Creating winning products requires more than an innovative idea. A well-planned development strategy is a must for success.
A successful product starts with a solid, well-executed great product development strategy in place.
This means having a clear plan for how you will create, test, and launch your product. And, of course, it’s not all plain sailing.
Many product managers face challenges when it comes to product development, such as unrealistic deadlines, budget constraints, and scope creep.
So how can you overcome these challenges and set your product up for success?
#1. Define your target market and user persona
Before you can start developing your product, you need to clearly understand who your target market is and their needs.
This will help you to create a product that meets their needs and appeals to them.
To do this, you need to create a user persona.
This is basically a fictional character that represents your ideal customer.
Once you have created your user persona, you can use this to guide all of your decisions about your product development strategy.
For example, if your user persona is a busy working mom, you will need to ensure that your product is easy to use and time-saving.
#2. Research the competition
Once you know who your target market is, it’s time to start researching the competition.
This will help you to understand what products are already out there and what gap in the market your product can fill.
It’s important to note that you shouldn’t shamelessly copy the competition but instead use them as inspiration to create something even better.
The key is to create a product that is unique and offers something that the competition doesn’t.
To do this, you should:
- Identify your competitor’s target market and user persona
- Analyze their product features and pricing
- Understand their marketing strategy
- Identify any areas where they are falling short
#3. Set realistic goals and timelines
One of the biggest challenges that product managers face is unrealistic deadlines.
This can often be due to pressure from upper management to get the product out as soon as possible.
However, rushing your product development process is a recipe for disaster.
Not only will this impact the quality of your product, but it will also increase the chances of things going wrong.
It’s important to set realistic goals and timelines for your product development process.
This means taking into account all of the different stages that need to be completed, such as research, design, development, testing, and launch.
#4. Create a detailed product roadmap
Once you have set your goals and timelines, it’s time to start creating a detailed product roadmap.
This will help you to map out the different steps that need to be taken in order to successfully launch your product.
Use a visually-engaging shareable format like presentation or explainer videos to make the roadmap much more retainable.
A detailed product roadmap keeps your team on track and ensures that everyone is aware of their responsibilities.
Your product roadmap should include:
- The different stages of development
- Key milestones
#5. Put together the right team
High-performing product development strategies can only be planned by passionate people who understand how products are made.
This is why it’s so important to put together the right team.
Your team should include people with a range of skills and experience to bring the idea to life — such as designers, developers, marketers, and project managers.
Everyone on the team should be able to work together harmoniously and have a clear understanding of their roles and responsibilities.
#6. Make use of agile methodology
An agile methodology is a popular product development approach that helps teams be more flexible and adaptable.
It’s based on the idea of delivering small pieces of functionality early and often rather than waiting until the end of the project to launch the product.
This approach has many benefits, such as:
By delivering small pieces of functionality early on, you can identify and fix any issues before they become costly problems.
The agile methodology encourages regular communication between different team members, which helps to improve transparency and avoid misunderstandings.
Improved customer satisfaction
Customers are able to provide feedback at each stage of development, which helps to ensure that the final product meets their needs.
A solid product development strategy sets the direction for new products by establishing goals and funding decisions.
While there's no one-size-fits-all way to plan a product development strategy, those points mentioned above are essential.
Originally written by Andre Oentoro from Breadnbeyond.
Producter is a product management tool designed to become customer-driven.
It helps you collect feedback, manage tasks, sharing product updates, creating product docs, and tracking roadmap.