Product development is the first step in the lifecycle of a product. This process starts with an idea and ends with a product ready for sale. The development plan is not limited to the designing aspect only. It also covers research, prototyping, validating, and testing. Most products are developed for selling and require significant investment during the development phase. Products can be marketed online by using various marketing options, including an influencer marketing platform.
5 Steps of Product Development
1. The Ideation Stage
This is the first step of any product development process. At this stage, the product is only an idea in the mind of a person. Sketches, wireframe tools, and other options may be used to develop the idea. The person with the idea may decide to develop the product all alone or take the help of others. The idea for this product may have started after the person noticed a need for such an item. Some people also come up with the idea of a product that looks like no one needs but, in the end, sells a lot. Once the idea looks feasible, the person goes for the research to see if there is really a demand for it in the market.
2. The Research
Research may be needed at various stages of the product development process. An idea may look like a winner but it may fail in the market so it is necessary to research the market before making any investment in developing the product and launching it in the market. The initial research is conducted to see if there is demand for such a product. It can involve the use of behavioral analytics tools like WatchThemLive and a visitor tracking software/tool. This report also reveals how much demand there is for this kind of product, at what price it will sell in the market, and if the maker can earn sufficient profit by selling it. This research may not be necessary if it is an already established product category. In that case, research data showing how much demand the product has in the market may already be available.
3. Building a Prototype
Once the market research shows a demand for the new product, the entrepreneur can start developing and working on the project. Now is the time to build a prototype which will likely end up as the final design that goes to production. If it is a digital product, its major elements and structures are defined. The prototyping step involves lots of iterations. The product development team may have to try different ideas if the first idea does not solve the problem. Each feature or part of the product has its own development process. All these sub-processes are part of the main product development plan. The prototype is the final version of the product that can be validated before showing to the investors or sent directly to the factory floor for manufacturing. It is important for the product development team to just start somewhere and avoid wasting time trying to perfect every small thing. As the product starts taking shape,…