Developing and producing new products is an essential task of brands everywhere. A product development company can make the world a better place by creating the products and solutions we need the most. The consumers agree; nine in ten customers agree that brand innovation needs to impact society.
In today’s world, products are readily available with the click of a mouse, so market saturation can make creating products that are unique and in high demand more of a challenge. More than 30,000 new consumer products are launched annually.
The constant pressure to develop new and innovative products can lead to burnout, brain block, and stress within a company, from project managers to sales to upper administration. Not to mention, only 40% of developed products make it to market! So product development is a field best left to the experts.
How can you prevent burnout while still producing products that fall within your brand? The answer is simple: work with a product development company. Product development companies will work with you from conception to the release of a new product while ensuring the product is in line with your brand.
Working with a product development company can transform your brand. By giving you more time to focus on brand promotion and sales, you will expand your reach and audience. Whether you sell goods or services, working with a product development company is one of the smartest strategies you can begin to build your business.
What Does a Product Development Company Do?
A product development company partners with businesses of all sizes to conceptualize, plan, develop, promote, and release a product into the world. This product does not have to be physical but could also be a service offered by a company.
They handle the stress and tasks related to developing a new product for your company so that you can focus on other aspects of running your business. The product development team will also be made up of experts in their field, so you know that they provide the best service possible and can develop your product or service to the best of their ability.
The main obstacle companies face is a lack of preparation while trying to bring a product to market. Companies can avoid this issue by hiring a product development company.
What Are the Steps of Product Development?
Now that you know what a product development company is, you may wonder what the process will look like after hiring them. While planning may look different depending on the company, most product development companies will follow this timeline:
Solving a Problem and Identifying a Need
The first step to creating a good product is recognizing a problem and brainstorming a product that can solve that problem. This ensures there is a need for the product, and it will sell and perform well on the market. We will use the example problem of people who frequently lose their keys.
Brainstorming and Developing a Plan
Next up is brainstorming. Once the problem is identified, the product development team must think of a solution and figure out a product that can prevent the problem.
In our example, the product that solves that problem is a magnetic key holder. It solves the problem because the keys stick to the holder, making them difficult to lose. It also helps people get into the habit of putting their keys in the same place daily.
The two main benefits of market testing are:
- Testing a product under typical market conditions to measure its sales performance.
- While the product is on limited sale, it allows management to identify and correct any weaknesses in the product or its marketing plan before committing to a national sales launch.
While the product development team may think that they have discovered a problem that needs solving, they want to ensure that the product they’ve brainstormed is something the general public will want to buy. So, in this step, the team would work with focus groups and send out surveys to see how likely people are to buy a magnetic key holder.
Outlining a Strategy to Completion
Once the team figures out an idea for a product, they start developing a plan to create the product. In this example, they would make a timeline from start to finish, consider the materials they need to create the key holder, think about expenses, and figure out how long it will take to release the product.
Creating Round One
Now that they have confidence in the need for their product and a specific strategy to bring it to life, they will build the “first draft” of the product. This round one product may not be as streamlined as the final result, but it will give the product development team the chance to test it out in the market and truly examine the demand for a real product.
Gathering Data and Feedback
Once the first round product is created—in this case, the magnetic key holder—the product development team will bring it to market and get it tested by real users. From that experience, they will gather feedback and determine whether the product will be successful.
After the team gathers data from the round one launch, they will evaluate it and make any necessary tweaks. For example, if audiences liked the functionality of the magnetic key holder but did not like how it worked, the team may take some time to redesign it to look more aesthetically appealing.
After those changes have been made based on audience feedback, the product is ready to release!
The work doesn’t stop there, though. The product development company will work closely with marketing and data analytics teams to ensure the launch is a success and continuously improve the product as time goes on.
Things to Consider When Choosing a Product Development Company
When looking for a product development company, you’ll want to search for a team that is flexible, communicative, and responsive to change. They will be strategic and detailed in their approach so that nothing falls through the cracks.
Great production development teams know that you cannot apply the same strategy as a blanket plan across all industries. Different markets have different needs, and product development managers should recognize that.
They are expert problem solvers and should make your life easier, not more difficult. Managers focused on creating a strong plan and outcome will be your strongest asset.
Overall, working with a product development company ensures that your product is being developed, promoted, improved, and created by the experts. They create products that stand for who you are as a business.
Save time and stress and ensure the company understands your brand and bottom line. Your goal is to increase sales for your brand, and a product development company can help take you there.