Developing a product is no easy task. It takes a lot of hard work, dedication, and most importantly, careful planning. The excitement of creating a new product can create an urge to dive right in and get started, but it’s important to take a step back and consider some important elements first. Doing so will save a lot of time, money, and headaches down the road.
So, what are some of the most important elements to consider when developing a product? Below, find a breakdown of each consideration to go into the process feeling confident and organized.
7 Most Important Elements To Consider When Developing Your Product
Beyond the specifics of the product itself, like functionality and aesthetics, there are larger elements of the product development and design process that you’ll want to work out ahead of time before getting into the nitty-gritty work.
Here are some of the most important elements of product development to consider:
Problem and Solution
What problem does the product solve? Getting clear on this from the start will guide the development process and help assess whether or not the product is successful.
After determining what problem the product will focus on, start to think about how it will solve that problem. What features will it have? How will it be different from other solutions on the market? What will its unique value proposition (UVP) be to help it stand out and convey the benefits to potential buyers?
Part of this is also ensuring a product-market fit (PMF), which is when the product solves a problem that people have and are willing to pay for. If the problem isn’t pressing, or if the solution isn’t convenient or helpful, the product will struggle to succeed in the market.
MVP
Every product starts with an MVP or minimum viable product. The MVP is the most basic version of the product that can go on the market to test and validate the concept. It’s critical to start with an MVP because it allows for feedback from customers early on, without investing too much time or money into developing a full product that might not be successful.
The MVP should have just enough features to solve the problem and nothing more. Once you’ve validated the concept with an MVP, start to add additional features and functionality with each new iteration.
Budget
How much money is available to invest in developing the product? The budget will play a significant role in determining the scope of the project and what features to include in the MVP.
Be realistic about the budget to avoid overspending and putting the whole business at risk, but be honest about the true costs to avoid an impossible scenario. A budget that’s too small won’t get the product to market.
A great way to look at the product design budget is to consider the expected return the business will generate via the product itself. If it doesn’t look like it will be a big moneymaker, then a smaller budget might be more appropriate. However, an innovative solution that’s brand-new to the market and projected to bring in millions will be worth spending more to develop.
Include things like materials, labor, any product development technologies, and vendors in the budget.
Team
Who will be working on developing the product? Do you have the in-house resources to do it, or will you need to hire outside help? Building a strong team is critical to developing a successful product. Get everyone on the same page from the start, with clear roles and responsibilities, so there are no surprises later on.
At the head of the team should be a product “owner” or project manager who provides the vision and strategy for the product. They work with the development team to bring the product to life and interface with customers to get feedback and ensure that the final product meets their needs. The team may also include engineers, designers, and marketers.
Without in-house talent, consider hiring a product team locally such as a product design firm in Seattle or one focused on product development in San Francisco.
Marketing
The product might be amazing, but if no one knows about it, it won’t go anywhere. Start thinking about how to market the product from the very beginning. Who is the target audience? What channels will best reach them? What kind of message will be most effective? Use the marketing strategy to answer all of these questions.
Align the product’s marketing efforts with overall business goals. For example, if you’re launching a new e-commerce site, the product marketing might focus on driving traffic to the site and conversion optimization. If you’re releasing a new mobile app, the marketing might revolve around app store optimization (ASO) and getting people to download and use the app.
Feedback
At each stage, from MVP to the final release, ask for customer feedback and use it to make improvements. Don’t wait until the product is “finished” to start getting feedback – by then, it might be too late.
Find the right group of people from whom to solicit feedback. Beta testing can be a good idea, but it may be helpful to get the perspective of experts who have created successful products before, like a well-known product development Seattle agency.
Reiterations and Quality
Remember that the product is never really “finished.” Even after launching, continue to iterate and improve the product based on feedback. Common changes could include:
- Adding new features
- Redesigning the user interface
- Solving functionality issues
- Anything else that will make the product better
Additionally, don’t sacrifice quality for speed. It’s better to take a little longer to develop a high-quality product than to rush to market with something full of bugs that won’t meet customer expectations.
The Finished Product
Developing a product can be difficult, but by keeping the seven most crucial elements in mind, a good team will surely create something successful. Product development teams can follow the above tips to develop a product that meets customer needs and solves a real problem.
