The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies and yearly define it, customer, want or market niche.
Following this four steps will help you to create a process in product development:
1. Research your market
Your target market is the customer of customers you want to convince to buy your new product or service. Key part of searching your market is to craft a profile of your target. A profile should include the needs and concerns, attitudes and preferences, gender and age, and other details that can help you to shape the product and marketing. You also need to understand what your target market is currently using, in order to meet the need you are planning to fill.
2. Understand the market environment
Are you filling an unmet need in the market, or are you improving upon something that already exists? If you are improving upon something already for sale, be sure to verify that your target customers, want this upgrade and will pay for it. If your new product or service is breaking new ground, meaning no one currently offers what you plan to sell, get a firm handle on how prospects are having their current needs met. The answers to these questions can be helpful in refining your product development, your approach and your pricing. Every market has pricing and buying trends that you should factor into your plans.
3. Test market the product
Test your product with different types of customers to see what works best. If you solicit the feedback of your early buyers, you can learn whether or not the offering delivers on the promises you presented in the messaging, as well as gain crucial insight into product performance, price and other considerations. A positive response may mean you are ready for a larger rollout. Negative criticism can help you refine it before a larger launch.
4. Prepare your team
Be sure everyone involved in promoting, selling or providing support for the new offering is thoroughly trained on its features and benefits. They should be able to demonstrate it to prospective customers. Even if your company is small, it still pays to take time to ensure that key staffers or freelancers understand your products and the goals you have for it. Prepare any support staff to answer questions or troubleshoot any issues that may arise. Empower them to ask questions in the early days of your new product rollout, to ensure that they can support it well and help to facilitate its success. Product Development has to be involved with all the people that are involved with the sales process, making sure they understand the product and its features.
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