Product Development Process: An Ultimate Guide for 2022

Product Development Process

What are the Six Steps of Product Development?

1. Idea Generation

  • Consumers for whom you are building your product.
  • Existing products are similar to the ones you want to create (if any).
  • A general idea of features and functions your product will serve.
  • Strengths, weaknesses, opportunities, and threats regarding your product (identified through SWOT analysis).

2. Defining the Product

  • Product’s business analysis that contains a mapped-out distribution strategy, eCommerce strategy, and in-depth competitor analysis. The end goal is to build a clearly defined product roadmap.
  • Product’s value proposition. It clearly defines what problem your product is solving and how it stands out.
  • Product’s success metrics. It clearly defines what will be the success of your product. These metrics can be anything like average order value or something more specific.
  • A marketing strategy for your product that will help you achieve your end goals.

3. Prototyping

  • Market research to identify potential risks associated with developing your product.
  • A development plan along with an estimated timeline.
  • Evaluate your product strategy to determine the feasibility.
  • An MVP with only the features necessary to go to launch. It helps you execute the product launch quickly.

4. Initial Design

5. Testing & Validation

  • Enlisting the help of team members and beta testers to see if your product is working efficiently or not.
  • Testing the front-end to ensure it is free of errors and stable for launch.
  • Testing the marketing plan to see all campaigns are set up correctly and are ready for launch.

6. Commercialization

  • Develop the final product that you will release to your customers. The best approach is to start adding new features to the prototype until you achieve your end goal.
  • Transition your eCommerce strategy to a live state. It involves conducting additional tests to see if your final product is functioning the way you want.

Uber: An Example of Product Development Process

Who’s In a Product Development Team?

  • A product manager who’s responsible for overseeing the entire product development lifecycle.
  • A project manager facilitates communication across departments, delegates tasks, and tracks goals.
  • Design team to support the visual product concept.
  • A development team that is responsible for creating and implementing the product.
  • A marketing team that develops a marketing strategy and tests it before the product goes live.
  • A sales team that works on an effective selling strategy and prepares a report on success metrics after the product goes live.
  • Senior stakeholders for final approval of the product before it goes live.

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