If you have an entrepreneurial mindset, you have likely had at least a hundred experiences where you have looked at a product on the market and thought of several ways to improve it.
That is the beauty of thinking like a product developer – it means that you can design and create an item to fill a need. Magical, right? Wrong! Product development is a finely tuned art, anything less and you are wasting your time.
If you want to develop a product and make a killing doing it, you need to follow these five top tips below:
Dig deep into consumer needs. Don’t do a handful of surveys and base your strategy on those results alone. Expand your research horizon and involve your customers in your development process.
It won’t take long for your customers and target audience to show you precisely what they expect from your product. All you need to do then is implement those results, and you’ll have a product that will fly off the shelves in no time.
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Every entrepreneur believes they have an idea for a product that will blow consumers’ minds. That is why TV shows like Shark Tank and Dragon’s Den do so well because there is no shortage of ideas out there.
Research has shown that over 90% of startups fail during the first few years, and the math on that means that 9 out of 10 startups fail. Avoid the most common pitfalls of product development, such as having a poor product development strategy and failing to add value to the market.
Market analysis involves taking the time to research and analyze market trends, size, and demand for items. All those things take time unless you use a data-driven program like Adobe CDP to form a model for your ideal customer.
That way you can access data on potential customers and find out what their product expectations are, even before you even begin your development journey. Access to that information is priceless in a competitive industry like product development.
Build An MVP
A minimum viable product, or MVP, is an effective way of testing the demand for your product beyond what you can research or survey. Your MVP will need to have enough features to attract investors and other people who believe in your vision.
Those people can then use that product in its early stages to give you valuable feedback at the beginning of your development journey – namely before you have spent too much money on it.
Use the evidence you gather by doing that to either support your assumptions or correct errors. Either way, it will cost you far less to develop your product this way.
Never stop looking to the market for answers. By analyzing market trends and needs, you can consistently stay one step ahead of your competitors. Trends rise and fall at an alarming rate, just think back over the last few years of products that have hit the market with a bang – and then disappeared seemingly overnight.
Keep up with new and exciting ways to engage with customers and realize your product vision. The last thing you want is to launch a product that seems outdated, so keep your eyes peeled for changes that could affect your design strategies. Keep your eye on the ball – and redesign it if you want to.