Business development involves every part of the process and takes the entrepreneur from a simple idea in their head to the actual manifestation of a product or service. Today, we will be looking at what it takes to build a product that has customers wanting more. This Entrepreneur Weekly post will break down the steps necessary for consideration before, during and after the development of a product.
Entrepreneur says product development refers to the strategy, organisation, concept generation, product and marketing plan creation and evaluation, and commercialisation of a new product. While ProductPlan defines product development in this way, “Product development typically refers to all stages involved in bringing a product from concept or idea through market release and beyond. In other words, product development incorporates a product’s entire journey.”
The Before Process
Here are a few things that should be taken into consideration when you are in the initial stages of developing your product. According to ProductPlan, entrepreneurs must first identify a market need. They said “Products solve problems. So, identifying a problem that needs solving (or a better way of being solved) is where this journey should begin. Conversations with potential customers, surveys, and other user research activities can inform this step.”
Another part of the initial stages includes quantifying the opportunity. ProductPlan shared “Not every problem is problematic enough to warrant a product-based solution. However, the pain it causes and the number of people or organisations it impacts can determine whether it’s a worthy problem to solve and if people are willing to pay for a solution (be it with money or their data).”
Before getting to the point of creating a product, it is important to test the idea. Entrepreneur shared “Everybody likes their own ideas, but that doesn’t mean others will. When you are evaluating ideas for their potential, it’s important to get objective opinions. For help with technical issues, many companies take their ideas to testing laboratories, engineering consultants, product development firms, and university and college technical testing services.“ To create a top tier product the forethought and research must be where a lot of time is spent.
The ‘In Between’
When you have passed the stages of brainstorming and evaluating your idea, it is now time to bring this idea into real life. The processes are different for many entrepreneurs but there are some overarching features that are consistent throughout each product development process and these include: prototyping, initial design and validation and testing. In their article 6 stages of the product development process, Road Munk described prototyping as a sample of the finished product, not the market-ready product itself. Having a prototype in hand is often a crucial step for engaging key stakeholders, like media and early adopters. The goal of a prototype is to have a working model that paves the way for the development of a minimum viable product (MVP).”
Then we have the initial design and validation which essentially comes after having a prototype ready, you will then advance to a full mockup of the product. This process involves sourcing materials, updating your stakeholders and gathering feedback. After this is done, entrepreneurs will validate and test the product before moving onto a full market launch.
To the Market
This is the stage where your dreams become full reality. So what are some general processes involved in this? After finalising the product, it is now time to mass produce, so your manufacturers must have the latest model of your product with the exact specifications and then it will be time to promote, market and distribute it. Forbes Magazine said “With a product in the market, enhancements, expansions, and changes will be driven by user feedback via various channels. Over time, the product roadmap will evolve based on this learning and the objectives the company sets for this product.”
JBDC and Product Development
The Jamaica Business Development Corporation (JBDC) prides itself on carrying businesses From Concept to Market. Through the services offered by the Technical Services team, entrepreneurs are able to create the ideas they have in their minds. This service acts as the epicentre of creativity where they explore the production of tangible goods. JBDC provides technical support in developing prototypes, as well as design guidance to ensure that products conform to industry and market trends. Our experts help to identify appropriate materials, suppliers, competitive product pricing, packaging and branding where necessary. JBDC also develops its own product concepts and prototypes in-house to inspire clients.
The Starting a Business Workshop __will go in-depth into the topic of product development and design. Therefore, interested persons can go ahead and register at . The workshop begins on May 11, 2023 and runs for four weeks with cost being $10,000 for the entire programme.
Sources
https://www.productplan.com/learn/what-is-product-development/
https://roadmunk.com/product-management-blog/6-stages-product-development-process
