Every emerging entrepreneur needs something unique and compelling to serve their targeted customers. And strategising everything from ideation to launch can help them in this.
To make your software product rule the software industry, you need to invest your time and effort in building a profitable and realistic strategy.
Whether we talk about the popular online shopping portal Kogan, Fashion brand Camilla or Pharmetutical company CSL in australian, they all must have adopted successful product development strategies. Owning an excellent product development strategy helps them achieve heights and a chance to become the owner of a million-dollar business.
It’s just a great product development strategy that works for all.
“The long-term interests of shareholders are perfectly aligned with the interests of customers.” – Jeff Bezos.
Let’s move further to know how a great product development strategy can help your business taste success.
Defining Product Development Strategy
A product development strategy is smooth and efficient way for your end-to-end product development process that is conducted by in-depth market research, long-term planning, and testing.
Product development strategy helps businesses and sets the direction for new products by establishing their goals. Here the main aim is to provide a competitive advantage by placing product offerings and drive business goals, growth, and revenues.
Product development strategy mitigates your business risks in developing a product concept to perfectly balance products developed and markets. The strategy enables product companies to build a stream of innovative offerings that disrupt the competition and delight customers.
Strategic planning of the product development process should occur before building your product roadmap and developing new features.
Product development strategy is vital to achieve market success and accelerate future business growth. It assists the team in building a step-by-step plan and moving forward with the product development by covering all the sprints from product ideation to market launch. The product development strategy is built to make the development process smooth and scalable.
Here’s why businesses today need a development strategy to start their product development.
1. Helps align remote teams to achieve a common goal
2. Provides team with instant feedback and assistance in every step of the product’s development journey
3. Enables a more efficient and scalable software development process
4. Provides you with market-ready digital products
Is Developing Product Development Strategy Important?
Your business cannot stand out from the crowd until and unless it has something unique and different from their customers to serve their customers. This is why startups, product companies, and enterprises need product development strategies to get their development round the clock and come up with a super digital product that can rule the market in the coming years.
1. Helps Understand Your Customers First
Here are the reasons why it is crucial to build a product development strategy and grow your business.
Product development strategy helps in analysing and identifying the changing needs of the customers. Try understanding their pain points first, and then you can better lead the team to build a new product. The product managers can help you with this as they regularly interact with the client and provide timely feedback to the development team about the existing products.
2. Develop a Unique and Customer-Focused Business Model
A unique and customer-centric model is essential to develop in this fast competitive environment to make your product ready to launch in minimum time. Even robust and scalable digital products can fail to launch without effective product management. Product managers are accountable for building go-to-market strategy and get a good ROI throughout the product development lifecycle.
3.Helps Creating A Detailed Product Roadmap
You need to analyse software digital products before starting software development.
To take your product to the market launch, a clear and transparent roadmap is required. A clear and detailed blueprint will make your product development journey smooth and focused. It ultimately leads to improving business revenues and growth.
4. Prioritise Businesses Processes/Tasks
Business owners, entrepreneurs, and teams often struggle to conduct multiple tasks simultaneously. Product development strategy helps prioritise tasks and responsibilities to each of the team members involved in product development. The teams can now assign tasks evenly between them, leading to better collaboration during the entire product development journey.
Step-By-Step Product Development Process
The product development process comprises six stages. It entirely depends on the type of product strategy you prefer to implement.
Here are the six stages you need to follow to ensure a smooth product development process.
1. Product Ideation
This is the first step where top-level product managers present building a product to their team. They create a product roadmap to ensure the smooth development of the product and make it launch into the market in no time. The product ideation stage includes in-depth market research, competitors analysis, product brainstorming, revising existing products, and so on. Ideating helps to make product development strategy beneficial and relevant.
2. Wireframing and Developing Prototype
Once you complete the product ideation, it’s time to build a wireframe or the prototype. Start building MVP and test your product idea into the market with the initial early adopters. It helps you test the validity of your vision and provide you with quick customer responses. Revamping the MVP according to the customer demands will give you a market-fit product at the end.
