Proven Product Development Strategies
All build products. What is new in this? I am sure we all have come across this situation either through our customers, prospects or even self-thought. Product development is a systematic and sketched process. Today all use almost similar basic steps while going about developing a product. So what actually makes some stand out even while being in the line? Do they do different things? Let’s try and find out.
We all know that today the whole market is all about the users. It is a people’s world. So if you need to get your product right into the hands of the customer you need to be quick to get it in the market. And for this a strategic search out of the latest demands makes up most of the solution.
What if the market is already saturated with those products? Say there is a stagnant situation, often such situations make the user suffocate with so many like varied products, so what would be the emergency exit you could give? Business innovation is the concept. At the end it does not matter what you produce, what matters is how you went about producing it. Discuss with the development team and others connected to the product and actually you will be loaded with ideas. The final work would be shortlisting the best among the good ones.
The real litmus test is when you actually produce something when there is actually no opportunity or scope for doing it. Rather you could say there is actually no need of the product in the market as well. This could be primarily because users are not aware of it and there is no idea of how it could change the world completely. That is where exactly where you should snap it. Differential capability is what you should prioritize during product development. You should get better while your business ages not slowdown in innovation like other Zorros in the battle. It is not alteration but a diversification in your process of product development.
Since we create customer centric products, let the process revolve around him as well. Getting customer interaction in not just the idea genesis but throughout the development with constant evaluations and opinions given thorough consideration makes you brand evangelist.
You might be quiet satisfied with what you making. You must be content by just fidgeting with what you making here and there and also your client base is also having similar mood set. Then there is surely something going wrong! You need to keep yourself updated about what is lacking in your product, is your nearest competitor creating it better than your or is it nearing the shelf life? Sitting back can put you in the current phase looping with no terminating condition. All have the gift of intuition; it sums up to actually who goes with it first.
Product development is just like prayer to be precise, what matters is who is earnest among all. You wish to be the biggest among all, but I would say you got to be the strongest. Keeping your product alive with minimum chance of idea plagiarism and also updating the strategies to tap in not expected market but keep your horizon elastic to spread is the key. Gearing up with all possibilities will glide you smoothly along the innovation curve. After all,
Miles to go before I sleep.
