8 Top Tips for Successful Product Development

Originally from: https://intrepidsourcing.com/8-top-tips-for-successful-product-development/

Developing a product that gains market traction and has an ability to commercialize is a much harder proposition than some might think. Therefore, here are some tips for you:

1. Do sufficient research: Know who your competitors are!
2. Put the customer first: Customer engagement is an extremely important part of the product development process.
3. Crunch the numbers: A sufficient return on investment for the capital outlay required to bring a product to market is important.
4. Set goals: Time frames, milestones, features, uptake, revenue and profit. You need it all.
5. Stay focused: Focus on the core purpose of the product.
6. Communicate: Constant contact, updates and an open line of communication is key to maintaining an efficient product development process.
7. Seek feedback: Form an underlying basis for your entire process.
8. Be resourceful: Have a good plan B, plan C, plan D...

These tips are just the start, but having this basic framework will allow you to quickly setup a good production process.