If developing great products is so imperative, then why do most product development startups we see, do not implement an ideal process for product development? Two key factors that require major attention is time and cost to build products, then only things can be moved ahead. Iteration and failure is not an option like it is for product startups!
This blog post has been written to shed light on the professional Product Development Strategies! If you carry a good understanding of business and its market, another way to enhance your knowledge to build new products and services to meet market’s requirements. If you come across the term “product development”, you might think about brand new products, but that is not the case here!
Gaining competitive benefit through a typical Product Development Process can happen by adding more value to your current product through up selling, feature enhancements, cross selling. So, what is the best thing you get here? The best thing is you have already made your niche in the current marketplace and you are one step ahead of it; most importantly, you know what your customers want and you know how are they reached through diverse channels!
Let’s roll our eyes on the following questions, if you are seriously pondering over product line or building new products.
- Is your customer going to be benefited from the new feature or an added value?
- Are they asking you for add-ons to the current products?
- Will you share current product costs across the new customers?
- Can your product development process be used with the new assets, branding and marketing?
- Do you possess the caliber and skills to develop proposed products?
After providing product development considerations, you can proceed further to meet market’s needs.
- Update Add-ons:
You can add new features by extending current products. For e.g., smartphone companies have added different media packages for new apps or enhanced services and internet access. Below are the important ways to expand current offering.
- Build Additional Models & Sizes:
For e.g. an iPod enhanced to the iPod Mini or iPod Nano!
- Develop Whole New Products:
Generally, brand recognition is examined from scratch to develop brand new products.
So, the significant point here is to carry out the right strategy for developing new products.