Product development is a broad term which can mean either adapting and or repositioning an existing product or creating a new product altogether.
But, it isn’t always an off-the-shelf, so to speak, product. At Pretty Pragmatic we’ve worked on both sides, having developed physical and service-based products for our clients, whether software or soft drinks. So we’ll refer to, and cover both service and product development.
Developing a new product or service isn’t as simple as having an awesome product that does cool stuff, or amazing people that solve tricky problems, they need to resolve an existing challenge or have established demand.
Then there’s a load of other information that needs to be understood before it is launched, for example; what’s the price, what’s the cost of promotion, and where do you sell it? Or more simply put: Price, Place, and Promotion, aka the other 4 Ps. So you need a bit of structure and direction before you scale up and start selling.With this in mind, we’ve created a framework that allows us to navigate the pitfalls during the New Product and Service Development (NPSD) process and create a robust structure to cover off the due diligence.
If you leap straight into NSPD design and distribution it could end up costing considerably more than adopting the right rigour from the outset. But with timelines and targets to meet, we’ve got an approach to product development that can be thorough, agile, and affordable.
It consists of 8 stages starting with the pretty fundamental analysis and research, leading to a practical and effective launch strategy. Our product development framework below highlights these, but because each stage has its own detail, references, and merits, we’ll cover these off in short and sweet blog posts over the next few weeks, so stay tuned.