Making your product concept into reality is not as easy as it seems. There are hurdles that you might bump into in the product development process, but in this article, we will talk about how the development cycle works so that you can better understand the concept behind creating a new product!
What is New Product Development Process?
The product development phase is the first process in the product development lifecycle. It is not uncommon for customers to be curious about what it takes to develop a new product. The process of developing a new product can be both time-consuming and costly, but the benefits that come with releasing a successful product are well worth the effort.
Product Development vs New Product Development Phase
Product development is a necessary and complete process for taking products to the market, which also includes renewing existing products and selling them to a new market. It’s important that you consider your customer’s needs before conceptualizing any product; while this may seem like common sense, too many startups fail because they did not take time to hear from their customers first.
The goal of new product development on the other hand is never-ending- once the life cycle of your particular product is over, you can still continue collecting customer feedbacks and making iterative updates by improving or adding new features to your product.
Why is the Product Development Process Important?
The new product development cycle is a popular topic among business owners and entrepreneurs because it is a vital part of their company and its growth. The new products revolution has been enabled by changing consumer behavior, competition from other companies, technological advances that have allowed for more variety in production methods and distribution channels- giving rise to entirely new industries like e-commerce!
Here are some reasons why a product development cycle should be taken seriously:
- Changing consumer demands
- Strong and increasing global competition
- Technological advancement
- New opportunities for growth and development
- Limited risks through diversification
- Increasing the reputation of brand and company
- Utilizing excess capacity
6 Key Steps in New Process Product Development
To ensure the smooth sailing of the product development cycle, here is the step-by-step guide in the new product development stage:
Step 1: Generating of Ideas
You spend hours and days coming up with the perfect idea for a new product to sell. You wait, hoping that some inspiration will come along randomly in your life – you know, like an old fever dream or something? But it never does!
There are numerous ways to solidify your product concept. But first, you need to have a clear understanding of the product before it can be built. This means you’ll have to brainstorm to figure out what people are looking for, how does this fit into their lives? What do they like and dislike about existing products in your niche?
Another way to conceptualize your product idea is by pitching your ideas to others. Pitching your product concept to other people will help you gain insight into how you will proceed with your product development phase.
Step 2: Market Research
Once you have your product concept already, the next step in the product development phase is to do further research and gather feedback from consumers. This will help you choose only one of your product idea by validating and quantifying the demands of your business.
There are many ways to get feedback on whether your chosen idea is worth pursuing:
- Talking with family and friends
- Researching the market demands and sending an online survey for input
- Launching a crowdfunding campaign (if appropriate)
- Asking questions at industry-specific forums like Reddit – just make sure not all of these things cater exclusively to one niche market!
In this step, the team will also start researching distribution strategies, estimated development costs in order to calculate the needed investment as well as the ROI.
Step 3: Prototyping
Prototyping is the product development phase wherein you will test your assumptions regarding your product idea. This is one final version – either a digital or physical mock-up – you will show to your investors and will be used for marketing purposes.
It is important to take note that you should build a very detailed prototype to create a good impression. Making it attractive will help you proceed to the next product development stage so make sure that you have checked and tested it thoroughly before launching it.
Step 4: Designing of Product
In this next product development stage, the focus will be on product design and improving the prototype by getting feedback from consumers and incorporating it into the prototype.
Developing a product may take several days, weeks, months, and even years which is why it has to undergo tests to make sure that the product is working safely and properly. This can be done by the team itself or by outsourcing to third-party services.
Step 5: Validation or Testing
Once you are done with the concept development and testing, the next product development stage is now turning your prototype into a mass-market product. Validation and testing are essential to the success of any product. Not only does it ensure that your design works as planned, but validating it in the customer’s eyes will help you identify flaws or areas for improvement. This is especially important before launching a new product on an already over-saturated market. This means less risk!
In the last step before marketing, everything that has been learned from customers and vendors is tested in real-world conditions. Marketing strategies are finalized here as well before the final product is ready to go on sale!
Step 6: Commercialization
This step is also sometimes called the building of the supply chain, since this includes finding manufacturers or suppliers, storage, shipping, warehousing – basically anything you need to get your product into customers’ hands.
This process can be difficult because each item will require different sourcing options as well as considerations for quality control and price points that are unique to what type of company you’re operating at this stage.
Factors that should be considered before deciding to commercialize your product idea is timing and place. The current economy and competitors should be taken into consideration as well as the location for launching. Keeping these things in mind will help you decide whether it is the right time or place to turn your product into reality.
How to Improve Product Development Processes?
Product development is a hard process that can easily go wrong that is why it’s important to stay ahead of changes in the product development process, because these are things that will affect how successful your product is.
It’s not unusual for new product launches to fail, and it’s seldom because there wasn’t enough work put in – the most common problems are lack of preparation or insufficient analysis.
Here are some tips that can help improve your product development cycle:
- Consider opportunity other than the market alone
- Drop other concepts and focus on feasible ideas
- Develop price based on customer’s cost
- Involve customers early in development
- Create a team built for the job
It is easy to feel overwhelmed during product development. This can make it difficult for you to break down the daunting task of bringing a new product to market, but if we look back at those that have gone before us in other industries, they all had challenges and quirks too!
The key thing here is not getting discouraged by how unique each journey from idea to finished product may be because every step has been taken countless times before by people just like you who were able to surmount them with hard work and determination!