If you’re a product owner, chances are you’re always looking for ways to improve your product development strategy, the key to ensuring a successful product. It encompasses everything from research and development, to creating a launch plan, and assessing customer feedback along the way. When done correctly, a product development strategy can ensure that your product meets market demands, generates revenue and garners applause from customers.
To get it right, you need to continuously monitor all aspects of the product development lifecycle – from concept to delivery – for maximum success. By taking the time to assess, review and execute your product development strategy effectively and efficiently you can guarantee you’re getting the most out of your product offering.
Here are 6 tips to a successful product development strategy to help you get started:
1. Know your audience – who are you making this product for?
Knowing who you are developing the product for is a critical part of your product development strategy. It’s important to ask yourself questions such as: What do they need? What kind of lifestyle do they live? What are their challenges, both related and unrelated to the product itself? Only once you understand these wants and needs can you begin making a product that your users will enjoy. Knowing who your audience is just the first step in providing them with an amazing experience. So get started by understanding more about them and what you can do for them.
2. Do your research – what does the competition offer; how can you differentiate and improve upon it?
Product development is a critical aspect of success for any business. Doing your research on the competition can help you gain essential insights into their product development strategy and identify areas where you can improve upon it. Looking closely at their product offerings, sales promotions, and customer reviews are good places to start. With this information in hand, you can brainstorm fresh ideas that will set you apart from them and add value to your own product development strategy. Doing this research on the competition may seem daunting, but it’s worth the effort to ensure that you have optimized every opportunity to keep your edge in the marketplace.
3. Set realistic goals – what do you want to achieve with this product, and how will you measure success?
Setting realistic goals during product development is essential for success. By carefully considering the product development strategy, you can identify what desired outcome you want to achieve with your product. Having clear and measurable goals will help you track progress, make informed decisions and take proactive steps along the way to reach your end goal. Make sure that those goals are attainable so that they give you the direction needed while keeping motivation and enthusiasm high.
4. Create a timeline – when do you need to have this product ready by, and what milestones need to be met along the way?
Creating a timeline for launching a new product is an essential part of any successful product development strategy. The timeline should cover the whole development process and clearly state when the product needs to be ready by. Allowing adequate time for testing and quality assurance is equally important, so it’s advisable to factor in buffer time in case there are delays throughout the process. Meeting various milestones along the way can help ensure that the project gets delivered on time and within budget. Working backwards from the launch date can be a good approach for producing a realistic timeline that will keep everybody on track and deliver a top-notch product.
5. Assemble your team – who will be working on this project with you, and what skills do they bring to the table?
Launching a new product can be daunting, but with the right team it can be incredibly rewarding. Assembling a team who have the necessary skills to help make this project a success is an essential part of developing an effective product development strategy. You need individuals with expertise across various disciplines, from marketing and operations, to software development and design. But as well as these technical skill sets, it’s also important to bring together people with strong interpersonal skills like communication and negotiation to ensure collaboration within the team is smooth and successful. With these specific skill sets contributed by individuals who excel at forming teams and working collaboratively, we will have achieved the perfect blend for creating a world-class product development strategy.
6. Develop your prototype – what will this product look like, and how will it work?
Creating a prototype of your product is a crucial next step towards making it explorable by customers. This prototype should communicate the product’s look, feel, and functionality in a way that makes it understandable to those who need to review it. Depending on what type of product you’re designing, the actual materials needed will vary, but the general steps are common – design and build tests and models, gather feedback, tweak and iterate. It’s important to remember that this process doesn’t have to be complicated – with careful planning, a lot can be accomplished without spending too much time or money. Eventually you’ll have something ready for market that’s an improvement on existing products. Making a prototype is an exciting venture into what your creation may turn out to be.
Creating a new product is an exciting and challenging endeavor. There are many things to consider, from your audience to your goals, timeline, and team. But with careful planning and execution, you can bring your vision to life. LiftUp’s purpose is to enable companies like yours on their journey to solving the needs of their customers. If you need help developing or prototyping your product, reach out to us – we’d love to chat about how we can assist you.