Path to Success: Product Development

| By: Craig Fulton

It is reasonable and fairly easy to understand that the success of a product is contingent on the ability to achieve alignment between the preferences of your target market, net delivered client value (NDCV) and the execution of key activities across the business. To achieve this success, any product or service you offer needs to be taken through a vetting process to ensure that it is consistently delivered to achieve superior value for your clients.

There are many models for product development that we could use but with such a diverse list of product types in the marketplace this blog will map out best practices that can be applied to almost any product created.

Best Practice Concepts
There are five underlying best practice concepts that encapsulate the essence of Product Development:

Client Preferences are Everything. The reason clients purchase from you should be your guiding light and compass. Understanding the value you provide and what matters most to them should be underlying thought with everything you do.

Invest Now Save Later. The investment into your products now will net you huge returns in the future. Don’t get stuck thinking that this stage should be skipped.

Build, Buy or Partner. When you design and develop a product you need to look at the best options to Build, Buy or Partner and chose unemotionally what is best for you and your clients.

Test to be The Best. Getting your test plan right will be the key to dealing with issues that might affect your clients before they encounter them. Always take small shots at the target and confirm aim before putting all the gunpowder in the cannon to fire the final shot.

Product DNA. Getting products right is like human DNA: If you miss a part there are terrible consequences that will affect your success - so get your DNA right. Everything you sell needs to be in your product systems. Take the time to setup your product SKU’s (stock keeping units), bundles and product actions as this will save you time and pain later on.

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