This was quoted by Peter F. Drucker. It stands true as many new products have failed in the recent market due to a lack of innovation. Going by the numbers, almost 30,000 new products are launched each year, and 95% of them fail. Even bigger companies like Sony’s Betamax, Google Glass, and Microsoft Zune fail.
This failure is associated with a lack of innovation, which is indeed hindered by the fear of failure itself. So, is there a path to follow while innovating a new product? What are the important factors to consider while launching a product? What is the entire product development process?
Let’s get a detailed answer to the above questions in this blog.
What is the product development process?
The product development process outlines the steps a product owner should take prior to releasing a new product to the market or upgrading an existing product’s features. It includes identifying the product-market fit, planning the optimal approach for developing and releasing the product, and developing a pricing and go-to-market strategy.
Choosing the proper process flow is essential for ensuring a complete product development cycle. The two most popular models to facilitate a smooth process are:
- IDEO approach
It is a 5-step process that is research-intensive for new product development. These steps are:
- Recognize and observe the market, the client, the technology, and the problem’s constraints;
- Synthesize the data gathered in the first step;
- Imagine new customers utilizing the product;
- Product prototyping, evaluation, and optimization;
- Implementation of design modifications, which are associated with more complex technological processes, will therefore require more time.
- Lean start-up model
Lean startup is a method for developing businesses and products that aims to shorten product development cycles and rapidly determine if a proposed business model is viable. This is accomplished through the adoption of a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning.
The lean startup methodology prioritizes customer feedback over intuition and adaptability over planning. This methodology permits recovery from failures more frequently than conventional product development methods.
Why do businesses need a product development process?
A product development process aids in testing the marketability and utility of a newly created product. Here are some benefits of having a clearly defined product development process:
- Provide valuable features
- Better quality
- Greater development management
- Validate your concept
- Reduce expenses drastically
What is the product development process?
The framework for the new product development process includes bringing an original product concept to market. Although the process varies by industry, it can generally be divided into six stages: ideation, research, planning, product prototyping, sourcing, and pricing.
The initial phase of product development begins with the generation of new product concepts. This is the stage of product innovation, where you generate product ideas based on customer requirements, concept testing, and market research.
During ideation, it is important to consider the following factors:
- Target market to gauge for whom the product is built.
- Existing products in the market
- Functionality and uniqueness of your product
- SWOT analysis to build the best version
- SCAMPER (Substituting, Combining, Adapting, Modifying, Putting to another use, Eliminating, and Rearranging product concept) method to refine your idea.
Once the business case has been completed and the target market and product functionality have been discussed, it is time to define the product. It focuses on refining the product strategy and is also known as “scoping” or “concept development.”
During the research, it is important to consider the following specifics:
- Business analysis by mapping out distribution strategy, eCommerce strategy, and in-depth competitor analysis.
- The value proposition in terms of what problem will your product be solving.
- Success metrics by gauging KPIs and noting goals.
- Marketing strategies to note the channels that will boost your virtual presence.
- Product prototyping
During the prototyping phase, your team will conduct extensive research and document the product by developing a more comprehensive business plan and building the prototype. These early prototypes may be as simple as a sketch or as complex as a computer-rendered image of the initial design. Before creating a product, you can identify potential risk areas with the aid of these prototypes.
During product prototyping, it is important to note the following specifics:
- Feasibility analysis to evaluate your product.
- Market risk management to analyze any potential risks associated with the production.
- Development strategy by noting timelines with critical path method.
- MVP to launch the product quickly than building all the desired features.
- Initial design
During the initial design phase, stakeholders collaborate to develop a product mockup based on the MVP prototype. The design should be created with the intended audience in mind and should complement the product’s primary functions.
A successful product design may require multiple iterations and communication with distributors in order to source the necessary materials.
During the initial design process, it is important to consider the following specifics:
- Source materials to design the initial mockup.
- Connect with stakeholders to keep tight communication during the design phase to verify an initial design.
- Receive the initial feedback to gauge further optimizations.
To launch a new product, it must first be validated and tested. This ensures that all aspects of the product, from development to marketing, are functioning properly prior to its release to the public.
To ensure the quality of your product, carry out the steps below:
- Concept development and testing to work on optimizations.
- Front-end testing to test the front-end functionality for risks with development code.
- Test marketing to test the marketing plan for functionality errors.
Now is the time to commercialize your idea by launching your product and implementing it on your website.
You have completed the design and quality testing of your development and marketing strategies. You should be confident in your final draft and prepared to produce the final product.
In this phase, you should focus on the steps below:
- Product development to create a final physical product with enhanced features and complete optimizations
- eCommerce development to launch your product and perform additional testing to ensure the product launched functions properly.
The proper product development process can help you streamline each step through the use of organized tasks and teamwork. The six stages outlined above will guide your team through all phases of the process, from the initial screening of ideas to the phase of development.
But you may require assistance along the way. Technosoft Engineering is a product development company to back you up. Our product designing and development services include, but are not limited to,
- Product research
- Product styling and ergonomics
- Value engineering, CAD/CAE/FEA analysis
- DFA and DMF
- Product prototyping
- Engineering Change Management
- And much more.
So, book your call today, and get your product launched with minimal risks and a maximum success rate.