20 Profitable Tips for Product Development or Process
We bring you 20 profitable tips for product development or content, product development strategy and career. Learn how to develop quality product for your new startup.
1. Identify a consumer’s need:
The difference between failed products and hot sellers is need. As an aspiring entrepreneur or an inventor; your goal is to create something that people don’t even know they need and help to want it.
2. Collaborate with designers:
Coming up with the concept of the hover board is great and all but you’ve also got to actually design the thing
3. Coming up with multiple options:
A good innovator comes up with a great product to fulfill a consumer need don’t be satisfied with one model to work with try to come up with more if that model should fail
4. Get the funding if necessary to make a prototype:
One excellent way of securing funding to create prototypes for expensive products to present to investors or to go into full-scale production mode for yourself is to secure funding via your bank or from family and friend with hope of paying back in future.
5. Create a prototype:
Once you’ve come up with a few good ideas and collaborated on designs with your designer or small team of designers get a working prototype together and start testing it out.
6. Use the product yourself:
Since you’re the one with the idea for the product in the first place you’ll be the first line of testing try out your product on your own and see how it works
7. Find an audience:
This is one of the most important parts of developing a product who’s going to buy what you’re selling who like you will have experienced the same frustration or desire that this product will fulfill how will you reach that audience
8. Do a series of test trials:
Bring your product to a group of people let them try it and give them the opportunity to provide feedback if you conduct formally focus groups do several runs with different groups of people your audience may be slightly different than you I anticipated listen and gather feedback
9. Gather criticism:
As you give your product out and introduce it to unfamiliar users start collecting firsthand feedback write up surveys conduct interviews and listen closely to the feedback given
10. Revise the product: Steve Jobs wasn’t a renowned inventor he was a genius. Tweaker the best products aren’t usually the result of great leaps forward but of little changes that make a good innovation or concept into a great product that you can sell.
11. Come up with an operational budget:
Before you secure funding to get your business off the ground you will need to come up with an operational budget when you’ve got your product in place
12. Write up a marketing plan:
For your product once you’ve got your product in place you need to figure out a strategy for marketing that product to investors and eventually to customers what is your selling point what’s your thing
13. Present your product to investors:
Going into production will take some startup cash the way to secure this is to present your new product to investors who will put up the cash to back your product and get you on your feet
14. Develop the criteria for quality control:
Once you secure capital and start going into business, for yourself you’ll have a lot of manufacturing concerns to take care of depending on the product that you’re trying to sell.
15. Continue evaluating and innovating:
Your product as your business gets underway it’s important to keep your eye on the future what needs to happen down the road to keep your product grabbing its share of the market
16. Evaluate the ideas make:
A list of product ideas and share it with the appropriate decision makers in the company such as the management team
17. Prototype and marketing:
Develop a prototype of the product then share it with a handful of good cast and key partners asked them to try it out and provide feedback
18. Process of developing a new product or service for the market this type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market
19 The next phase of implementation is the concept you have developed: Is worthy of being in business evaluate sales cost and profit projection one way to do this is to examine the sales history of a similar product and the target market in comparison to estimated product prices the products financial attractiveness is important when determining whether you should invest on it or not and
20. Skill knowledge and tools: These are not enough the development team must have wide range of experience and preferably at various levels and sizes of development projects without enough experience it is difficult to have a fair assessment of how they will perform.