New Product Development Stages in IT Industry

New products and ideas come up to the market every day and need to be tested before being created. For this new product or idea to be successful, it has to solve the consumer’s problems. This means a new product or idea that has failed to solve the end user’s problems doesn’t fit the product market.

Even in the casino industry, slot machines and other gaming equipment must pass through the new product development process. This is to ensure that the new product will solve the users’ problems and satisfy the customers. The end result can depend on the branch and the initial purposes of the product development. For instance, the Book of Ra Deluxe slot is a free slot game designed for entertainment, and it completely meets the need of the players to be entertained. The players can play the game instantly without downloading.

What is New Product Development (NPD)?

New product development is the procedure of converting an idea that hasn’t been tried before into a new software product. The process involves:

  • studying the consumer market to know their needs,
  • checking the idea’s feasibility, and
  • creating a software product that will satisfy those needs.

However, you shouldn’t confuse new product development with normal product development. Product development is a general term that refers to the stages in the product development life cycle and helps launch software products that have already been tried. On the other hand, new product development only deals with new ideas that have not been tried before.

Seven Stages of New Product Development

When working on converting a new idea into a product or service, it is okay to feel uncertain. To gain confidence in the new product you are building, you need to follow all the stages of new product development.

First Stage: Concept Creation

You have to think about many ideas being able to solve the needs of the customer. These ideas don’t have to be perfect. Instead, it would help if you thought of unproven ideas that you can always shortlist later. To do this, you need to think of a common problem that everyone is facing.

Decide if the idea you have is going to provide a solution to the problem. If the problem is one you can avoid, then there is no need to find a solution. Another factor you have to consider is if the product is urgent; providing a solution to an urgent problem will ensure that your product becomes popular.

Second Stage: Idea Screening

Select the idea that has more chances of solving the problem. To do this, you can review the ideas and seek experts in the same industry or field. Contacting a software development team is a reasonable decision because they will point out the strengths and weaknesses of your idea. You can carry on with the idea if the strengths overpower the weaknesses. However, you should ensure your new product is unique so that customers won’t hesitate to pay for it.

Third Stage: Concept Development and Testing

Before you begin developing your idea into a new product, you need to have a detailed version of it. In this stage, the idea is no longer raw but is more detailed with a proper plan to actualize its goal. When you have a proper plan, it will be easier to detect problems and fix them. This is because most new software products fail. After all, the planning is lacking.

You have to think of the benefits customers stand to gain by using your product and whether it is easy to use. In addition, study other top competitors in the industry and see how your product can defeat theirs in the product market. After you have completed that, you can now have a target group to test your new product.

Fourth Stage: Market Strategy

After creating your new product, you need to have a marketing strategy to approach your target users. Here, the aspect you should focus on is the price of the product. If the product is solving an urgent need, you can sell it at a high price. However, if there are other competitors, you can decide to sell your product at the same price as your competitors. Interestingly, you can also decide to sell your product at a lesser price than that of your competitors so you can gain more sales.

Fifth Stage: Product Development

After having a new product and a solid marketing strategy, you can begin developing your product. First, you have to create a product prototype and share it with your shareholders to see what they think of it. The next step is to send the product to a software development team for testing.

Sixth Stage: Market Testing

To know if your new product is successful, you have to carry out market testing. There are two ways you can test your product in the consumer market. Below are the two market testing strategies:

  • Alpha Testing: This type of market testing strategy requires the testing engineers employed by the organization to judge the new product’s performance. They need to ensure that there are no issues to be fixed before releasing the new product into the consumer market.
  • Beta Testing: Here, the targeted users use the new product and provide feedback. This feedback may be about the possible ways you can improve the compatibility and functionality of the new product.

Commercialization

After employees and target users have thoroughly tested your product and fixed every problem, the next stage is to enter the market. If you want your product to attract customers and become successful, talk about the idea or concept instead of the product itself. The next step is to have a brand voice and ensure your team uses every communication platform available to market your new product.

Conclusion

New product development is all about converting your unproved ideas into products providing solutions to common problems. If your new product is successful, it will give you an advantage and help you to monopolize the consumer market. By following all the seven stages of new product development, you can bring your great ideas to reality.