New Product Development in Modern Times

What is New Product Development?

New Product Development (NPD) is the process that takes a product from conception to market. New products are meant to fill a consumer demand or an opportunity in the marketplace.

The steps in product development include conceptualization, creating blueprints, creating the design, developing the product, defining the marketing and launch.

Let’s take a look at the process in detail.

Conceptualization

When it comes to technology products, the process involves a lot of brainstorming, market, and competitor analysis, or if its a new product, feasibility studies.

A product always starts with a raw idea or a concept. In the product development process, it is defined as the problem statement. What is it that the new product is going to address? What needs or demands it’s going to meet. Or whether it is a completely new concept which will create its own demand.

In an enterprise, a lot of people are involved in defining the problem. So the outcome could be a single problem statement or multiple business requirements.

The next step in the process is to convert these business requirements in a blueprint.

Creating blueprint

Blueprint creation in new product development
Blueprint creation in new product development

Once the problem is known, the next step is to put the concept in black and white. To do that, requires a lot of brainstorming and discussion. These business requirements need to be manifested in some way to ensure that all the stakeholders are on the same page. This is where design agencies like Pixelfuz comes into picture.

Design and creative agencies work with the product teams/stakeholders hand in hand to understand their needs and based on their expertise create either low fidelity, medium fidelity wireframes or high fidelity prototypes.

This process can involve a lot of iterations based on the feedback received.

The outcome of this process is wireframes or a design prototype which pave the way for further development of the product.

Product Development

product development
Product development

Once the blueprint is ready its time to get the ideas into reality. There are two methodologies that can be used for product development each with its own pluses and minuses.

Selection of the methodology depends on what kind of product one is developing, market dynamics, user expectations.

However, nowadays, organizations are more inclined towards going Agile. Let’s take a look at both.

Waterfall Model

Waterfall is a linear approach to software development. In this methodology, the sequence of events is something like:

  1. Gather and document requirements
  2. Design
  3. Code and unit test
  4. Perform system testing
  5. Perform user acceptance testing (UAT)
  6. Fix any issues
  7. Deliver the finished product

In a true Waterfall development project, each of these represents a distinct stage of software development, and each stage generally finishes before the next one can begin. There is also typically a stage gate between each; for example, requirements must be reviewed and approved by the customer before design can begin.

As you can see, in Waterfall the stages are tightly coupled and a product can only be realized at the end of the development cycle. This poses a major challenge when the time to market is short and early feedback is important. This is where Agile is helpful.

Agile Model

Agile is an iterative, team-based approach to development. This approach emphasizes the rapid delivery of an application in complete functional components. Rather than creating tasks and schedules, all time is “time-boxed” into phases called “sprints.” Each sprint has a defined duration (usually in weeks) with a running list of deliverables, planned at the start of the sprint. Deliverables are prioritized by business value as determined by the customer. If all planned work for the sprint cannot be completed, work is reprioritized and the information is used for future sprint planning.

As work is completed, it can be reviewed and evaluated by the project team and customer, through daily builds and end-of-sprint demos. Agile relies on a very high level of customer involvement throughout the project, but especially during these reviews.

Some advantages of the Agile approach are easy to see:

  • The customer has frequent and early opportunities to see the work being delivered, and to make decisions and changes throughout the development project.
  • The customer gains a strong sense of ownership by working extensively and directly with the project team throughout the project.
  • If time to market for a specific application is a greater concern than releasing a full feature set at initial launch, Agile can more quickly produce a basic version of working software which can be built upon in successive iterations.
  • Development is often more user-focused, likely a result of more and frequent direction from the customer.

In Agile, the requirements can change, hence the design is volatile and needs to be changes improved as per the feedback that is received. However, it is more effective in getting the right product to the market all the time.

In an Agile environment, design team or agencies are all the more important as they play critical role in redefining the blueprints.

Marketing and Launch

New Product Development- Marketing and Launch
New Product Development- Marketing and Launch

In addition to bringing a new offering the market, your brand needs to operate as a guide—especially if you’re introducing a new concept. Your audiences might feel overwhelmed, lost, or unsure of how to get started. That’s where content comes in. Through blog posts, infographics, customer stories, guides, and other assets, you can position your organization to have stronger customer conversation.

Once the product is launched, it does not end there. In modern times, where the operating environment is very dynamic, a product keeps changes based on the user feedback. It needs to be redesigned to cater to different types of audiences.

Summary

Bringing the right product to the market is extremely crucial for any individual or enterprise. To do that, its imperative to build a base which gives a good start and which is sustainable overtime. With the scale of operations increasing, it is an evergoing process.

PixelFuz has helped individual and organizations get that jumpstart with their creative services. We help our clients create appealing and unique user experience.

If you also have an idea that you want to bring to reality, we are all ears.

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