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How To Make A Idea Into Product – Learn how to build a successful new product development process with tips and best practices from product and marketing experts.
New Product Development (NPD) is the set of design, engineering and research processes combined to create and launch a new product on the market. Unlike standard product development, NPD is specifically about developing a new idea and seeing it through the entire product development process.
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In today’s competitive market, the ability to offer products that meet customer needs and expectations is critical.
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Customer requirements and behaviors, technology, and competition are changing rapidly, and businesses cannot rely on existing products to stay ahead of the market. They need to change, and that means developing and successfully launching new products.
But how do you find great original ideas and make them marketable?
In this article, we explain what new product development is and break it down into seven stages. We also cover best practices for building your own processes, plus some tips from product and marketing experts at Booking.com, Bumble, Typeform, EduMe and Slite.
New Product Development refers to the complete process of bringing a new product to market. It can be applied to develop an entirely new product, improve an existing product to remain attractive and competitive, or introduce an old product to a new market.
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The emergence of new product developments can be attributed to the need for companies to maintain a competitive advantage in the market by introducing new products or modifying existing products. While regular product development refers to building a product that already has a proof of concept, new product development focuses on developing an entirely new idea—from idea generation to development to launch.
When it comes to new product development, every journey to a finished product is different. Although the product development process can vary from company to company, it can be broken down into seven main stages. Let’s see one by one.
Idea generation involves brainstorming new product ideas or ways to improve existing products. During product discovery, companies analyze market trends, conduct research, and dig deeper into users’ wants and needs to identify problems and propose innovative solutions.
A SWOT analysis is a framework for analyzing your Strengths, Weaknesses, Opportunities and Threats. This can be a very effective way to identify your product’s problem areas and understand where the greatest opportunities lie.
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There are two main sources for generating new ideas. Internal ideas come from many places within the company—such as marketing, customer support, sales teams, or technical departments. External ideas come from external sources, such as studying your competitors and, most importantly, feedback from your target audience.
Ultimately, the goal of the idea generation phase is to generate as many ideas as possible while focusing on delivering value to your customers.
The second step of developing a new product revolves around screening all the ideas you’ve come up with and selecting only those with the highest chance of success. Deciding which ideas to pursue and discard depends on many factors, including the expected benefits to your customers, the most needed product improvements, technical feasibility, or marketing potential.
The idea screening stage is best done within the company. Experts from different teams can help you evaluate aspects such as technical requirements, required resources and marketability of your idea.
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A logic tree, such as Teresa Torres’ Opportunity Solution Tree, can help you visualize and chart the best path to your desired outcome. Ben Zacharias, Senior Product Manager at Booking.com explains:
The logic tree is an important tool to try and make sure I have a structured understanding of the area I’m working in and make good decisions when choosing a problem area to work on.
All ideas that pass the screening stage are developed into concepts. A product concept is a detailed description or blueprint of your idea. It should indicate the target market for your product, the features and benefits that your solution may be of interest to your customers, and the proposed price for the product. A draft should also include an estimate of costs to design, develop and launch the product.
Developing alternative product concepts will help you determine how attractive each concept is to your customers and choose the one that will give them the most value.
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Once you’ve developed your concepts, test each of them with a select group of consumers. Concept testing is a great way to validate product ideas with users before devoting time and resources to developing them.
Concepts are also often used for market validation. Before committing to developing a new product, share your concept with potential buyers to gather insights and gauge how effective the product idea will be in the target market.
Now that you’ve chosen your concept, it’s time to develop an initial marketing strategy to introduce your product to the market and evaluate the value of your solution from a business perspective.
The product development phase consists of developing the product concept into a marketable finished product. Your product development process and the stages you go through will depend on your company’s development preferences, whether it’s agile product development, waterfall or some other viable alternative.
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This stage usually involves building a prototype and testing it with users to see how they interact with it and get feedback. Prototype testing allows the product team to validate design decisions and discover flaws or usability issues before submitting the design to the development team.
We always test key features with usability testing, first, to select the best flow, and second, to loop the flow and make sure it’s clear to the user. After usability testing, we can finalize the flow and prepare it for developer submission.
Regina Smirnova, Senior Product Designer at Bumble, uses IDEO’s Design Thinking approach when creating new products. Design thinking reconciles “what is desirable from a human perspective with what is technologically feasible and economically feasible.” As Regina explains, a successful Minimum Viable Product (MVP) lives at the intersection of desire, feasibility, and feasibility.
At this stage, it’s important to stay in touch with customers and collect research data to understand what works and suits the target audience and what doesn’t. The results can also be used to write copy and messages around the launch.
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Marketing testing involves releasing the finished product to a sample market to evaluate its performance under a predetermined marketing strategy.
The purpose of the marketing test phase is to validate the entire concept behind the new product and prepare for the product launch.
A successful product launch is about establishing your key results as soon as possible, understanding how to track them, then figuring out how to use the learnings to make changes or adapt.
At this point, you are ready to introduce your new product to the market. Make sure your product, marketing, sales and customer support teams are on hand to guarantee a successful launch and monitor performance.
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To better understand how to set up a go-to-market strategy, we spoke with Ganna Kryklii, Senior Product Marketing Manager at Typeform. Here are some important elements to consider.
You should continuously monitor and measure the success of your product launch and make adjustments if it does not meet the desired goals.
Want to deliver a successful product? Here are some tips from product and marketing experts at Bumble, Booking.com, EduMe, and Typeform on creating an effective product development process.
“I think the most important part is aligning the product vision and the company’s goals. Everyone on the team needs to understand where we are going and what principles we follow throughout the product development process,” said by Regina Smirnova, Senior Product Designer at Bumble.
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But Laure Alboy, Product Marketing Manager at Slite says: “Sometimes it’s hard to be in the right conversation at the right time, and there are so many conversations to be involved in. I think one way to gain visibility is to be part of a strategic conversation and be one that directs questions around ‘why are we doing this?'”
Ben Zacharias, Senior Product Manager at Booking.com, explains that having a clear understanding of the company’s product development strategy and goals will make it easier to make good decisions and communicate along the way.
As a product team, you need to focus on what you can do to make the biggest impact. So the critical question you should start with is: do you really understand what impact means for your team? Do you know your overall goals and how you contribute to the broader business/product strategy?
Use roadmaps, backlogs, recurring meetings, and syncing, but stay in touch with your team. “At EduMe, we always express our vision,” explains Ian Booth, Senior Product Manager at EduMe. “Always focus on the value you bring and keep communicating it.”
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At every stage of the product development process, there is one important motivator: the customer. Determine what your customers need, which features will help them the most, and how to make your product attractive to them.
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