Product development

Let’s start with the heart of every business – the product(s).

Why is a product development process important?

In short, because it is the foundational process that provides you with the
greatest opportunity to maximize the value you bring to customers and help
the company grow, not to mention positively impacting society with reliable,
functional tools.

How your team goes from ideation and concept generation to introducing the
product to the market is, in other words, a business-critical process.

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It is also one that will always have room for improvement because it is subject
to time. As your business grows, product lines expand, and unforeseen market
changes demand you to adapt, so too will your product development process
demand optimization.

n addition to conducting thorough research and testing, it is also imperative

that development teams maintain strong communication with customers
throughout the development process, to refine the product according to the
feedback they receive.

The Wall Street Journal discussed the importance of this point in The Path to
Developing Successful New Products. After surveying more than 300
employees at 28 companies, they found that more than 80% of the top
performers said they periodically tested and validated customer preferences
during the development process, compared with just 43% of bottom
performers.

And so, it’s clear that a lot goes into successfully developing a new product.