Of all the topics we explore, the topic of research and development is one that fascinates us the most. It is the process of turning ideas into reality. We always find it difficult to balance between the research and development of a new product and the need to grow and provide the best service possible. In the blog, we share 5 smart steps you can use to help with this dilemma.

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WHAT DOES THE PRODUCT NEED TO DO TO BE SUCCESSFUL?

The product you want to develop is both a research and development project. You must be meticulous when it comes to the research and development but initially you must establish by what metrics or scale your public will judge your product successful.

It can be difficult, however, to balance between the research and development of a new product, as well as the need to address the specific 'job that needs to be done'. When you are trying to find the right product, you should find what the product needs to do to be successful. To be simplistic, for example, if you are trying to find a way to prevent a disease, the product should help prevent the disease. If the company is trying to gain a foothold in the market, the product should help increase the company's market share. But if th eproduct happens to solve multiple problems such as a trendy raincoat, you must decide using customer research and your company's objectives, which is the predominant success criteria. If your brand has a reputation for high fashion then naturally the look and feel will override the utility of preventing the wearer getting wet. You get the picture.  

If you are in the situation where you are trying to balance two conflicting primary objectives like the raincoat, you might need to interview and run suffieient customer surveys to find the sweet spot and find ways to bring both together. There are a few things that your product can do that can help you to find this sweet spot. For example, if you are trying to find the sweet spot between fashion and function as in this case, a focus group wearing and discussing the raincoat will quickly tell you the most impressive quality they expect.

WHO IS THE TARGET CUSTOMER OF THE PRODUCT?

Every product starts with a thesis. The thesis is a brief description of who the target customer of the product is and what the product does. In order to develop a better product, you need to know who your target customer is, so that you can develop a product that will resonate with them. As you grow, you'll want to reevaluate your target customer to make sure you are providing the best service possible and that you are hitting the right market.

The target customer for your product should be someone who has a similar problem to the one you're trying to solve. For example, if you're trying to solve a problem of getting kids to eat vegetables, you should target parents. Another example is if you're trying to solve a problem of getting parents to take responsibility for their child's health, you should target parents. Sometimes, this is tough because the target customer might not be obvious. If you have a strong idea of who you want to target, you should research the market to determine if there's a need and if there is, you should use that market research to figure out what your target customer's problems are.

 In order to find out more about the market, always use customer data and insight to help you develop a better product. By doing this, you will be able to provide your customers with a product that is tailored to their needs, and you will also be able to grow your business more effectively.

WHAT ARE THE FEATURES & BENEFITS OF THE PRODUCT?

The product development process can be challenging. It involves a lot of research and development, but it also needs to be done in a way that provides the best service possible. To balance this out, you need to make sure that you understand the benefits of the product. When you understand the benefits, it will let you know what to research and develop.

For example, your product could be a new and improved version of an existing product. You need to know what are the benefits of this version. It could be faster, have better accuracy, or has a longer battery life. You will need to know what the benefits of this product are, so that you can research and develop it in the most efficient way possible.

Ask yourself the following:

What are its main features? 

Example: The main feature of a medical glove is its thickness. In fact, the thicker the glove, the better it is at protecting the wearer's hands from germs.

What's the benefit of your product?  

Example: The benefit of this product is that it can help make your life more convenient.

CONCLUSION

Many people are creating products today but they're not realizing that they've created products that no one wants. The problem with creating a product that no one wants is that it doesn't generate any revenue. The marketer who doesn't understand that their product is not a good fit for the market will lose their investment and the company will lose the revenue. 

This is why you should make sure that your product is something that people will want to use. It doesn't matter how good of a product you have if no one wants to use it. 

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