The market is oversaturated with consumer products, yet the pursuit of developing and releasing new product innovations remains a widespread business objective for both startups and established companies.
Businesses need to develop products that can meet demand while providing customers with a solution to their problems or give them something that they need. There’s an irrefutable connection between market research and developing successful customer-facing products.
Product development provides a competitive advantage for businesses and helps determine how to successfully price products, how to produce them in a cost-efficient way, identifies gaps in the market, and offers a means to achieve these goals through an effective product lifecycle.
Agencies need to use market research for product development to visualize market opportunities and reduce associated risks in releasing a product.
There are a few types of product development:
- Altering Existing Products:Modifications are added to existing products in response to changing customer needs, or to improve its performance.
- Additions to Current Product Lines:Products are added to already established product lines, such as augmenting a product line with a new product that can add a solution or make it better.
- New Concepts:An entirely new product that has been created due to a drive to innovate, and which might create a whole new market.