The Product Development Process
Do you have a great idea? The product development journey you undertake to bring it to life could make or break its success. Turning your idea into a beneficial product and profitable revenue stream is possible, but you'll need to engage in a thorough, end-to-end product development process.
Idea and Concept Phase
Every successful project begins with an exciting idea - but it takes more than that to get your product development process off the ground. Let's dive into key considerations for getting started with your winning idea and vision.
Even the most exciting product needs a solid foundation of research to back it up. Who will your target market be? What regulations might you need to follow to go to market? Conduct a SWOT analysis, consider how users will interact with the product, and do the legwork to put your best foot forward.
Fundraising with Blake Petty
So, you've got an idea, and you've done the legwork. Now, it's time to find some investors to help you bring it to life. Industry expert Blake Petty joins Wilkinson to walk you through some potential sources of those key dollars.
Architecture and Requirements Gathering
It's critical to put together a document that describes your product and includes very specific requirements. Use words like should, must, should not, and more - requirements need to be concise, consistent and accurate to set your product development process up for success.
It's time to get into the nitty-gritty. The more accurate and detailed the final design prior to prototyping, the more likely it is that you'll have a smooth experience without significant rework. It's also critical to work with a partner who will provide thorough documentation for continuous reference and updating.
The magic is starting to happen. Prototyping allows you to see and use real versions of your product. Not production models, but genuine, in-your-hands versions of that initial vision. Prototyping also gives you one final chance to iterate and find the perfect design.
Pre-production is when you should begin to think about packaging, supply chain and distribution logistics, SKUs, and more. When production hits, it's time to hit the ground running, and you need to be ready to go.
Many governments and other agencies have exhaustive lists of safety regulations products must pass to prove they're safe for consumer use, and a reliable product development partner will help you navigate that sometimes-complex landscape.
Sales and Marketing with Donna Hegdahl
You've got a winner - but people need to know about it! Sales and marketing expert Donna Hegdahl joins the course to offer advice for getting your product in front of the right target audience and spending your marketing dollars wisely.
This is it. Your product is rolling off the lines and into the hands of consumers. That also means it's time to consider how you'll support the lifespan of your product, add new manufacturers, update obsolete parts, and more.
It's key to keep how you'll handle customer service and returns, distribution concerns, customer feedback and related improvements, and more in mind early and often. The right partner will help you do just that.
Covering your bases regarding intellectual property protection isn't as simple as getting a patent and calling it a day. There are many avenues to take, and it's important to choose the right one for your unique product and situation.