Design a product consumers love, launch it, gain a market share and earn with that product for the rest of your life. Sounds great? Unfortunately  this is merely a dream and a shortcut to oblivion. To stay in business, one cannot live off a single product; one must introduce new, innovative and useful products to the market.

Lifecycle of products is getting shortened at a rapid pace. To bring or not to bring a new product is not even an option! Small businesses realize this but the vicious circle of less money and time, lesser product launches, lesser business gets hold of them.  For them, Onlilo has brought a few tips to tilt the product development process in your favor.

  1. Establish Clear Aims

Do not fail to research the market. Know your expectations from the product beforehand. What is the potential of your new project? Do people want it? Will you at least make profit from it? Be practical in your goals. Target profit. To do justice to your investment, ensure product worth staying in the market at least for two years. Know the target audience, their wants, needs and preferences. Know your consumers, send prototypes in the market. Seek feedback, receive and accept.

  1. Be Resourceful

Company time and money is important. Some software could be too expensive for your company. Same in case of employing extra teams: hiring, firing, maintaining etc takes time and money. Figure out ways to sort them. You can outsource product development to a reliable firm which uses dependable software, values your time and returns work worth your money.

  1. Improve Productivity

Consider your conventional techniques and methodologies, make changes required to improve. Employ people who can work the best for you. Find ways to reuse earlier designs with modifications to save time and money. Analyze why an earlier product failed and avoid the same in new project. A good leadership is also an investment you won’t regret.

  1. Plan and follow the process

Product Development is a chain of decisions and processes: deciding, designing, scraping, starting from scratch. A well planned process will enable better decisions.  Jump from one milestone to another. Realizing and addressing problems earlier in the process will produce a better result. Perform SWOT analysis by measuring strengths, weaknesses, opportunities and threats.

  1. Be in the cycle

Grainne Kelly from BubbleBumUSA says, ” Sometimes designers get caught up in the beauty of the design and lose sight of the problem that the product is being invented to solve. For any design project, it is crucial and fundamental to constantly keep the problem for the target market in mind.”

Every quarter, consider these factors:

Competition: It is crucial to pay attention to movement of competitors in and out of the industry.

Costs: Revise costs at every stage of the project. An insight to save costs may come up at any stage.

Markets: Most markets face ups and downs, be on a watch to see opening of new markets to extract favor from a speciality you possess.

Consumers: Companies can profit a lot by including customers at every step; seek feedback and improve. Most customers are willing to help improve your services.

Product development is a tough process but the fruits are worth. No matter how big or small, companies need to refresh their products and services to avoid extinction.