How To Develop a Product Plan
The product plan is defined as the process and strategy employed in the creation of any type of product, from the stage of conceptualization to launch in the market with fanfare. It also incorporates continuous improvements and changes to the product so a product plan is always evolving. It’s not static, it’s dynamic. A product plan has the same processes, tools, and documents which are used in project management. This includes using project management software to bring all the disparate elements together into one seamless journey.
How to plan a product in 6 easy steps
Define a vision. The product planning begins with an idea, a germ that takes roots. As they say, necessity is the mother of invention. Once you have an idea for a product that will be a hit in the market because of its need, you need to come up with a far-reaching vision (uses of your product, potential target audience, and its USP versus its competitors).
Market research is another key step in the planning process. It reveals the exact position your product will hold in the market, its existing rivals, and the market, in general, you are targeting. One way to do market research is through google.com and the use of keywords. A SWOT analysis is a good way to assess the strength and weaknesses of your proposed product with others already existing or not. Keep in mind the following questions as well: who is the target market of your rivals, why are they a success and how could they improve their sales?
A product blueprint is essential in helping you get your product into the market, from its nascent planning stage. Such a blueprint is a good guide book for team members. Everyone is on board and the goals are set, so the mission is united to achieve.
The next step is creating is what market called an MVP (Minimum Viable Product). It’s the basic version of the product with its core properties and functions. The reason for this approach is simple: speed to market is critical for success and an MVP helps you in getting there.
Gather feedback from the targeted audience in the form of surveys etc about the viability of such a product. Begin by looking for groups of target market who you may approach for any surveys etc. The larger the audience, the better for you as smaller sample sizes don’t reveal the truth. Feedback can be positive and negative. It’s all part of the learning curve. Analyze the data in both terms of quantity and quality to get the insights you need for the product success factor.
Get back into the field and the market for a round of feedback and testing from the target market and the world at large. This stage is helpful to obtain valuable feedback in product improvement as well as remove any chinks in the armor. Do detailed surveys, get the answers, and use it to further foolproof of your product.
Planning a new product is exciting and nerve-racking. With the right approach, plan, and technology, you are on your way to success with a capital S.
Also Read: How To Be Customer-Centric In Your Business