Developing a product that gains market traction and has an ability to commercialize is a much harder proposition than some might think. Therefore, here are some tips for you:
- Do sufficient research: Know who your competitors are!
- Put the customer first: Customer engagement is an extremely important part of the product development process.
- Crunch the numbers: A sufficient return on investment for the capital outlay required to bring a product to market is important.
- Set goals: Time frames, milestones, features, uptake, revenue and profit. You need it all.
- Stay focused: Focus on the core purpose of the product.
- Communicate: Constant contact, updates and an open line of communication is key to maintaining an efficient product development process.
- Seek feedback: Form an underlying basis for your entire process.
- Be resourceful: Have a good plan B, plan C, plan D…
These tips are just the start, but having this basic framework will allow you to quickly setup a good production process.