Every startup founder must go through a product development process. It is vital to ensure that your product has value for your potential consumers and that it has a place in the market. You don’t want to be a part of the latest startup failure statistics, right?
Thus, you need to be certain that your entire product development process is structured and diaphanous. It ensures that your product makes sense and clears your development path. Moreover, it will open new opportunities and ideas from the actual product.
So if you struggle to follow a flawless product creation, this article will tackle several startup product development tips that can help you through your journey.
What is product development, and why is it important for startups?
Product development refers to the stages of creating a product – from an idea to a tangible item or intangible service through the market. In other words, it includes the product’s entire growth journey.
As mentioned earlier, product development provides several benefits throughout your startup journey. Here are some of its benefits.
- Better growth for your startup – Products are the lifeline of your company. Your company’s development and improvement heavily depend on your product and its revenue. Your company needs to create a sustainable and unique product that will add new value to your consumers.
- Create loyal customers – Most startup ideas and products are created based on the market’s needs. Suppose the service your startup is providing offers great value to the customers and solves their issues. In that case, they will feel interested in buying it and become loyal customers.
- Get ahead of the competition – As mentioned earlier, product development opens new avenues for improvement and opportunities for the company. With the data you got from product development, you can create new features or even better products in the future that your competitors do not cater to yet.
- Society betterment – The data you accumulate in the product development will also help you identify aspects and features that need to be added. The company hires new resources that provide society employment opportunities and income generation.
How can I build a successful startup product?
Product development is not easy, especially for a company with limited resources. You need to define a clear and structured process that works well for you. Here are some steps that you can include in your approach.
1. Dream big but start small
Being a big dreamer is inevitable for the entrepreneur. You want to consistently achieve big goals and aim for perfection straight off the bat. But for someone with limited experience and resources, you need to avoid this if you want to succeed in the long run.
When developing a new product, you first need to test the waters before fully executing your dream into a reality. Ensure this startup product development tips to avoid any missed investment and eventual close of your company.
2. Develop your Minimal Viable Product (MVP)
Even when you have a great idea, there are always issues that will pop out at the start of your company. As such, you need to put your best foot forward and do your best to create a great startup branding that will last with your customers.
To do that, develop a Minimum Viable Product (MVP) to act as a precursor of your product. Doing an MVP will give you a better idea of your product and identify your product’s selling point. It can also tell you if your product is worth selling in the market. Likewise, an MVP will help you find bugs and potholes that you need to fix before launching the product.
3. A/B Test your product
If you are already sure about your product idea but don’t know if it will be a click in the market, A/B testing is another top startup product development tips for you. It can help you determine whether the product is viable in the market. You can do this by building a prototype of the product and introducing it to many potential users you can get feedback from.
It will validate your startup ideas in the market and identify features you should add to your product.
4. Peer review your ideas
One of the most excellent startup product development tips is having your ideas peer-reviewed by your employees. Some errors or bugs can be left unseen by people who are not familiar with the product. As such, it is good that the product is checked first by the eye, who can keep a note of whether features are working or aimed towards your main goal.
You can get feedback and ideas from friends, families, coworkers, mentors, or even professionals in the same field.
5. Keep your ideas safe
While developing your startup product, you must ensure that all your data, idea, and concept are protected from potential stealing. It is essential to add layers of protection to your product data to avoid leakage from hackers or viruses.
As such, one startup product development tip you can do is invest in data protection software or availing of data management services. It will ensure that all your data related to your startup and product is stored securely.
In addition, try to be aware of the latest cybersecurity updates and common hacking issues to get ahead of the security risk and protect yourself. Prevention is better than cure.
6. Choose your mentor
You will always face complications when first developing a product. And as you continue to solve these obstacles, you will lose track of your main goal and alter your product accordingly. Having a mentor, you can rely on for advice will help avoid such a situation.
A mentor can act as an anchor when your ship is facing large waves. You will feel stable with a mentor. They will mentor your actions based on their experiences in the business and industry. You will be equipped with immense knowledge when experiencing tough times during startup product development with the right mentor.
As such, constant communication with them in every phase of your product development is a must to be cautious and avoid mistakes.
7. Analyse your competitor
Unless you made a unique and ultimate product, chances are other businesses exist with the same product. And as a startup, you want to make sure that you have a feature that they don’t have to entice customers to your product.
Another important startup product development tip for new entrepreneurs is studying their competitors, journey, and disposition. Learn more about their product and see which features they still don’t have. Search what features are being requested by their consumers. See if there are other needs that their customers don’t have yet.
Moreover, learn from their lessons, mistakes, and actions. Did their product do well? What’s their best practice?
8. Stay up to date
The world we live in constantly changes and adapts to rapid growth. Trends pop-outs left and right. You need to be aware of these alterations in the market and for your startup to acclimate to these drifts.
To do this, you need to expose yourself to a network in your line of industry. Engage with your network through various marketing platforms, forums, or meetups. Moreover, you can keep up with industry trends by analysing your competitors.
9. Prepare for setbacks
Product development will surely excite you and your company. However, it’s essential for you not to overlook the set timeline or roadmap. Building a product is time-consuming and challenging. So, don’t be surprised if you face unexpected setbacks or failures.
Remember that it’s part of establishing a business, and there is no easy way into one. Always set up backup plans in each issue you can think of and be prepared to face it.
10. Get feedback from your customers
You can have a fruitful startup product development without input from your customers. This is probably the most vital part of your development. Without it, you might fail to meet the customers’ needs and promote how your product will assist them.
Don’t be afraid to reveal to a customer the innovation process of each product. It will help you introduce your product to the market and help you start competing with other businesses.
11. Take it easy and have fun!
Developing the perfect startup product is not easy. It includes a long and hectic process. There will always be a chance you won’t ace it the first time. You will face multiple failures and setbacks. So, it’s healthy to keep a healthy mentality and positive attitude.
Always remember your passion and aim toward your main goal. Make it a habit to list your accomplishments to remind you of your journey and milestone.
Lastly, do not work alone in achieving this and get help from your colleagues or friends. You can also join a startup incubator program. These programs can help you set up your idea and create your product.
And if you are set to join one, we can help you! Contact us now!