New product development process examples and templates
New products get developed all the time; some of them are blockbusters while others are failures. The process of product development can be a quite challenging one. So many things can happen that can affect your product development process and leave the end product with a lot of defects. Some of the factors that can cause a product to fail could’ve been easily been prevented. If you had done things better.
While others are just inevitable and the only thing you can do is to minimize the risk of something like that happening again. The product development process varies by organization and its goals.
Some organization may create a hybrid product develop process. They can do this by adding in some other business analysis strategy that makes their product development process more productive. But at the end of the day they all are aiming for the same goal.
That is to create a product of value for their customers. Otherwise from that in most companies you have 5 main components that make up a product development process. These are the ideation process, concept development, marketing strategy, product development and market test, and commercialization.
You can see each in more detail below about New Product Development Process Example:
In the ideation process, you are going to gather your team and generate lots of ideas for your potential product. You can also invest in research and development. Through this strategy you can then work on new innovations and technologies that could benefit your product.
Next you are going to choose the best ideas and technologies that you are going to pursue and implement on your product.
You are going to use those ideas and technologies to help design your product concept. Provide a detailed version of your product, showing how it’s going work and function.
Research your target market and look at how you will position your potential product in the market. Additionally you are going to also look at the potential product price and set up your marketing budget for the first year.
Product development and market test
Develop the prototype for your product. Next test it in your market to gain valuable feedback which you can then use to improve your product. This is one of the most important processes in the whole product development process.
You are going to work closely with the customer and continuously test your product to refine it until it’s ready for the market. You can test the product through doing interviews, focus groups, surveys etc.
After all those processes are done and you have done your business analysis. You can now launch your product onto the market. There is going to still be work cut for you to do because once you’ve finish. You have to also listen to valuable customer feedback. This will allow improving your product on the other versions or model releases.
This is a simple strategy you can use in your product development process. It will help you to create valuable product for your customers and gain a competitive edge in your market.
Bringing new products in your market can be risky and it’s important to listen to feedback especially from angry customers. They are the ones who are the most passionate about your product to tell you the truth. They are also the ones who will always find even a small detail of defect in your product that you can then improve upon.