What is Product Development

Developing and release new products is an important way for businesses to stay ahead of the competition and continue to address the changing needs of existing customers. In addition, new product development can really help to increase market share.

Each product, managed by a small team or a full product company, has its development cycle. The clearer each member of the team understands the stages of development and structure of this cycle, the better the product comes out in the result. The classic product development strategy simply implies focusing on customer needs. Yet, in this article, we are going to overview the full lifecycle of product development.

Product development typically refers to all of its stages, starting concept or idea, through market release and beyond. It is also incorporates a product’s entire journey.

Product’s development steps

  1. Identifying a market need. When you overthink the idea of your startup of a future product, generally you are going to proceed from people’s problems, or speaking officially, identify the market needs. It is important to have your business in the list of those, who solve most pressing problems.
  2. Conceptualizing and designing the product. Although some people may think that the aim of a product design is just to create something cool and good-looking, this is still a small part of a big process. Product design help companies to understand users pains and create a useful product that will help them solve these pains.
  3. Building the product roadmap. The roadmap indicates what a development team is building and which problem the technology or software is going to solve. Another useful pros is a broad overview of all aspects of an upcoming product: goals, timeline, features, resources, etc.
  4. Feedback and market rate. Getting feedback is very important for each business. Ask your customers, employees and partners to help you improve your business model, or approach in building a strategy. You can use emails or meetings to communicate with those who involved in your project. Search for new and fresh ideas together. Thus, you increase the probability to succeed with your product.
  5. Developing an MVP. A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.
MVP illustration

Developing and launching a product can often build or break a business, especially a startup. Some businesses develop only one product, while others develop many. If you correctly determine at what stage the company’s product is, you can build an effective strategy for its development, determine the priority goals and objectives of the product, pricing, advertising, and sales policy.

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