Product development process comprises the steps that are required to bring a product from concept to market availability. This includes several steps in developing a product like finance, testing, marketing, prototyping, etc.
Product development process should include a team. This can be a team within a company or a team of friends and colleagues. Brainstorming is essential for the team to share all of their innovative ideas. Product development may also require the work and input of many teams within or across companies. Share knowledge and insights in your team. Remember, great insights into your product and your market can come from anywhere, including children, depending on the product. Make your quality product more functional than the competition and at a competitive price.
Research your prospect’s needs and frustrations. Validate your idea with potential users. Use market research to check what the competition is offering. Listen to feedback from your users and take appropriate action. Study the advantages and disadvantages of the previous products. Communicate with your team. Invest financially in good market research. Think not only as an entrepreneur but think as a buyer.
Budget & Strategical Planning
Determine how you want to price your product. Receive price quotes from suppliers and manufacturers and know the minimum order requirements. Estimate your production budget with the knowledge you have acquired. Make sure you have realistic production costs (engineering drawings for prototype and production, manufacturing, packaging, storage, shipping, taxes, etc.) and your marketing budget. Focus on ideas when you have the resources and expertise to set realistic development schedules. What does it take to get your product to market? Do you have the capital for it? Are you ready to take that risk?
Build a working prototype. Develop a sample of your finished product to make available to potential customers for testing. According to feedback from many, you may need to make adjustments and have new prototypes made to ensure the quality and function of your product. The finished prototype should then be shared with key stakeholders or your team of investors.
Market Your Product
Put together a plan for the vendors and other resources needed to turn the successful prototype into a mass product. Turn your research for marketing into usable knowledge and practical practice.
Most new inventions are not new at all – they are improvements to an existing product or technology. Make sure you connect with the end users and focus on functionality, quality, aesthetics, details and a good design. If it’s a new product, make sure that the end user needs it or that you are marketing it so that the end user wants it.