Product development is both an exciting and difficult endeavor.

Product development is both an exciting and difficult endeavor.

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New Product development is the process of building a new product, from ideation all the way through launch.

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Product development begins with those initial?brainstorming?sessions, when you’re just discussing a budding idea.

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From initial ideation to research and prototyping, no two product launches are the same. However, there’s a general process that can help you get started with the product development process.?

The product development process describes the six steps needed to take a product from initial concept to final market launch. This includes identifying a market need, researching the competition, ideating a solution, developing a product roadmap, and building a minimum viable product (MVP).

The product development process has evolved in recent years and is now commonly used by dividing each step into six separate phases. This helps better organize the process and break individual deliverables into smaller tasks.??

The 6 stages of product development

Not only does the product development process help simplify a launch, but it also encourages?teamwork and communication at the forefront of the process.?

Let’s dive into the product life cycle and define the six product phases. All of which can help you successfully launch your next product.?

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1. Idea generation (Ideation)

The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research.?

It’s a good idea to consider the following factors when initiating a new product concept:

·??????Target market:?Your target market is the consumer profile you’re building your product for. These are your potential customers. This is important to identify in the beginning so you can build your product concept around your target market from the start.??

·??????Existing products:?When you have a new product concept, it’s a good idea to evaluate your existing product portfolio. Are there existing products that solve a similar problem? Or does a competitor offer a product that doesn’t allow for market share? And if yes, is your new concept different enough to be viable? Answering these questions can ensure the success of your new concept.

·??????Functionality:?While you don’t need a detailed report of the product functionality just yet, you should have a general idea of what functions it will serve. Consider the look and feel of your product and why someone would be interested in purchasing it.

·????SWOT Analysis : ?Analyzing your product strengths, weaknesses, opportunities, and threats early in the process can help you build the best version of your new concept. This will ensure your product is different from competitors and solves a market gap.?

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2. Product definition

Once you’ve completed the business case and discussed your target market and product functionality, it’s time to define the product. This is also referred to as scoping or concept development and focuses on refining the product strategy.?

During this stage, it’s important to define specifics including:

·??????Business analysis:?A business analysis consists of mapping out distribution strategy, ecommerce strategy, and a more in-depth competitor analysis. The purpose of this step is to begin building a clearly defined product roadmap.

·??????Value proposition:?This?is what problem the product is solving. Consider how it differs from other products in the market. This value can be useful for market research and for developing your marketing strategy.

·??????Success metrics:?It’s essential to clarify success metrics early so you can evaluate and measure success once the product is launched. Are there key metrics you want to look out for? These could be basic??KPIs like average order value, or something more specific like custom set goals relevant to your organization.?

·??????Marketing strategy:?Once you’ve identified your value proposition and success metrics, begin brainstorming a marketing strategy that fits your needs. Consider which channels you want to promote your product on—such as social media or a blog post. While this strategy may need to be revised depending on the finished product, it’s a good idea to think about this when defining your product to begin planning ahead of time.?

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Once these ideas have been defined, it’s time to begin building your minimum viable product (MVP) with initial prototyping.

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3. Prototyping

During the prototyping stage, your team will intensively research and document the product by creating a more detailed business plan and constructing the product.

These early-stage prototypes might be as simple as a drawing or a more complex computer render of the initial design. These prototypes help you identify areas of risk before you create the product.

During the prototyping phase, you will work on specifics like:

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·??????Feasibility analysis:?The next step in the process is to evaluate your product strategy based on feasibility. Determine if the workload and estimated timeline are possible to achieve. If not, adjust your dates accordingly and request help from additional stakeholders.

·??????Market risk research:?It’s important to analyze any potential risks associated with the production of your product before it’s physically created. This will prevent the product launch from being derailed later on. It will also ensure you communicate risks to the team by documenting them in a?risk register.

·??????Development strategy:?Next, you can begin working through your development plan. In other words, know how you’ll be assigning tasks and the timeline of these tasks. One way you can plan tasks and estimate timeline is by using the?critical path method.

·??????????MVP:?The final outcome of the prototyping stage is a minimum viable product. Think of your MVP as a product that has the features necessary to go to launch with and nothing above what’s necessary for it to function.

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·?????????4. Initial design

During the initial design phase project stakeholder’s work together to produce a mockup of the product based on the MVP prototype. The design should be created with the target audience in mind and complement the key functions of your product.?

A successful product design may take several iterations to get just right, and may involve communicating with distributors in order to source necessary materials.?

To produce the initial design, you will:?

·??????Source materials:?Sourcing materials plays an important role in designing the initial mockup. This may entail working with various vendors and ordering materials or creating your own. Since materials can come from various places, you should document material use in a shared space to reference later if needed.??

·??????Connect with stakeholders:?It’s important to keep tight communication during the design phase to verify your initial design is on the right track.

·??????Receive initial feedback:?When the design is complete, ask senior management and project stakeholders for initial feedback. You can then revise the product design as needed until the final design is ready to be developed and implemented.?

Once the design is approved and ready to be handed off, move onto the validation phase for final testing before launching the product.?

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5. Validation and testing

To go live with a new product, you first need to validate and test it. This ensures that every part of the product—from development to marketing—is working effectively before it’s released to the public.

To ensure the quality of your product, complete the following:

·??????Concept development and testing:?You may have successfully designed your prototype, but you’ll still need to work through any issues that arise while developing the concept. This could involve software development or the physical production of the initial prototype. Test functionality by enlisting the help of team members and beta testers to quality assure the development.?

·??????Front-end testing:?During this stage, test the front-end functionality for risks with development code or consumer-facing errors. This includes checking the ecommerce functionality and ensuring it’s stable for launch.

·??????Test marketing:?Before you begin producing your final product, test your?Marketing Plan or functionality and errors. This is also a time to ensure that all campaigns are set up correctly and ready to launch.?

Once your initial testing is complete, you’re ready to begin producing the final product concept and launch it to your customer base.?

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6. Commercialization

Now it’s time to commercialize your concept, which involves launching your product and implementing it on your website.?

By now, you’ve finalized the design and quality tested your development and marketing strategy. You should feel confident in your final iteration and be ready to produce your final product.?

Your final product is now launched. All that’s left is to measure success with the initial success metrics you landed on.?