What is a Great Product Development Strategy?
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What is a Product Development
What is a Product Development Strategy?
A product development strategy is a process of bringing a new product into an existing or new market by doing continuous market research, thorough testing, and careful product concept planning.
It can also be about bringing an existing product into a new market. At times, you may also want a product development strategy for any current product in the current market space; however, that usually happens if you’re introducing a new feature, are rebranding, or launching a new complementary product line.
According to the product life cycle, every product eventually plateaus as the business revenue growth diminishes. That’s usually when companies adopt new product-led growth strategies, additional product lines, or a new marketing strategy.
Some companies focus on new product development strategies that allow them to create new products to help current products grow too. It doesn’t matter whether you have a successful product or not; you can use a product development strategy to improve growth.
A product development strategy usually works along with a business strategy. Depending on whether it’s the commercialization of a product, additional iterations of an existing product, or anything else, the product development process can differ.
The functionality of the product is usually the result of extensive market research through focus groups. That helps understand the customers’ needs in certain demographics and target markets. The development team can then use that data for brainstorming and come up with a proper strategy.
Product Development Strategy Process (NPD Process)
The entire new product development process (NPD process) can be summarized into eight steps. It’s the same for startups, SMEs, and even enterprises. All development projects go through these steps, and they are crucial to the success of the product life cycle.
Ideation Process
The first step is idea generation, where you systematically brainstorm new product ideas based on real-world problems, existing market products, and basic target audience research.
For any product, you need to come up with hundreds of ideas, so you can decide on a few good ones. There are two ways to come up with ideas.
You can either go for internal idea sources where existing company stakeholders and employees come up with ideas. That includes research and development, product managers, marketers, and more.
On the other hand, you could go for external idea sources. That can include everything from outside stakeholders, suppliers, and competitors to secondary sources of inspiration.
Screen the Best Ideas
Idea screening is just filtering all your ideas and choosing a few good ones. The point is to pinpoint a certain kind of idea and then choose the best idea among them.
Once the product development process officially starts, you can’t go back and think of new ideas to implement. Any methodology that’s changed during the process can cause lag and delays.
When choosing ideas, there are two things you should look at – profitability and utility. Profitability concerns the company, and utility concerns the final user.
To learn more about great product development strategies, go here: https://producthq.org/product-develop...
If you're looking to take your product management career to the next level with a PM certification, then go here: https://producthq.org/
Subscribe to our YouTube channel here to keep up with everything product management: https://bit.ly/2WpAxY7
Connect with me here:
LinkedIn: LinkedIn: joshua-fechter
Twitter: Twitter: joshfechter5
Instagram: Instagram: joshua.fechter
#ProductDevelopmentStrategy #ProductStrategy #ProductHQ #ProductHQ #DhavalBhatt
A product development strategy is a process of bringing a new product into an existing or new market by doing continuous market research, thorough testing, and careful product concept planning.
It can also be about bringing an existing product into a new market. At times, you may also want a product development strategy for any current product in the current market space; however, that usually happens if you’re introducing a new feature, are rebranding, or launching a new complementary product line.
According to the product life cycle, every product eventually plateaus as the business revenue growth diminishes. That’s usually when companies adopt new product-led growth strategies, additional product lines, or a new marketing strategy.
Some companies focus on new product development strategies that allow them to create new products to help current products grow too. It doesn’t matter whether you have a successful product or not; you can use a product development strategy to improve growth.
A product development strategy usually works along with a business strategy. Depending on whether it’s the commercialization of a product, additional iterations of an existing product, or anything else, the product development process can differ.
The functionality of the product is usually the result of extensive market research through focus groups. That helps understand the customers’ needs in certain demographics and target markets. The development team can then use that data for brainstorming and come up with a proper strategy.
Product Development Strategy Process (NPD Process)
The entire new product development process (NPD process) can be summarized into eight steps. It’s the same for startups, SMEs, and even enterprises. All development projects go through these steps, and they are crucial to the success of the product life cycle.
Ideation Process
The first step is idea generation, where you systematically brainstorm new product ideas based on real-world problems, existing market products, and basic target audience research.
For any product, you need to come up with hundreds of ideas, so you can decide on a few good ones. There are two ways to come up with ideas.
You can either go for internal idea sources where existing company stakeholders and employees come up with ideas. That includes research and development, product managers, marketers, and more.
On the other hand, you could go for external idea sources. That can include everything from outside stakeholders, suppliers, and competitors to secondary sources of inspiration.
Screen the Best Ideas
Idea screening is just filtering all your ideas and choosing a few good ones. The point is to pinpoint a certain kind of idea and then choose the best idea among them.
Once the product development process officially starts, you can’t go back and think of new ideas to implement. Any methodology that’s changed during the process can cause lag and delays.
When choosing ideas, there are two things you should look at – profitability and utility. Profitability concerns the company, and utility concerns the final user.
To learn more about great product development strategies, go here: https://producthq.org/product-develop...
If you're looking to take your product management career to the next level with a PM certification, then go here: https://producthq.org/
Subscribe to our YouTube channel here to keep up with everything product management: https://bit.ly/2WpAxY7
Connect with me here:
LinkedIn: LinkedIn: joshua-fechter
Twitter: Twitter: joshfechter5
Instagram: Instagram: joshua.fechter
#ProductDevelopmentStrategy #ProductStrategy #ProductHQ #ProductHQ #DhavalBhatt
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