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What Does It Entail to Develop a New Product? Product Vision

It all starts with setting a product vision, which not only requires you to research your market, but also your customer and the problem they have. You also have to assimilate huge amounts of information – feedback from the end-users. Also quantitative data from your web research, research reports, market trends, and statistics – you need to know everything about your market and your customer. This can only be achieved by using every single resource at your disposal. Also by scraping through websites of related products and industries.

It Starts with Setting a Product Vision

Reference any books that are useful as well. Although these options are key to gathering the needed material. These options still pale in comparison to the number one source of important information, people themselves. One cannot discount the importance of reaching out to top individuals in your industry to gain the needed understanding of the environment in which you are desperately trying to enter. Only these people will be able to tell you about the key trends and actions currently going on in the market. Then mix all that information with a healthy dose of creativity to define the product vision.

Get Dogmatic, Evangelical Even, About Your Product and How It Will Change the Game

Once you have the product vision, you also have to spread the word. Prepare to communicate your product to every end of this planet and that too with great enthusiasm. If you can’t get passionate about it – you’re going in the wrong direction or you didn’t come up with a very good product idea and vision. You must also be the product’s number one endorser. Let’s face it if you don’t believe it nobody else also has a reason to either. Your success and that of your product rely on every team member to bring that product idea to the fruition – from sales to new product development – also understanding that vision and being at least a little bit passionate about it as well. Hoping that you already know who will be doing what.

Build Your Plan

Then you switch gears again and start building an actionable plan to reach that product vision. A new product development plan, a roadmap of incremental improvements and iterative development that also take you to step by faltering step closer to that final product vision. This is when all that hard work preaching the good word pays off – and also your team throws themselves into coming up with better designs, also better functionality and better solutions to the customer’s existing or future problem.

Now we get real detail oriented, as you work day in and day out with the new product development team as a product owner – also defining and iterating the product as you go. Solving problems as they pop up and closely managing scope so you can get the product out on time. Also constantly getting feedback from the end users to ensure you also create a product that truly serves their needs.

Stick to Your Plan

The product is finally out there and suddenly you’re spending your days poring over data again – Also looking at how customers use the product, going out and talking to them about the new product development process. And generally eating, sleeping and breathing the product. Did you solve the right problem? Do your users get the product? Will they even pay for the product?

And then you do it all over again. And these days it’s not a waterfall process – you’re not doing this step by step, you’re doing this for a dozen products or features at any one time, switching from strategy to tactics in the blink of an eye.

Sure it’s a tough job but it’s just about the most fun you can also have with your clothes on – certainly the most fun you’re going to get paid to do eventually. You also get to define the very essence of a product and design solutions to your customers’ new product development process.

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Konstantin has three degrees in engineering (including a Ph.D.) along with years of R&D, sales, and management experience. He combines his technical knowledge with innovative thinking and leadership skills delivering ground-breaking solutions, products, and services.

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