Businesses that are looking for ways to stay ahead in the market cannot just pass by new product development. Customers have ever-changing needs and expectations, so it is required to identify, create and introduce them to new products and services. When you follow a structured approach to this, there is a high likelihood of improving user experience, reducing costs and increasing ROI, enhancing efficiency, and winning over the competition.

The main takeaway you would need from this article is that communication and collaboration between different teams are crucial to make new product development a success. There is clearly defined process and benefits for the business of new product development stages you have to follow. When everything is well-considered and optimized, every aspect of your product will be bound to succeed. 

The whole business landscape is extremely fast-paced. To generate the maximum value for the company, create products that only meet customers’ needs and your business goals.

Breaking down new product development stages 

We can’t say that developing a new product is an easy and effortless process. Every stage on its way may be challenging and complicated. However, partnering with a reliable and dedicated team like Otakoyi to accomplish your ideas is decisive. 

There are various approaches to new product development, but we have decided to offer for your consideration the Otakoyi seven-stage process. Let’s dive deeper into each of these stages and see what they entail.

#1 Idea generation

No surprise for you that this is the first stage of a cycle. You start by identifying all potential ideas for a new product or service. It is usually conducted through brainstorming or research. The task is to generate as many ideas as possible to have a pool to choose from and build on. The needed and genuine idea will come from those dozens of choices. 

#2 Idea screening

As you have brainstormed all possible ideas, you start screening and estimating them. What does it mean? It implies evaluating whether they match market needs, win the competition, are unique, and if they are technically feasible and bound to satisfy customers. All the promising ideas are moved to the next stage for further consideration. 

#3 Concept development

This next stage is essential on the way to product development. As mentioned earlier, this is the stage where all promising ideas are put into a full-end solution to be created. You design a detailed concept for a future product. Features, benefits, and target user profiles. As a result, a trustworthy software company will start creating prototypes through user testing and refining the concept. Of course, everything is based on feedback. To sum it up, this stage is dedicated to understanding what exactly customers need and what product concept should be put into practice. 

#4 Market testing and business analysis

However, user profile analysis is not the only one you need to conduct. The next very important step is market testing and business analysis. The thing is to estimate whether the chosen and refined concept will fit the market requirements and corresponds to your business goals. This stage is essential before you start the actual development. 

#5 Product Development

The minute you validate the concept due to customers’ needs, business goals, and market demand, you start the product development. It includes UX and UI design, programming, engineering, and developing the read-to-use product. This stage also involves production plans and quality control processes. Being the most significant stage, it is also the longest one. 

#6 Product testing

Now that you have a product developed, you need to check out whether it meets all the intended goals, expectations, and functions. It is ensured through quality, security, performance, and other testing. Remember that it is not just about internal testing but also external one (reviewing actual customers). Your task is to eliminate any issues that might pop up and fix them. The final goal is to make the product run fast and smoothly.

#7 Launch 

Now we have reached the final stage that involves launching the product into the market and promoting it to potential customers. What makes this stage different is that it includes sales planning, advertising and marketing, distribution, and further promotion. This is the stage when you start and keep generating sales and getting profits for your company.

Keep in mind that these stages may overlap and keep repeating as feedback from one stage may sometimes lead to revisions in previous steps. Such a process may need to be revisited or refined based on market conditions or new information. Nonetheless, when your software partner follows a structured approach to new product development, it can help businesses significantly reduce risk, increase efficiency and ROI, and improve their chances of success.

What benefits does your business get?

No matter the size or type of business, all of them get plenty of benefits from new product development. Of course, such benefits may differ depending on industry and business specifics. However, there are some that are characteristic of all of them. Let’s take a look.

#1 Competitive advantage

This is definitely a distinct benefit brought by new product development. It is because it allows businesses to implement unique features and innovative ideas to attract and retain customers. Moreover, it makes them stand out among competitors.

#2 Increased revenue

As it follows from the first benefit, the next one is an increased revenue for a business. When developing a new product, you also expand product lines and its opportunities. Moreover, it is easier to enter new markets and generate higher profit margins.

#3 Enhanced customer satisfaction

As we have already mentioned, new product development is all about meeting customers’ needs and expectations. So, with it, you are just bound to be successful. In other words, your business is tailored to specific needs and improves relationships with customers and their overall satisfaction with your product.

#4 Lower risks

When you follow a structured approach to new product development and conduct all the required analyses and tests, there is a much lower probability of any issues occurring. Reliable companies do conduct prototyping as well to make sure everything is developed smoothly and kept strictly to the plan.

#5 Innovation and employees engagement

This benefit is really compelling. As you need to do brainstorming, you may involve all your employees in the process. This way, they feel useful and of some value to the company. It also fister company innovation. Your business will ultimately tap into creativity and ideas contribution. Only innovative ideas come out of this.

Wrapping up

New product development stages form a comprehensive process of business improvement. When you hire a dedicated and experienced team like Otakoyi to accomplish this, you get an advanced solution for your business. Don’t hold back on your success!