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Strategy for New Product Development

January 8, 2016

 

The most important aspect to be thought upon while developing a New Product is  

  • Who is the Target Customer

  • Why the Customer is going to use this product

  • How this product is going to differentiate from other products in similar category

  • Is this product financially viable

  • How long we have to keep the product in the market (The Least Life Time duration)

Keeping this Guide one need to develop the vision of the product. There are several Product Vision Board available for free in the internet and one should definitely use them. A Good Product vision Board will also majorly help you to create the Sales Pitch for your Product. It can be said beyond any debate that Product Vision is the single most important input to develop the Product Development and Marketing Strategy.

One the vision is identified and developed one needs to concentrate on the strategy to achieve the same. Next one needs to decide how he is going to deliver the product to its Customers and End Users. During this Stage you should have identified the Segment of the market for which the product is being developed and collect all relevant Demographic and ethnographic data. Also one needs to take into account other incumbents and players (the probable competitors of the product) in that Segment and what is their approach to retain their market share.

The above exercise if done properly will also aid in identification of the Risks and Issues which might crop up in the due course.  The Risks need to be ranked as per their impact and probability – both from technical and business perspective and then monitored throughout the Development and Post Development phases. Now one needs to identify the ways to address the same – The Mitigation Plan.

To Monitor the Mitigation plan and the progress one needs to identify the Metrics and Milestones. To chive the same a Product Roadmap news to be created which will act like a guideline of how the Product should evolve over a period of time.  This should have the interim Release dates and Feature List also for each of the releases.  In Agile methodology this is synonymous with Product Backlog. This also helps in communicating the exact scope of the product against each milestones to all the stakeholders. Buy in of all stakeholders need to be taken very religiously alongside.

The Product Backlog helps in breaking down the features into smaller tasks which can be assigned and specific End date be given. This helps the tracking very easy and any deviation can be flagged immediately and necessary remediation steps can be taken. The relevant stakeholders can be involved to get a quick remedy. Also it helps a lot to keep the cost under check with respect to the planned budget and any deviation can be clearly communicated to the correct stakeholders – who might take an appropriate decision.

The Product Strategy is an ever evolving artefact and this needs to be reviewed in predetermined intervals. Also sometimes during the development cost, schedule and scope might need to be re base lined.

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