Launching a new start-up product is the culmination of ideas, dreams and hopes. But it is no cakewalk. There is a lot of hard work, team effort, and time spent in different phases of its development. There are plenty of things to lose sleep over. But fret not. We have put together a great checklist to secure well-deserved success with a startup product development. Let’s walk you through the various steps involved in the process.
A successful product stems from an idea that can withstand scrutiny. The first step in the process is to run your idea through various assessments like viability study, market study and SWOT tests. At the end of this process, you should have a technically-feasible, valid, and marketable idea.
2. Validating the Concept
Once your idea is well-outlined, we can call it a concept. This concept should be solid enough so it can be shown to prospects to help them visualize the final product. It’s also a way for you to understand customer expectations.
3. Determining Business Feasibility
This is where we identify the technical details. A thorough understanding of the marketing strategies, brand strategies, profitability, sizing up the competition, and calculating cost and price strategies will give you the full business feasibility of the idea.
4. UX/UI Design
This is the part which gives you a glimpse of the final product. Designing a UI/UX with the user in mind gives you a very clear idea of the actual product and its features.
5. Minimum Viable Product (MVP) Development
This is an essential step that involves creating a simplified version of the actual product with the least required functionality, testing it among prospective users, and taking feedback for development. It gives you an accurate estimate of the least number of resources required to build the product.
6. Test Market Adoption
This phase evaluates how well accepted the product is among your target customers. After this study, you will understand the features that were most used and least used by customers. This requires a deeper study and the insights you get can be used to improve upon the current product development process.
7. Full-Scale Product Development and Testing
Now you can get down to the actual product development armed with knowledge from the previous tests. Once the product is fully developed it is run for tests, which your development partner can take care of.
8. Launch the Product
This is the stage where your final product hits the market. Keeping an open mind to suggestions and feedback, proper response data collection and scope for implementing additional features can help you get a better insight into the future of the product.
Getting your product ready for the market involves creating a strong branding, marketing program, distribution channels and promotional strategies. This determines the commercial success of your product.
10. Setting the Price
You may have one price during your product launch, but post-implementation, you will have a better idea if the price still works for the market. Since you will now get a better understanding of the running cost of the software, you can adjust the price accordingly.
Choosing a Product Development Partner
The ideal product development partner complements your areas of expertise with their experience. They are capable of creating an agile framework, establishing attainable goals, and providing you with feedback and support through each stage. Most importantly, they must be reliable and able to take you through this journey with ease.