How do you develop the optimal product development strategy for a company?

Optimal can be measured for the product which you need to promote to analyze to the micro level marker opportunity . Also your thought process to be clear in creating best of the ideas . Best and dedicated team members who has the passion , after sales , identifying best markets to launch and finally win win solution in pricing .

I consider this stage to be the most important. If you don't understand the users' problem and needs, you won't have a usable product. Identifying the persona and having good metrics is essential to follow the next steps.

To develop the optimal product development strategy for a company one must first work on building the market orientation. From a practitioner viewpoint, market orientation involves developing market intelligence tools and systems that help IDENTIFY consumer needs, ANTICIPATE changes in those needs and MEASURES THE SATISFACTION of consumers with all existing products in a category. These become the basis for NPD or product improvements. The suite of market information required for strong market orientation include intelligence on the company's own operations e.g. how it adds extra value onto a core product, primary research on the target group, both desk and primary research on competitors and desk research on the business environment.

In this era of clutter where it seems that there is a product to cater to every customer need, its extremely difficult to identify a profitable, scalebale and sustainable opportunity. Companies often make the mistake of starting internally and then reaching out to the customers. In fact this process should be in a reverse order. The focus should be on finding inner customer needs, feelings which can only be brought about after going multiple layers deep, to know what exactly is the need that customer wants met. Once identified, it becomes relatively easy to create a product around it. The risks of development and testing exists, but the vision for Product development strategy becomes clear for everyone to work towards.

There is a trend towards design thinking and greater empathy towards end-users by putting them at the heart of the product development process. Design thinking requires all members of the NPD team - commercial through to production or operation team members - to be embedded in an iterative process that starts with talking to consumers and learning about their existing and evolving needs. Design thinking involves a more creative and immersive toolkit; and goes beyond traditional consumer usage and attitude surveys.

The is a whole global methodology for design thinking called Commercial Excellence. It start from gathering end user's requirements and feeding it through Pugh Matrix to prioritise requirements base of peculiar needs and size of avaliable market size and opportunity (global market research) into functionality and end user utility in an expected final product considering product launch, marketing and sales execution strategies and tactics on global or local market atlas. Let discuss it when you are free.

This is an extremely critical stage in relation to managing the overall product lifecycle (PLC). Post implementation stage will see product launch, its Go to Market strategy development and implementation, managing the product lifecycle in a way that avoids price erosion and dilution and sustaining it untill the replacement model is rolled out. Once replaced, the older version becomes the ideal test product which can be used to retain existing user base and convert new customers by offering special lucrative offers to entice them. At this stage, the company's priority is to maximize the potential of the old product without damaging the equity of new one, thereby making the old product extremely strategic.

In addition to above points balancing short-term and long-term goals in product strategy is crucial. It involves: 1. Align Goals: Ensure goals align with the company's mission and vision. 2. Prioritize: Prioritize features based on impact, alignment, and resources. 3. Iterative Approach: Use agile methodology for development and reassessments. 4. Measure and Adjust: Regularly measure progress using KPIs and adjust as needed. 5. Communicate: Keep stakeholders informed about the balance between immediate needs and long-term objectives. Remember, strategic decisions should drive immediate value without losing sight of the long-term vision. It's a continuous process of planning, executing, reviewing, and adjusting.

A pivotal element in product development is "Understanding the end user". It involves grasping their knowledge level, primary interests, pain points, and dislikes. While these fundamentals might seem broad, they form the cornerstone of a robust product. For instance, assuming a highly technical mobile app is suitable for an educated audience might fail if the actual users are not tech-savvy or familiar with the technical language, despite the app effectively solving their issues.