as their platform grew. Thus, they ran A/B testing to gather data and understand where customers experienced issues with the app.

Through their continuous tests, Houseparty understood the cause of the decrease in user engagement and identified an opportunity to change their onboarding process.

By making gradual changes to the onboarding process, they successfully increased user engagement within their app.

In developing a new product, you must understand how to target specific customers, fix their problems, and position your products or your product's features correctly. Because when you are creating value for your customers, that also translates as giving value to the business as well.

Are you planning on making a mobile or web application as your product for a successful startup? If so, then Bootyard will be more than happy to help you turn it into reality.

Bootyard is a mobile and web app development company that is based in the Philippines. The company's core focus is to develop startup ideas into software products.

Thus, if you have a great startup idea, Bootyard will develop and design your idea in a way that it will stand out against the other competitors. Moreover, the company will set up your startup app and infrastructure on where it will live and grow.

If you want to know more about Bootyard, feel free to visit Bootyard.

The company has over 45-years of strategic consulting and research experience in uncovering opportunities to improve products and services based on customer feedback.

They help their clients make product development decisions confidently by providing component-based customer feedback from concept optimization to prototype testing, packaging design, pricing, and launching.

Target Research Group Inc. is a global, full-service, and consumer insights research company. Some of the largest brands rely on them for food and beverage, healthcare, personal care, legal research, household products, and many more.

The company is well-known for its strategic product research expertise, including sensory, advanced modeling, segmentation, and packaging.

Red Diamond - Ademar Tutor

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