Developing a product involves a lot of steps and could often halt a business if anything goes wrong and would result in the loss of the business. A new product could be an enhancement of any existing product or could be a product built from scratch which replaces the existing product in the market.
New products improve the utilization of the company’s offers and can give better customer satisfaction. They can help a company to launch itself in other new markets and increase its relationship with existing customers and can get new customers on board.
The steps in new product development include several steps from Idea generation to launching the product. The steps involved are:
- Idea generation
The first step in product development is the generation of the idea. Ask your team, customers and other end-users and brainstorm ideas. Conduct surveys to get ideas from a large area of people. List all the generated ideas and for your product development.
- Screening the idea
The next step in product development is to evaluate and screen the ideas. Share the list of ideas with key decision-makers and evaluate their pros and cons. Screen those ideas depending on the feasibility of product development.
- Analyzing the market
Depending on the idea evaluated, analyze the market to see if that idea works or not. What are the competitors and what benchmarks to keep for competing in the market.
- Generating strategies
This is the step where strategies are developed for product development on how to change the product or how to develop a new product and what strategies to look after for successful product development
- Development of products
When you are confident about a product and has tested its feasibility and market analysis, it’s time to develop the product and achieve the goal.
- Testing it
Now, it’s time to test the product you built, find bugs and do enhancements to the product and move forward to achieve the goal.
- Releasing the product into the market
When you are done with the testing, now it’s time to release it into the market and see if the product is working fine with the end-users.
- Taking feedback
Continuously take the feedback about the product from end-users and work on the issues reported by the end-users.
- Improving the product features and providing support after-sales
Continuous enhancements are done on any developed product due to market changes and support should be given for the end-users on these changes.