Product Development is a series of organizational activities to add benefits to current offerings. In the essence of servicing what’s best to customers, good organizations regularly invest on this.
How do you conduct Product Development?
First, you generate ideas using internal and external sources. Sometimes you have to mine them, but sometimes you simply have to check the existing files and people that you have. You can also do SWOT and competitor analysis to get an insight. If you want to harness new information, there are market research agencies that you can outsource. However, if the budget is tight and you have time to spare, you can do it on your own by harvesting customer feedback. It can be in the form of interviews or focus group discussion.
Next, you will have to filter the vast amount of data that you’ve gathered. Not everything that seem important is important. You need to discern which to keep and which to dispose of. You can use your goal, KPI, and SWOT as your indicators to guide you towards feasible options.
The third step in product development is crafting the concept. You may add related literature to support the idea. Once finished, analyze and craft strategies to further check if it is good to go.
Testing! You have to get a proof of concept before its market launch. Successful people say that you have to do it quickly. It may be scary but just have the courage to! In the worst case at least you fail fast! This is for you to cut any loss and learn from it for your next venture. If it’s successful you can proceed to market testing until you hit the commercialization stage.
BKT MPC’s Product Development
Bukluran sa Kaunlaran ng Tibig Multi-Purpose Cooperative is lucky to have a hard-working General Manager. She does regular meetings and research to assure that BKT MPC has something new to offer.