What are the new product development stages? This piece is a detailed walkthrough of the process. In other words, product discovery should continue throughout the product’s lifetime. It should continue over the product life cycle stages, i.e., idea generation, idea validation, validating PoC and prototype, MVP development, pre-launch, and post-launch. Moreover, product discovery should be an ongoing process. This is why it is essential to gather customer insights through customer surveys, interviews, monitoring social media interactions, and ethnographic research. The secret sauce for new product development’s idea success is simple - focus on product discovery and address the pain points of the target audience. While some tech companies focused on launching new products, others improved the existing digital products. Considering the impact of COVID-19 on businesses, the R&D efforts around new product development have increased. The rule of thumb for New Product Development is to focus on innovating while delivering value.Īccording to Statista’s survey (n= 544), 29% of tech companies planned to focus on new product development post the onset of COVID-19.
Summary: New product development is about converting new and untried ideas into workable products.
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