There are many components for you to consider with a product development strategy. Not only do you have to consider how to develop the item in the first place, but you also have to consider the entire product development process.
In other words, you will need to consider starting out by writing a proper product roadmap plan which combines product design, innovation and development.
You may try any number of different product development strategies, but you want to be sure you have the one most conducive to your specific projects. And don’t forget customer needs. Harvest product ideas from customers using broadly-framed customer satisfaction surveys with suitable questions to illicit new concepts & ideas.
This is true whether you have a physical product that can be found in brick and mortar stores or an Internet product that will provide some sort of service to online users.
Finding the right product development strategies for you
The specific strategy you use will vary depending upon the project & technology you have. A strategy that works in one field may not be as effective for a different field.
However, no matter what type of new product development strategy you use, you will need to consider six factors:
- Time to market: the time it will take between developing the product and getting it on the market as soon as possible.
- Low material cost: developing the product according to its lowest cost or its highest value.
- Low development cost: budgeting in order to develop the product at its minimal cost.
- Product performance, technology and innovation: making sure the product is at the highest level of performance, functionality, function and features as well as implements the latest technology and innovations available. Your strategy and innovation goals should always be aligned to ensure the flow of innovative new features and lines.
- Quality, reliability and robustness: making sure what you release to the customer is of the highest level of quality, reliability and robustness.
- Service, responsiveness and flexibility: keeping customer service in mind as part of the production in terms of service and responsiveness. It also means making sure this service is flexible enough to adapt to new customers, markets and opportunities.
Planning, implementation & testing
This is only your starting point for any product development strategy. The planning is absolutely essential to the strategy, but you then need to implement it. You need to get to market as soon as possible, so you want to find the technique that will allow you the fastest production cycles that will still result in a quality end-product.
This may require you to spend some time testing the beta/alpha versions before you actually place it on the market. You do not want to introduce a poor quality product because this will do your business more harm and affect your ability to introduce future products.
Remember the customers viewpoint… Of course, there are also other factors you may want to consider with your product development strategy. Knowing your potential audience will be key not only to the kind of technologies you develop with but also how you will introduce it to the market.
This will also help you with other factors you will need to consider such as the price of your product in order to turn a good profit. A good strategy can make your product successful, but it is important that you take the time to plan.