How to Develop a Winning New Product

Learn how to grow your business through product management. This is a great guide to help you follow a process of developing and launching a product.

How to Develop a Winning New Product

Building the right tech stack is key

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How to choose the right tech stack for your company?

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What to consider when choosing the right tech stack?

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What are the most relevant factors to consider?

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What tech stack do we use at Techly X?

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In the past few weeks, we've been heads down in development. As we continue to optimize our workflows and processes, we've started to uncover opportunities where we can make our product even better. We're developing a few new features to ensure our customers have an even better experience with Sprocket and help us better serve you.

This brings us to the concept of new product development.

Nike is one of the most successful companies in the world. A big part of their success is due to their product development process. Nike has a team of over 200 designers and engineers who are constantly coming up with new ideas and products. Nike also has a state-of-the-art research and development facility where they test new products before they hit the market. This combination of design, engineering, and testing allows Nike to innovate and produce high-quality products that customers love constantly.

Nike's product development success is its focus on the customer. Nike understands that it's not enough to make products that look good or perform well; they need to create products that customers will want to buy. To do this, Nike closely studies trends in the marketplace and looks for ways to improve upon existing products. They also solicit feedback from customers directly to understand what people are looking for in a product. By always keeping the customer at the forefront of their mind, Nike can develop products that perfectly meet the needs and wants of consumers.

Another critical aspect of Nike's product development process is its speed to market. In today's fast-paced world, customers expect companies to be able to release new products when they want them quickly. Nike has perfected their supply chain so that it can rapidly prototype new products and get them into stores as soon as possible after an idea is first conceived. This quick turnaround time means that Nike can stay ahead of trends and keep their customers happy by giving them exactly what they want when they want it.

Another example - Tesla

Product development is a critical part of Tesla's business strategy. The company has to constantly innovate to stay ahead of the competition and continue to grow its market share. Tesla's product development team is responsible for creating new products and bringing them to market. This includes everything from researching and designing new vehicles, developing manufacturing processes, and managing customer demands and feedback.

Tesla's product development team is highly innovative and always looking for ways to improve the company's products. They are constantly looking for new technologies that can be used in Tesla's products. They work closely with suppliers to integrate those technologies seamlessly into the final product. Additionally, the team works closely with marketing and sales to ensure that customers understand the features and benefits of each new product. Tesla's product development process is significantly faster than the traditional automotive industry cycle, which allows the company to bring new products to market quickly and efficiently.

The speed at which Tesla can develop new products is a significant competitive advantage. It allows Tesla to respond quickly to changes in consumer demand and keep up with rapid advancements in technology. Additionally, it helps keep costs down since less time is wasted on developing products that may never see commercial success. Ultimately, this enables Tesla to bring better and more affordable products to market sooner than its competitors, giving it a significant edge in the rapidly changing automotive industry.

Sometimes the changes seem minor

Who would have thought that something as simple as putting ketchup into squeezy bottles would breathe new life into the 100-year-old product? Certainly not the team at Heinz, who had been stuck in a rut for years.

But that's precisely what happened. The new packaging was an instant hit with consumers, and ketchup sales soared. It was a much needed shot in the arm for the company, and it showed that sometimes the old ways are still the best.

So if you're ever feeling stuck in a rut, remember that sometimes all it takes is a fresh perspective to see things in a new light. And who knows? You might find yourself coming up with the next big thing.

Customer needs come first

When you're launching a new product, it's essential to make sure that it satisfies some genuine need. Whether that's a functional need or an emotional one, your product should be able to fill a void in your customer base. Launching a new product to have something new will likely not result in the success you're hoping for. Keep your customer's needs top of mind, and you'll be more likely to create something they'll want to buy.
People are polite
When you're researching a new product, it's essential to be aware of the potential warning signs that could indicate a problem. One of these is when people are overly optimistic about the product, even if it doesn't seem to offer any real benefits. If you see this behaviour, it's best to avoid the product altogether.

Another warning sign is when people claim that a product would be "good for camping." This is often an indication that the product isn't worth your time or money. After all, if it were beneficial, people wouldn't need to try and sell it by saying that it would be perfect for one specific activity. Instead, they would state its many benefits and let consumers decide for themselves whether or not it's right for them.

Finally, be wary of products that don't have any information available about them online. If there's no way to learn more about a product before buying it, the chances are good that it's not worth your investment. After all, reputable companies want potential customers to know as much as possible about their products before making a purchase. If there's no information available, it may mean that the company has something to hide - namely, that their product isn't excellent.

Don't invest in minor updates

There are a lot of products on the market that don't offer anything new or different from what's already available. In many cases, companies spend a lot of money advertising these products to get consumers to buy them. However, this is often a waste of money, as people are unlikely to be convinced to switch to a new product that doesn't offer any real benefits over what they're already using.

Companies need to focus their marketing efforts on products that are indeed game-changers. These are the sorts of products that offer significant improvements over existing options and have the potential to revolutionize the market. By investing in advertising for these sorts of products, companies can generate a lot more interest and excitement among consumers, leading to increased sales.
For New Products, focus on short term activation, such as POS, short ads, and advertising your product as close to the point of purchase as possible.

Advertising is essential for growing brands with healthy budgets

Advertising becomes more important as brands mature, not less. That's why big tech brands are now ramping up their ad spending.
Brands need to keep their products top-of-mind with consumers, and advertising is a crucial way to do that.

Big tech brands can reach massive audiences with their advertising messages. They can use targeted ads to get specific demographics and ensure that their message is seen by people who are most likely to be interested in it.

Advertising is an essential part of maintaining a successful brand. The big tech brands are aware of this and increase their ad spending accordingly. This is why you are starting to see ads for companies such as Amazon and Netflix on traditional TV channels.
They focus on their core, and so should you.
It is essential to consider the core product when thinking about your brand. The core product is what will act as the gateway for potential customers. Ads that sell the core product also tend effectively to sell new products. It is vital to ensure that your core product is well-represented and engaging to attract new customers and keep them coming back.
It is also important to remember that your core product brought you to where you are today and should always be supported. Typically, it is your highest volume seller and will likely see the most growth.

Make sure you're allocating enough resources to your core products. They may not be as flashy as some of your newer offerings, but they're still crucial to your bottom line. Keep an eye on how much you're spending on marketing and advertising for each product, and adjust accordingly.

And finally, don't forget about innovation when it comes to your core products. Just because they're tried and true doesn't mean there's no room for improvement. Listen to customer feedback and look for ways to improve your core products.