New product development, which refers to the process companies undertake to bring an idea to life in the form of a viable software offering, has garnered significant interest in the recent past. This is because the point of this concept is to help companies cash in on the many opportunities rooted in various customer requirements and expectations. Given what is at stake, a robust product development process spans myriad stages.

To stay successful with maturing products, companies need a continuous stream of new ideas that enables them to successfully develop into new products. And, new product development process (NPD) approach helps obtain new products with a structured and carefully execution.

Now, let us take a closer look at the different stages of a well-founded product development process.
1. Ideation: When looking to develop a new product, a good place to start would be to create as many ideas as possible. This can be done through dedicated brainstorming meetings or such. There is a good chance that such sessions will result in an abundance of ideas, so do not forget to prioritize ideas that are focused on addressing customers’ problems.
2. Filter ideas: There is no dearth of ideas in this world; however, not every idea can necessarily translate into a successful product. In order to identify an idea with the best potential, companies could bring together all available ideas and subject them to stringent internal review. This means rope in experts with extensive knowledge of the specific industry to screen ideas.
3. Concept development and testing: In order to make sound decisions, especially in regards to the development of a new product, it is imperative to put together an in-depth iteration of the business idea. It would do companies well to retain focus on customer stories and value proposition evaluation at this point in the development process.
4. Business and market analysis: The key point of a market strategy for a new product is to define the goals and processes that will be adopted in the pursuit of said goals. Companies must also undertake business analysis at this stage so as to ensure that the new product development process merits the investment.
5. Product development: This stage is where the process moves on to getting the prototype ready. Next, a minimum viable product, preferably using agile or waterfall development processes, is developed based on the stakeholders’ feedback for the prototype.
6. Validation: As you inch closer to wrapping up the development process, the next step on the list is validation. At this stage, companies must make use of tools such as surveys, market testing, etc. in order to ensure that the product is indeed able to fulfill the target audience’s requirements and as intended.
7. Market launch: The final step in the process is bringing the product to market; in order to do that, companies must have a robust plan for all relevant factors, including marketing, production, distribution, sales, etc.
The process of developing a new product is complicated, we will give you that. However, the complicated nature of an in-depth development process does not take away from the process’ benefits. A well-structured product development process allows companies the opportunity to verify the viability of an idea, tend to myriad customer pain points, accelerate the offering’s time to market, and so much more. So, if you too are looking to develop a new product, we highly recommend that you engage the services of a trusted product engineering solutions and services provider. Their skills and expertise will help you ensure the success of your product in the market.

Author's Bio: 

Kaushal Shah manages digital marketing communications for the enterprise technology services provided by Rishabh Software.