In this day and age, developing a new product is a task easier said than done, especially considering the number of homogeneous brands existing in the market. However, you can’t neglect the importance of representing your brand with a new and innovative product. After all, this is exactly what consumers seek. As the success of every product development process depends on how well it’s strategized and implemented, it’s absolutely critical to pay high attention to the steps that ensure a positive outcome.
If you’re wondering what those steps are, read on.
Conceptualize an Idea
First off, you need to get a clear idea of what you want your next product to be like. Knowing what consumers want paves the way for an auspicious plan. You can acquire such information from sources such as internal and external SWOT analysis, social media, and market trends.
Screen the Idea
Once you have generated a clear idea for your next idea, it’ll then undergo screening. Here you’ll have to decide whether the idea is worth implementing. Of course, certain criteria have to be set before make up your mind. Keep in mind that the criteria you fix will determine if the idea is worth being dropped, approved or snubbed, so set these wisely.
Evaluate it
The next step involves testing the idea. This test is basically done from the consumers’ perspective. For example, you have to find out if the general public actually understands or needs the sort of product/service you intend to develop.
Create Business Metrics
Next, you need to make a system of metrics to measure and track your progress. Input and output metrics will be especially important for determining the monetary value of the product, sales percentage, etc.
Test the Product from a Marketing Perspective
It’s pivotal to have good insight to a new product from a marketing perspective. So what should do is launch beta versions of the product and examine it through different test-panels. Doing so will help you acquire valuable information for product improvement purposes. In addition, it creates an extra bit of buzz among the consumers.
Plan the Technical Execution Aspect
In layman terms, you have to make plans for the production and distribution of your new product. The finance department will make provisions for finance required for these activities.
Introduce the Product to the General Audience
This step is also known as commercialization. Through it, you get to increase the awareness of your new product among the general public with the help of advertisements. The quicker consumers get to know about the product, the faster its sales percentage will rise.
Pricing
Proper pricing is absolutely vital for the success of every product. Regardless of how good a product is, if it’s not priced properly, it’ll fail to attract enough consumers. Therefore, consider all factors ranging from internal costs to consumers budget before finalizing the price.
Following the above steps will ensure that you develop a product that meets the present needs of your consumers, eventually leading to a successful product.
PolyMth - Product Leadership 