Creating a new service in a barbershop and the birth of a new iPhone model are similar processes. This is because companies go through the same steps when developing new products. In this article, we explain why the process of a product coming into being includes the same stages and what mistakes can be avoided at each of them.
What is Product Development
Product development is the journey how to build phone number list from an idea to the start of sales of a new product or service.
In large and growing companies, new products are constantly being developed, so product managers have identified recurring stages – this makes it easier for them to control everything. And it also helps to create the product that the market really needs.Types of new products
Product managers don’t always develop a product from scratch. Sometimes they modify, refine, update, or reposition a product.
There are 4 types of new products in total:
New offerings : This is the development of a new product, as well as the introduction of new goods and services to the market . If a gym offers its clients a new Muay Thai section this will be a new product.
Products with new properties or design. This is a change in the functionality composition. Design of the product. For example, if a pet food manufacturer changes its composition or packaging design this would also be a new product.
Products for new segments : this is an adaptation of existing products for new markets or target audiences. If a children’s clothing manufacturer previously produced products only for babies. Now wants to start making clothes for teenagers, this is also considered a new product of the company.
Repositioned products . This is a change in how consumers perceive a product.
Stages of creating a new product
The stages of as i explored these advertised solutions product development help to maintain consistency — so the product manager will not miss anything. He sees the process from above and understands when to involve specialists and at what stage to accumulate resources.
In total, there are 7 stages of developing a new product, but each stage will have its own set of tasks.
Step 1 – Search for ideas
The main task of this stage is not just to come up with an idea, but to find a product that the market needs.
The future product begins to acquire its first clear features. At this stage, the following are determined:
Product value is a description of what znb directory benefit the product brings to the consumer and what pain it covers. For example, shoes may have an innovative impregnation that repels not only water. But also reagents. Due to this, the shoes last longer.
Business analysis – the company analyzes the market and competitors , preliminarily builds promotion strategies. The goal is to understand how the product will be integrated into the market environment. For example, a manufacturer of innovative shoes will analyze the sales channels of competitors and choose those that suit it.
Key performance indicators (KPI) — the team decides what criteria will be used to judge the success of the project: sales volume profits brand awareness .
Stage 3 – prototype and MVP development
At the third stage of product development, the business creates a prototype of the future product with a set of minimum functions – this is called MVP. It is presented to the audience, feedback is collected and it is checked whether there will be demand for the product.
For example to check the demand for facade glazing. A manufacturer can launch a test landing page with a USP and check how many applications it will collect in a week.
Stage 4 – Design
This is the stage of development where they decide what the new product will look like . The appearance of the future product is not a flight of designer thought. But the result of studying customer preferences and trends.
Stage 5 – Testing
After MVP development, the product goes through several stages of testing and improvement. The goal of this stage is to collect maximum feedback and fix all errors. The more minuses are found at this stage, the fewer complaints you will find in the future. So be patient.
Example : Car manufacturers are required to conduct crash tests on new models so they can ensure that the product is safe for buyers.