3. Choosing the best fit tech stack
You cannot proceed with the product development process until you select the right technology to start your development. Make sure to utilise the latest technology ruling the market and hire a skilled pool of talented professionals for it. Selecting the best tech stack for product development makes your product robust, reliable, and scalable. Your newly developed product must be customer-centric and user-friendly to engage more customers and retain existing ones.
4. Product Development
Once you complete your technological selection for your product, it’s time to get started with the development process. The development process divides into different sprints. Each sprint has specific processes/tasks associated with it. All the teams collaboratively work with each other in multiple sprints. After completing each sprint, the discussion for the next sprint will be with the client and other team members. The process iterates in this manner until the entire product develops.
5. Quality Assurance and Testing
Once product development completes, it’s time to test your product to fit into the market and satisfy customer needs. Here your testers team ensures compliance and provides best coding practices and quality standards to maintain your newly developed product. The product you release is for the limited market or a set of specific consumers. The product gets tested based on customer feedback.
6. Cloud & DevOps
Cloud migration and DevOps are a business trend and not fading anytime soon. You should implement cloud and DevOps practices to increase your product up-time and automate business processes effectively. It ultimately supercharges your product development process. It will enhance your product quality and provides you with faster results in no time.
How Do Companies Benefit From Product Development Strategy?
Developing an innovative and goal-oriented product development strategy works for all companies. It will provide you with endless benefits that improve your business growth and revenues.
1.Realistic Benchmarks To Measure Your Development Success
Your custom-designed product development strategy will help you in reaching the benchmarks set. It enables you to measure the development progress in creating a reliable and scalable digital product. With this, you can launch your new product into the market in no time. Every benchmark set includes a quality component that makes your development process smooth and flexible. Setting realistic benchmarks is crucial as it eliminates the risk of developing a low-grade product.
2. Build an Innovative Culture
Developing a great product development strategy will build a culture of innovation in your organisation. Creating a customer-centric approach encourage teams to work innovatively and smartly to develop a robust digital product. If your strategy works consistently throughout the product development journey, it can make you stay ahead of your competitors. Moreover, it takes your company reputation one level up. It helps you capture more markets and innovate new ideas among your customers.
3. Mitigate Risks
Be it a major or a minor, every product development process involves a certain kind of risk. Developing a great product development strategy helps you minimise risk, set measurable goals, success measures, understand customer requirements, etc. Starting from generating ideas to designing to development and product launch, the product strategy you build helps mitigate risks sooner or later. It helps focus on product development that meets customer needs rather than designing unnecessary features.
4. Reduce Development Cost
Every business owner thinks to invest less and gain more. But it is possible only if you have an innovative product development strategy on the floor. Cost reduction is one of the significant benefits businesses can get from a great product development strategy. Lower costs will provide you flexibility and engage more and more customers. Product development teams can reduce cost by eliminating unnecessary features or redesign the product with a simplified version.
Quick Tips For A Successful Product Development Strategy
Let’s dive into some of the quick tips that help you build a successful product development strategy.
Tip#1: Try to be Innovative from your core product while developing a product development strategy and leaving your customers in awe.
Tip#2: Look for the new trending applications to integrate your existing products in new markets.
Tip#3:Make sure your corporate vision is compatible with your custom-designed product development strategy
Tip#4: Perform in-depth market research and leave no stone unturned in identifying customers’ needs and demands.
Tip#5: Nurture your existing product ideas and innovate new ideas to serve your targeted audience your best.
Having a great product idea popping into your mind is not enough to rule the software market. There should be an intelligent development strategy to develop a top-notch product. For this, you need to be more consistent and thorough in what you are doing throughout the product development strategy.
You have to focus on each step of the product development process. Neglecting any step might lead to significant failures. With a great product development strategy, you can boost your business revenues and enhance future growth.
Written by Tanya Kumari
Tanya leads the Digital Marketing Team at Classic Informatics, a leading web development company . She is an avid reader, music lover and a technology enthusiast who likes to be up to date with all the latest advancements happening in the techno world. When she is not working on her latest article on agile team dynamics, you can find her by the coffee machine, briefing co-workers on the perks of living a healthy lifestyle and how to achieve it.