The term product development strategy is much easier to understand as a piece of text, than it is to understand in real-life, when it has to be put to use. It’s purpose is to help us understand how to develop our products, and how to build a future for them. It can also mean that we are taking our old products, and making them new again – which requires a new set of knowledge about the new market.
In the modern world, product development strategy means we’re creating new products, with new features and then marketing them to our already established customer base. Continuous product development is an important part of any businesses strategy, and if you wish to create new clients, and achieve more – begin investing in product development.
I’ve created a diagram to try and display, how a simple strategy would be observed and executed under normal circumstances. It can be, that a market itself plays a role in the decision making, but we’re trying to look at the big picture, suited for all market types.
I’d like to present to you five essential tips that will help to maximize the potential of your product development strategy, and I hope you’ll be able to take something away as a result. I’d love to hear your success stories, or how you think a strategy should be put together.
Be One Step Ahead of the Competition
In this ever growing world, new markets are being populated by new and aspiring business people, every single day. They, just like you, are looking to sell their product to the masses, and they’ve got all the fresh and juicy ideas to back them up. You should take your experience to your advantage, and practice building new ideas, hence: being one step ahead.
Build these ideas, and think about them in long-term, take all of your resources and maximize the potential of realizing an idea before someone else does it. Trust me, many of the ideas we get, someone else had gotten way long before us – the only difference is that you’ve got the resources to make it happen.
Take All Advice You Can Get (Customers, Co-workers, Partners, etc,.)
When you’re dealing with a new idea that’s ready to be pushed in the market, always interview and question people about it, ask for their opinions on what the price should be. You could conclude analysis, but it’s much cheaper to ask those who’re always around you, and most likely they know better anyway.
Know the Market of Your New Product
Very important, failing to realize the potential of a market for your new product can be fatal, and not only to your paycheck – but your reputation. Let’s say you’re going to release a new SEO software tool, which is aimed at big businesses who need thorough data about their competition and their own rankings.
Begin by concluding surveys, and gather data about these big business, so it doesn’t happen that there are only ten real sites interested in the software, who can barely cover the incredibly overpriced costs for it. If you don’t do this early on, you’re bound to fail, as guessing the market is not a viable solution.
Listen to the Customer & His Needs
Your key skill is listening, and learning to listen to what the customer needs. You’re in a position where you’re allowed to ask questions, and learn answers about them. Take this observation to your advantage, and begin asking everyone in your market what they think is missing inside of the industry, and what could you do to help them. It’s so easy, and it’s completely free. You can never know where the next big ideas is going to come from, it’s something I’ve lived by for a long time.
Monitor Your Market & Industry
Make the time to monitor your competition, and the industry as a whole. If you’re working in mobile industry, lets say for Apple – make sure you’re always up to date with that what’s happening on Android, it’s not as hard as it might to seem – to keep up with it.
You probably need just a couple of friends from the industry, and a subscription to the major news outlets that report Android news. It’s a raw example, but that’s how you’re going to know the market, and be able to learn about new concepts and bring forth more ideas to push on the market.
These five tips will certainly amplify, and improve your product development strategy – guaranteed. It’s all about taking the time to know our priorities, and the priorities of the market. In most cases, we’re working for a company, and we’re getting paid to do much of this already – it’s just that we need to accept it’s the way of doing things, and then develop our ability to see what others fail to see.