Expanding your product line is one of the key components to expanding business, as it opens you up to new customers and provides a reason for existing customers to purchase again. But depending on the line of work your business is in, you might need a way to speed up that process. Whether that be modifying an existing product to meet customer needs or going all out into a brand new category.
Here is everything you need to know about the new product development process.
Set a Time Frame
The first part of product development is to set up a time frame that your team can meet and be realistic with. Then give yourself a two-week buffer zone so that you can have time to push through hiccups.
By doing this, you’re not pushing off the process in favor of your existing product and have a deadline that could let potential customers down.
Determine the Specifications of the Product
The second part of the product development process is determining the specifications of the product. What is it going to do and how is it going to help your target customer?
Deciding ahead of time the purpose of the product and the specifications needed for it will help those that are designing the product get a feel for what you’re looking for, said Jeremy Millul, the founder of Jeremy Millul Inc. His innate knowledge of product development, negotiating with suppliers, and marketing for product-based businesses has helped him build businesses with multi-million-dollar annual revenues.
Test the Product Frequently
Every step of the way, be sure to test the product to make sure that it hits the nail on the head in the direction you want to go. This prevents backtracking when you get to a finished product and realize that it isn’t what you’re looking for.
If you need to, get beta testers of existing customers to determine how they feel about the product. No one will be better at telling you how they feel than the customers that are going to buy the products.
Whether you’re communicating to developers or trying to market the new product, documentation helps prevent the need for extra clarification. Instead of messaging different departments for an understanding of the product, they can instead pull up the paperwork and see what they need to do.
This also helps those that are new hires and need to get started on the project as soon as possible.
You can use this software to assist your documentation process.
The New Product Development Process: Key Takeaways
Now that you know about the new product development process and how to speed it up, get going to expanding your brand. Remember to put your customer first and rushing a product that doesn’t meet your standards can quickly lead to no new customers and even losing existing customers.
If you want to learn more about how the tech world continues to change, then be sure to check out the rest of the blog. Know a business owner looking to expand their products? Share this article with them to help them out.