Being an organization, do you have a comprehensive product development plan? Did you think through all the factors right from the idea generation phase to the testing phase? It might happen that you have worked through all the possible strategic steps, but you still think that you lack something. Also, it is equally a possibility that everything you come up is a runaway success.
Right from the ideas, sweat and long hours that go into developing a new product and successfully bringing it to market is a daunting task. Here are the challenges that product development managers face, let’s see how to tackle them:
Not just the organization but the “good managers” too are increasingly aware of the importance of cross-collaboration. In most of the organizations it is seen that all stake holders don’t communicate much with the product development and research team. Now in such situation how do you think you can have a product development team without the inputs of other critical teams? In near future with the collaboration within the organization there are chances of more efficient product development.
In product development circles one of the booming words is “Innovation”. Although it is not a new concept it seems to get more attention nowadays as companies are looking into developing and marketing products in a competitive, clogged space. Savvy consumers always look for fresh and diverse products to solve their problems, and help them change their behavior. They also want these products to help them with organization and time-management which is one of the major complaints among consumers. Same old product repackages is a big “NO” for them. To become a number one company one thing to understand is that innovation plays a major role in any product development.
- Developing Your Team
Each and every individual is talented. But the ‘one’ with both talent and fresh ideas can augment a product development team exponentially. Make a team with members who bring strong skills to the table that would also include strategic and critical thinking skills, have innovative ideas, imagination, creativity, culturally-competent, and additionally, are savvy social networkers.
- Being Customer-centric
To be customer-centric is partly an art and science. While you engage with your customers for feedback and opinions, try to analyze the power and influence this could have on your product development. Conducting surveys and reviews are the best way to know your customers actually want. This might look like a simple advice but will continue to influence successful product development in the future.
It’s usual that most product development managers will have pain points in few areas but with a little belligerent play, their projects will shine ahead. In order to stay competitive adopt data driven products as they are imperative for any business. Also by analyzing consumer data and following consumer-first approach, a new product can be developed successfully. At Tricon, we have an able team of Product Developers, with extensive experience in end to end product development. With a strategic data driven approach we are well placed to give your product development a new direction.