NEWS & BLOGS

Business, Industry, Technology & Management News, Trends, Tips & Blogs for a Successful Practice

Product Development Journey: The Crucial Points Missing from your Market Strategy

blog tags Technology
write your comment here Response

Product development is the lifeblood of companies and industries. The product could be a physical product such as an automobile, smartphone, or a laptop. It could also be services or solutions such as new IT innovation, new manufacturing process, or a new retail marketing concept. The success of your product development requires considerable resources & excellent amount of pre-launch research.  It is important to know why product development journey is important to your company. The entire future of a company depends on the quality of their product.

A product development journey will decide every point of a client experience, which will start from the very first day of deployment of the project. A ready to use product or solution will give you all the information regarding the entire post-use experience, benefits, lacunas, feedbacks and also suggestions. Usually, companies take all these inputs, work on fixing the problems and make decisions to abandon the process.

Various analytics & software are being used to identify & evaluate the pain points of the customers. Like online automated feedback system or even a retail outlet shoppers. The motive is to identify and review the problems. After that action takes place to rectify that, then the process continuous again. This happens with every business.

Sometimes it doesn’t work for few. Watch the Product Life Cycle, But more important, watch the market life cycle

Philip Kotler, Marketing Author, Consultant

What are the Obstacles in Evaluating your Product Performance?

There can be many obstacles in evaluating your product performance. Poor research practices, lack of technological tools and absence of statistical data are the prime hurdles in analysing your product performance. An efficient market research tool with the implementation of data analytics can provide you the much needed market insights of your product.

Let’s discuss few obstacles;

Lack of Understanding

Product and market understanding along with relevant skill are key to understand customer insights. To create a technical process, one should know how to use technology in the most effective way. Every product requires different approach & different analytical tool. To evaluate your product performance, your market research team should understand the market and your customers first.

Incomplete Data

Product journey depends on adequate data which is used to generate performance evaluation matrices. Raw data should be accurate, reliable, enough & relevant. Data mining and analytics approaches should help you to analyse market & get the right numbers, percentages, and graphs. Incomplete or inappropriate data affects the entire evaluation process as well as future development of the product.

Uncertain Strategies

Before designing & developing any product, the product manager should ask certain questions to himself/herself. Deep understanding, conceptualization followed by right implementation approach are key for product success. Launching a product just to make money, does not work. The company succeeds by offering excellent experiences than a product or service. After product launch, follow predefined strategies to evaluate effectiveness. If there are no proper plan of action to map the product journey, you won’t get the details to make it the successful product.

Stages and Strategy for Product Development

Apogaeis product development life cycle evolves around Innovation. We create concepts in the form of solutions. Every product has a limited life span due to rapidly changing market. Only continuous innovation can keep a solution alive as per the consumer expectation. Market experts visualize future need and build a product to solve a social problem.

Apogaeis understood the fact that due to continuous phasing out of products, solutions have to be upgraded and maintained without affecting the production users and product performance. Apogaeis business objective is to keep innovating solutions and market them to the target demographic gradually.

Apogaeis follows proven product success methodology;

product-development-stages

How to analyse your Product Development Journey?

Every single stage of a product journey, starting from Ideation to Global Maturity, is important. Customer feedback, statistical data research, market insights should be taken into consideration in the entire product journey. Apogaeis follows the proven methodology (Kind of a checklist at all the steps) to deep dig into the ideation strategies, product execution and market dynamics to project and achieves the outcome after Product Go-Live.

Product analysis & enhancement is a continuous process. Implementation of business analytics and monitoring gives insight on the crucial points left at the initial planning stage. Customer behaviour, product performance, immediate consumer demand, innovation are few key aspects of product modification or new product development.

KEY POINTS

  • While evaluating product performance, companies should measure product outcomes and expected consumer behaviour. It must be a collaborated afford, Client points of view and Product behaviour on a dynamic business situation. Product optimization happens at all development stages, methods and on applied tools.
  • To accurately analyse the effectiveness of your product performance, KPIs must be integrated within the business and management of the entire product development journey.
  • To ensure expected results, always employ one product manager, who can oversee the entire process and visualize the future opportunities of the product. Have a buffer resource to match up with a plan in case unforeseen incidents.
  • Activity continues for a considerable period of time to meet statistical and technical criteria required for a product to succeed in the market. Results should outreach all the measurement systems.
  • Project Management is a key driver in overall execution and success of any product.
    The strategic decision and project execution should run at same speed.
    It must be like wheels of the vehicles to see the magical growth.

Software world has become more data-driven than ever before and it makes sense. Metric-driven goals are defined to develop successful products. We at Apogaeis, focuses on each and every segment of product and categorizes them into three core areas. “Marketing”, “Customer Satisfaction”, “Business Operations”. Following parameters usually decide the success story of a product.

product-performance-indicators

These factors usually decide the fate of business & define the expertise of your team while innovating new solutions. Solutions should be customer centric.

Missing Points

The product manager should have answers to all the questions uncovered during pre and post ideation. We at Apogaeis know the importance of brainstorming and discussion hence do it before building any solution. We ask questions to ourselves;

  • Who are my potential customers?
  • Why they need my product?
  • How will they use my product?
  • How can it add value to their lives?
  • How can they connect with me?

Do you want to be a Game Changer? Do the math and Have data-driven logical answers.

Last, but not the least Online Channels

Analyse website and social media traffic intelligently. Nowadays, the consumer relationship mostly depends on your social media presence and online marketing strategies. The more it is user-friendly, quick, informative, personalized and engaging, the more opportunities are there for a product’s success.

Following points should be noted and analysed to understand online presence over the period of time;

product-performance-online-evaluation

Are you a product manager? Data must be on the finger. You should not check your machine or notebook to answer them. Product managers and developers at Apogaeis, are always handy with data about market and customer, which helps them to build solution wisely and on par with market standard.

Product development journey analysis is as important as product development. Apogaeis offers game-changing development (mobile/web app) and business changing consulting services (Technology/Software). Our successful journey at Apogaeis is a result of our deep market analysis.

Hope you liked this blog. If you want to know more about product development or, need a product which can give identity to your idea, we are just a click away. Discuss Your Idea

Leave a Reply

Your email address will not be published. Required fields are marked *