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Product development tips for startups

Product Development means the complete process of introducing a new product in the market. This process requires all the steps right from conceptualization to the launching of the product in the market and subsequent maintenance. The UK continues to be among the world leaders when it comes to technology and innovation. This is supported by the fact that the number of new UK tech startups increased by almost 16% in the third quarter of 2020, according to Companies House data analysed by consulting firm RSM. Although we can agree that starting a business is difficult, we can also say that there are ways to overcome the challenges along with it. One example is developing a new product.

The journey of developing a new product involves accepting the possibility of failing. Some ideas may be deemed innovative however, some are too much ahead of their time. Creating a demand is harder than fixing a problem. Some people do not know that they want a product until they see the product. Other people know that a problem needs fixing, and a product can do just that. .

New product development tips: 

Satisfy the Two Test 

Two tests: [1] Outperforming the competition- keep in mind that your idea may be unique but still, businesses in the same market also have the potential to outperform your product. Strategize and defend why your product is the better choice. [2] Target customer pain- for your product to be supported, you must identify what the problem of your target market is, and how your product could improve the quality of their life.

Don’t get stuck in the Ideation Process

Assuming that you have the product idea, now comes the dirty work. This stage is where you will test the concept of your product, rather than the product itself. Mostly, people are stuck because they always want to achieve the ‘perfect’ product. Instead, think about existing products but iterate on this to create an improved version.

Product Validation

Consult people who you know would be honest to critique your product. By surveying your target market, this will save you time, effort, as well as money from producing a flop product.

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