Today, there are various approaches to product development. One approach may or may not work for a company. So, read on to know what will work for you.
Approaches to Product Development
When it comes to product development, there are now various ways that companies take to get it done. You have to keep in mind that every approach will not work for every company. It all depends on the type of product that you are making and the strategy of the company.
So, here are the approaches that you can choose from:
The Waterfall Model
This is one of the best approaches when it comes to product development. It is also referred to as a sequential design approach. This is because it follows a sequential process that involves a series of steps. Each step is followed in order.
Further, this model gets its name from the way water flows down a waterfall, each step getting followed in order until it reaches the bottom step. The design and development process in this model is seen as a sequence of steps that must be followed in order when develop a product.
The common steps involved in this method include:
- Identify user needs
- Develop a prototype to test the needs identified above
- Once the prototype is tested, develop another version with improvements based on results from the testing of prototype
- Keep improving the product based on results from testing until you reach the final version
Agile Development Methodology
Another common method used by many companies today is known as Agile Development Methodology. This method aims to develop better and more effective products by using small teams that are self-organized and can easily adapt to change at any given time.
Then, the key aspects involved in this methodology include:
- Focus on small teams rather than big groups Individual commitment rather than group commitment
- Working software instead of documentation
- Customer involvement throughout the development process
- Team members who have multiple skills and keep learning from each other
- Continuous communication among team members Regular feedback for improving team performance
- Focus on high-quality work, not just meeting deadlines
Lean Startup Methodology
The lean startup methodology focuses on developing a product through continuous innovation. It is based on the principle that you have to develop your product to know what it can do and what it cannot do. This is where you will learn more about your customer base and their needs.
Then, the key aspect of this approach is to focus on gaining insights into what the customer wants, rather than on analyzing your competitors’ products. You should ask yourself: What can the customer do with your product? How will the customer use your product? How can you improve your product based on the information you glean from the customer?
There are also various tools that you can use when developing a new product through this method. These include:
- Customer development
- Lean Canvas Tool
- Feature Map
- Value Proposition Canvas Tool
What Is Your Approach to Product Development?
So, what is the best approach to product development? Well, it all depends on your company, its products, and its strategy. You have to find the approach that works for you.