September 21st, 2021 | Updated on June 29th, 2022
Product development is the process of converting a product concept into tangible goods or services. Process is the first stage of a product’s life cycle.
Whether you’re in a rush to bring a new product to market through a design sprint, or have been carefully developing your product over the years, you will always follow one version of the product development process or another.
The product development process is a multi-step process in which market analysis leads to new product ideas, which in turn provide real products and services to meet customer needs.
The process of developing a new product traditionally follows an established business plan, which is overseen by a development team that reports to a manager or business owner.
The business plan lays out a systematic approach to the entire process, from the search for innovative ideas to production and the initial marketing strategy to the launch phase and beyond.
The product development process is important as it provides a systematic approach to the research and development of the original product.
Using proven techniques such as SWOT analysis, project managers and their senior management can guide the process using methodical data analysis, whether it’s targeting, beta testing, supply chain logistics, marketing, or consumer goods delivery.
Here are the tools and tips from the ‘Making Digital Work’ guide to help you through all the stages of digital innovation.
Step 1. Define the concept, clarify the purpose and motivation of the new product. Try to structure your idea with the “five why” technique. It will help you identify and overcome the obstacles that a new product typically faces.
Try to answer the following questions: “Why do people watch but not buy? Why are ticket sales lower than expected? Why is it so difficult to decide on the price? Why doesn’t the page open on mobile devices and reads so poorly? Why is the site not friendly? ”
Step 2. Create a clear business plan and share it with colleagues: it should be an interactive, collaborative process. Make a sketch and share it with colleagues for their comments and feedback. This will not only improve the plan, but also get everyone involved early on.
Step 3. Study your audience: In your research, focus on user behavior on the Internet. Analytics tools such as Google Analytics and Facebook Insights, as well as survey methods, focus groups and face-to-face interviews will help you with this.
Also associated with this process is usability testing. Don’t wait for the product to be complete, but share it with your target audience to understand their expectations.
Step 4. Prepare a brief in electronic form: this will allow communication with the main participants in the project. Create a map of the main actors, their roles and areas of responsibility. As a result, you will be able to build communication with them at all stages of the project.
Step 5. Create a product timeline: This tool combines marketing and storytelling. Create a story for each stage of the product creation and share it with colleagues, project stakeholders and new contributors to outline your launch strategy.
Step 6. Select Channels: During the launch phase, it is important to promote the product through the appropriate channels. If you are working on visual content, use social media, where pictures work best, and if you focus on video, share video clips on Facebook and YouTube.
Step 7. Evaluation: At this stage of work of DICEUS, a large amount of information needs to be collected, and the main task will be to structure it and make it understandable for your partners and main project participants. Consult with big data journalists to help you create a product story and describe launch results.