Miko Lehman

Product Development Cycle: 5 Steps to Mastering the process

In today’s fast-paced, digital world it’s no longer enough to launch a new product without an end in sight. Companies must now think in terms of the entire product development cycle and how they can streamline their processes to shorten the time from idea to finished product.

product development cycle

If you’re the CEO, manager, or lead engineer at your company, you know that launching new products as quickly as possible is critical to staying ahead of the competition. As a result, your team needs to adopt a more streamlined process that enables you to move from ideation to production and finally launch faster than ever before. To help give you an overview of the most effective ways to accelerate your company’s product development cycle, we’ve compiled these 5 steps:

Step 1: Define your target market and product requirements

The first thing you need to do is take a step back and define the product requirements and your target market. Why have you decided to launch this product? What problem does it solve for your customers? What will make your customers’ lives easier? How does your product fit into your company’s overall strategy?

For example, let’s say your company has decided to develop an app that allows users to book appointments with stylists at nearby salons. Once you’ve decided to launch this app, you need to define your product requirements so that your team can know what they’re working towards. This may include:

  • What are the demographics of your target market?
  • How many people do you expect will use this app?
  • What types of appointments will users be booking?
  • Where are your users currently booking appointments?
  • What features will help your users get an appointment faster?

Step 2: Build your app with an MVP

Once you’ve defined your product requirements, it’s time to build your Minimum Viable Product (MVP). Building an MVP means identifying which features will help you reach your target market and product requirements as quickly as possible. This is the fastest way to test your product and see if the design, functionality, and overall experience are worth investing in.

For example, let’s say you want to build an app that allows users to book appointments with stylists at nearby salons. To create your MVP, you may want to start off with a simple web page design that offers users two options: Find a salon near me or enter my location. Once you’ve built this MVP, you can put it in front of potential customers and see if they like it. You can also use tools like Hotjar or Intercom to test your MVP and learn which features drive the most engagement.

Step 3: Test assumptions with User Research

Once you have released your minimum viable product and received feedback from customers, it’s time to test your assumptions. What do your clients desire? What do they want in terms of characteristics, issues, and frustrations? Assuming that you created an app with simple design and functionality, have you assumed that you would be inundated with appointments? If your customers inform you that they find the app too difficult to use, you must begin to assess your beliefs.

Throughout your launch, you want to make sure you’re getting feedback from as many people as possible. This means talking to your customers and conducting user research through surveys, interviews, and other forms of feedback. With the amount of software and tools available for startups, collecting feedback has never been more efficient. You can use software like Typeform or Google Forms to create and distribute surveys, or use a tool like UserTesting to conduct video interviews.

product cycle

Step 4: Leverage Data with A/B Tests

With data, you can now determine whether your assumptions are correct, thanks to user research and feedback. You can collect data on almost every aspect of your business using tools like Google Analytics, Hotjar, or Intercom.

With Hotjar, you can view a breakdown of your customer activity and, with a few simple clicks, create an A/B test. By leveraging Hotjar’s built-in A/B testing feature, you can determine which features your customers prefer, which features they ignore, and which features they find confusing.For example, let’s say you’ve built an app that allows users to book appointments with stylists at nearby salons. You’ve built this app with two buttons: Find a salon near me and enter my location. Using Hotjar, you’ve created two variations of these buttons: one that says “Find a salon nearby” and one that says “Find a salon near me. ”You’ve also noticed that when customers enter their location, they often forget to click on the “book appointment” button.

With Hotjar, you can test which of these variations your customers prefer. In addition, you can see what percentage of people are entering their location but not booking an appointment. This type of data will help you discover where your product can be improved.

Step 5: Identify what worked and what didn’t

After conducting A/B tests and gathering feedback from your customers, it’s time to identify what worked and what didn’t. This will help you streamline your product development process and determine which features and functionalities you need to keep, which features you need to tweak, and which features you need to remove entirely.

Seed funding and venture capital funding are used by businesses to fund their operations. This can be for a new product or for an existing product that is being further developed. Traditionally this funding was only available to businesses which had a physical presence (a shop, office or warehouse). In recent years, ecommerce and the Internet have grown, allowing entrepreneurs to fund businesses without having a physical presence. This is the reason why funding is also now available to online businesses.

During the product development cycle, you want to keep a close eye on your metrics. Are your KPIs improving? What metrics are showing that your product is being used more? Which metrics are staying the same?

What problems are your customers still facing? What problems were you hoping to solve with your product? During the product development cycle, identifying what worked and what didn’t will be easier if you monitor these metrics. It will also be easier to decide which features and functionalities to keep and which ones you want to improve.

Hire The Best Team for your Product Development Cycle

     
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    Author:

    Miko Lehman

    Write to me: m.lehman@gmihub.com

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