By: Joe Bilman, C.D.O, Harland Clarke Holdings
Published Tuesday, Aug 16, 2016
Gone are the days when a new product would be thought up on a whim in a boardroom and launched two years later without any insight. The old way of research, design, build, launch and forget is over.
Nowadays, with data informing all decisions, new product development has evolved into a continuous process that allows for quick adaption based on nonstop learnings called iterative product development.
This process challenges teams to identify multiple ideas for exploration then employ rapid prototyping and refinement to test those ideas. By developing multiple concepts, gathering feedback from internal and external sources, and refining a concept over and over, a company can easily pivot based on user needs/testing and industry trends. These steps ultimately enable the release of a cutting-edge product to the public.
Whether applying the iterative product development process to launch a new product or to improve existing products, it’s important to have open communication and be ready to learn and adapt at any point in the cycle below:
Research and Ideate
Design and Define
Test and Measure
Analyze and Apply
Throughout the cycle, remember that you need to adapt to the mindset that you are constantly tweaking and improving a potential product instead of just launching a product and waiting for it to succeed or fail.
Don’t be afraid of critical feedback or of having to repeat a cycle. Depending upon response throughout the process you can work through different cycles multiple times until everyone agrees that you have a solid product to launch.
By working together, putting ideas through a testing loop, and constantly refining, you are well on your way to producing a product and launching it with confidence.