Having a problem to be solved, a gap in the market or an indication of market interest does not necessary mean that a product should be created or developed. For a product to be created or developed, there should be a willingness for a customer to pay the required price for the solution too.
Developing a new product can be challenging so a product development process is necessary to ensure that the product aligns with the needs and pricing demands of the target audience.
A Product Development Process will help streamline each product development step with organised tasks and team collaboration.
What is a Product Development Process?
A Product Development Process describes the processes or steps required to take a product from initial concept to the targeted market. There are many steps required but the product development process has evolved in recent and now divides each step into six main phases.
The 6 main phases in a product lifecycle are:
1) Idea Generation - here, with the market analysis/intelligence done in mind, the company brainstorms on product concepts based on customers needs, pricing etc. The specifics to be concerned here are:
Target Market
Existing Product Portfolio
Functionality
SWOT Analysis
CAMPER Method – this is a brainstorming method where you substitute, combine, adapt, modify, eliminate, rearrange, or put to another use your product concept.
2) Product Design - this is also called the Scoping or Concept Development Phase. The specifics to define here:
Business Analysis – here you build the product’s roadmap, conduct an in-depth competitor analysis, and map out its distribution strategy and ecommerce strategy.
Value Proposition
Success Metrics
Marketing Strategy.
3) Prototyping - here you build your minimum viable product (MVP). The specifics to be worked on here are
Market Risk Research
Development Strategy
Feasibility Analysis
MVP – here final step here is your minimum viable product (MVP) is built which will have features necessary to go to launch with only what is necessary for the product to function.
4) Initial Design - with the target market in mind and key functions necessary, a mockup of the product based on the MVP prototype will be built. Here, you will need to:
Source materials needed
Connect with relevant stakeholders
Receive initial feedback from senior management and relevant stakeholders.
5) Validation and Testing - after the final design for the product has approved and developed, it needs to be validated and tested. This will ensure that the product is of high quality and working effectively before it is released to the public. The steps in this phase include:
Concept Development and Testing
Front-end Testing
Test Marketing.
6) Commercialisation - after the initial testing is done and completed, the company then produces the final product concept and releases/launches it to the public/customer base. The steps in this phase include:
Product Development
Ecommerce Implementation
Launching of the Product.
Importance of a Product Development Process
A new product improves a company’s market share, creates growth in the company and provides economic sustainability through new revenue streams. The product development process which helps the company organize the steps/phases and breaks individual deliverables into smaller tasks will ensure that:
there is value for your potential customers
there is demand for your product
the final product(s) are of highest quality before the final launch.
In summary, a product development process covers the life cycle of a product from its concept to its launch in the market. The process engages as many stakeholders as possible to ensure that their needs and concerns are addressed, and the product launched is of high quality and has market value.
We, at OVAC Group, can help develop a product development process for your product(s). Email us at: enquiries@ovacgroup.com for a free consultation with our team specialists.
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