Small Business Brief

Entrepreneurship

Stages of Product Development


It’s easier than ever for people to create new products. You have access to enormous amounts of data with the internet and have new tools that make prototyping easier. However, that doesn’t mean it’s easy to see success.

It’s even harder with so many products available. Reports show that consumers can purchase 30,000 new products each year.

Following the proper product development process is critical to maximizing your chance of success. Read the guide below to discover the different product development stages you must go through.

Idea Generation

The idea generation phase is where you’ll develop your product idea. Think of a problem people have that takes too much time or costs them money. Your goal is to create a product that solves one or both of those issues.

You can do this by creating a new product or improving an existing idea. Research the current market to see what’s out there and if any problem gaps are not being met by the current products.

Market Research

Market research is the next part of the product development lifecycle. Even if you create a great product idea, you need people willing to buy it.

The market research process will help you determine this. Reach out to potential customers and tell them about your idea. You want to find people interested in what you offer and willing to pay for the result.

Prototyping

Now that you have a product to develop, you need to start your initial product drafts. Prototyping will help you create your initial products to see what works.

Don’t stick with just one design, either. You want to create and test several versions to see which ones work best. Continue iterating on your prototypes until you get to the end result.

Testing

Once you have a functioning product prototype, it’s time to start testing. You don’t want to stick with only your product team when doing this. You want to get feedback from potential customers.

Create focus groups for consumers and give them access to your prototypes. They will use your product in real-world settings to see how it works. Doing this will give you feedback on things that don’t work right and ideas to help you improve your final offering.

Commercialization

Now that you have your final product, it’s time to get it ready for sale. Here are some important considerations to make:

  • How much does your manufacturing cost?
  • What was the development cost?
  • How long will it take to see a return?

These questions will help you set a price appealing to customers and help you make a profit.

Handle Product Development Correctly

It takes a lot of work to create a successful product. You must verify demand, create a product without problems, and advertise it to the right people. Without the proper product development process, building something that sees success is hard.

That’s why it’s so important to do the right things when developing a product. Now that you’ve read the stages of product development above, you have what you need to start bringing products to market.

Of course, you won’t see success with your new product if you can’t reach people who will buy it. Check out the blog to learn a few marketing tips that will help expose your product to the world.



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