Advanced Product Development

The Marketing Research Association reports that of all the developed products, only 40% make it to market. Even more shocking is that 40% of those that do make it don’t generate any revenue at all. Careful planning increases the chances that your product will not only make it to market but profit.

First, choose a product development framework to organize your efforts. Next, you will need a practical means of implementing the framework you’ve chosen. This involves training and your team as much as the resources you have at hand. Successful product development depends on using the right technology.

Which concepts does modern product development use?

Flat design

Another benefit of flat design is that its images appropriately scale to your screen size and load quickly. This stands in sharp contrast to detailed, three-dimensional graphics that require additional rendering. Buttons made with flat design contribute to the overall user experience, being that they’re easy to locate and use.

Style tiles

Live style guides

Expanding the product development mindset

1. Standardized processes

2. Open communication

3. Connected teams

4. Good reasoning skills

5. Company culture

How do you overcome challenges in product development?

Proper planning and documentation are your most valuable assets. Involve team members who value education and learning to steer clear of significant issues. Even in the worst cases, documentation and analysis turn a challenge into a learning opportunity. Here are several situations you can avoid while creating your product.

Unclear priorities

Remember that while your team thinks that something may be an excellent plan, your market ultimately will ultimately decide. The data you collect on your potential customers will tell you what does and doesn’t work. Good market research can help you narrow down your ideas to the most practical, then guide you to the most effective ways to channel your efforts.

Getting beat to the market

If you find yourself beaten to market by a competitor, first, acknowledge yourself for taking time to plan your next steps. It takes strength to be flexible. Make sure you document your current processes and the next steps you take. This will help you replicate them faster and shave time off of reworks. Do your research again and learn from your competitor’s successes and failures. The faster that you learn and apply your knowledge, the faster your products will flourish.

Intense competition

Naturally, this seems like a good setup as you can see that there are plenty of customers available. However, this approach sets you up for fierce competition with someone who already holds on the market. While you may find limited success with this, especially if you have a unique selling point, this is not one of the most effective strategies and takes great effort to pull off.

You can use your competitor’s experiences to draw your own path. Start by redoing the initial market research yourself. What problem is this product trying to solve? Do the customers still have unresolved pain points? Are there other ways that your team could address the issue with a different solution? Going back to square one can give you a new, unique perspective and tap into a market that you already know craves change.

Lack of funding

To avoid the kind of issues that stem from a tight budget, make sure that you justify each funding request. Remember that you have to understand the purpose yourself and explain it to people who don’t have the same hands-on knowledge. If you can clearly articulate why each milestone needs funding, you can then show them how it increases revenue in the long term.

Lack of direction

On a related note, remember that common knowledge is not always the best approach when developing a product. Even though your team may feel that your users will want a given feature or have a particular problem, remember to use a scientific approach and check. This extra step will confirm that you were on the right path or align with your market before misusing resources.

Feature fatigue

Bug infestations

Lack of internal training

Short-staffed teams can call in a consultant to organize training and align their efforts. Two options include:

A fractional CMO has experience working with sales and marketing teams and showing them the best ways to communicate the value of a product. They can organize demos and knowledge transfers with your engineers and gauge their overall understanding. The more experience your fractional CMO has in your industry, the more relevant their input will be.

A fractional COO looks at the processes your company uses and helps organize your team. Look for someone that has worked on projects like yours in the same. Before selecting someone to work with, take time to check their references and evaluate the outcome of their efforts.

Closing Notes

Originally published at https://kamyarshah.com.

Business Management Consultant providing Interim COO and Interim CMO services.