StrategyThe importance of product Development for any business

January 24, 2023by Bhawins0

H1 – What is Product Development? 

Product development is the complete process of taking an idea from concept to delivery and beyond. Whether you are delivering a brand new offering or enhancing an existing product, the product development cycle begins long before anything gets built. It encompasses everything from brainstorming the initial concept to strategically planning, building, and releasing it to market — and then measuring its success.

Traditionally, product development was equated with the build phase of the product lifecycle. For teams following strict waterfall processes, requirements were defined upfront and implemented in sequential phases. Most product teams now embrace a more iterative approach based on agile methodologies. Customer feedback is incorporated early and often, work is released incrementally, and change is expected and welcome.

Methodologies aside, product development today is about much more than “how” a product is built. It is the “why,” “what,” and “when” — involving cross-functional work from product management and engineering all the way to product marketing. Your goal is to work together to build, launch, and refine a product that customers love.


H2- Standard Stages of Progress in Product Development

There are many steps to this process, and it’s not the same path for every organization, but these are the most common stages through which products typically progress:

  • H3- Identifying a market need.

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.

  • H3- Quantifying the opportunity.

Not every problem is problematic enough to warrant a product-based solution. However, the pain it causes and the number of people or organizations 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).

  • H3- Conceptualizing the product.

Some solutions may be obvious, while others may be less intuitive. Here’s where the team puts in the effort and applies their creativity to devising how a product might serve its needs.

  • H3- Validating the solution.

Before too much time is spent prototyping and design, whether the proposed solution is viable should be tested. Of course, this can still happen at the conceptual level. Still, it is an early test to see whether the particular product idea is worth pursuing further or if it will be rejected or only lightly adopted by the target user.

  • H3- Building the product roadmap.

With a legitimate product concept in hand, product management can build out the product roadmap, identifying which themes and goals are central to develop first to solve the most significant pain points and spark adoption.

  • H3- Developing a minimum viable product (MVP).

This initial version of the product needs just enough functionality to be used by customers.

  • H3- Releasing the MVP to users.

Experiments can gauge interest, prioritize marketing channels and messages, and begin testing the waters around price sensitivity and packaging. It also kicks off the feedback loop to bring ideas, complaints, and suggestions into the prioritization process and populate the product backlog.

  • H3- Ongoing iteration based on user feedback and strategic goals.

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. This work never ends until it’s finally time to sunset a product at the end of its lifecycle.

H2- Importance of Product Development internal linking –

Product development is vital for businesses for several reasons, as discussed below. The success of a new product requires a substantial amount of resources to be invested in it. There is always a chance of outright failure. Due to the high risk of failure, it is good to know why you should still invest in a product development plan. By understanding the importance of product development, companies are convinced to use product development services of professionals and experts to make sure that the process is handled correctly.

1h3- . Provide New Value For Customers

You need to indulge in product development to provide new value to your customers. If you keep selling the same product to the same people over a long time, your audience will get bored with your brand and probably stop buying. Coming up with new product ideas and testing them in the market keeps your business alive. It gives an energetic feel to your brand and makes its brand personality more attractive. This is because your customers can see that you always have something new to offer. They get enticed to keep visiting your store every month, or at least visit your website regularly to check out what’s new.

2. h3- Improve the Society

By making more and creative items available for people in a community to buy, you provide a variety and improve your society. Many new products are often an incremental improvement over their older versions. Companies that frequently upgrade their existing products can build a favorable impression of social innovation. It is as if these companies understand their social responsibility and work hard to contribute to the betterment of their people. In certain instances, new product development can give great and immediate gratification to the customers. That’s how it is beneficial to society.

H3-3. Grow Your Business

Product development is also crucial for growing your business. More variety in your product base means more avenues for sales to come in. New products can prove to be the lifeblood for your company. If your past products fail, your new products have a chance to be successful. The more products you have to sell, the more chances you have of developing and maintaining a sustainable income stream in your business. New product development also helps you access more sponsors, investors, and partners for your business.

By growing your business, you are also serving society in other ways. You are creating more employment opportunities for the people in the community and supporting society at large through charity giving and taxation. Organizations do not have much choice but to grow. To grow and sustain their operations, they have to indulge in new product development once in a while, if not too frequently. The research and development they do to develop a product development plan help the business in many other ways. For instance, if you learn about your competitor’s pricing strategies through your research, you can price your product at a slightly lower level to penetrate the market faster.

Product development is at the core of manufacturing activity.The progress and the course of a manufacturing company, enterprise or corporation is directly linked with the course of its products. A manufacturer exists to sell products and as long as the product sales do well so will the business. Products, like everything else in life have a certain life cycle. Each product goes through this life cycle and eventually phases out. Products, which were once a household name, have disappeared from the market as they entered the decline phase of their life cycle. In addition, it is not sufficient to develop products and rest on your laurels. There are recent examples of companies that were the leaders in their fields, but failed to keep pace with technological developments and changing customer tastes. Product development companies must always be on their toes, keeping abreast of the latest disruptive technology (like 3D printing, IoT, IIoT, AI, etc.) and gauging what the people want.

The product development strategy highly depends on market research and sales policies of the defined product. It consists of methodologies and techniques that you will use during each stage of product development. Moreover, it enables you to focus on several other policies and overcome challenges. Apart from all this, these techniques and methodologies effectively play a role in the overall growth of your business.

If any company is facing legal issues due to a product failure, Bhawin LLC has qualified professional witnesses on staff to further support your company. Some materials that Bhawin’s can test in its failure analysis lab:

  • Epoxies, Paints, & Coatings
  • Painted materials
  • Laminates
  • Composites
  • Pharmaceuticals & Supplements
  • Plastics & Polymers
  • Rubbers
  • Adhesives & Sealants
  • Medical Devices
  • Metallurgical
  • Fuel Quality
  • Packaging
  • Construction materials

Bhawins LLC carried out various product formulation development processes

H2- Product Formulation Development Process

H3- Meeting/conference call with formulation development consultant

Define proposed characteristics and specifications of the product that client are looking to produce.

Product formulator will launch the project’s potential challenges, time-frame to completion and costs related

H3- No-compulsion proposal

Usually delivered soon your initial consultation was held but can take longer for more complex products or the design & development of complete product lines

We are flexible to offer entire project and/or monthly based new product development services

H3- Formulation Product Development Services

Your dedicated team of skilled formulation scientists will go to work developing a unique and innovative formulation based on your exact technical specifications. Our team can also develop all kind of products (some examples: Energy drinks, cosmetics, toothpaste, mouth wash, oral solid dosages, nail polish, sunscreen, Body wash, Body lotion, shampoos, fly repellants, bed bucks spray, paints, inks, etc.,).

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