The best way to make money online is to create a digital product. Why so? According to Statista, 75% of consumers purchase online at least once a month, making it the best place to meet your customers.
Digital goods may take various shapes — from online courses to mobile applications. But no matter what you choose, it’s critical to build a digital product carefully, spend enough time and effort in its development, and keep an eye on its performance.
Creating and releasing a digital product the proper way might be frightening for entrepreneurs, but it doesn’t have to be! In reality, if you break this complex procedure down into the key phases, you’ll discover that it can be rather simple.
So we are here to show you how it works.
New Digital Product Development In Ten Stages
If you are seeking a step-by-step roadmap to digital product development, here are the key phases that you should map out:
- Idea generation — You will hardly be able to create a unique product without having a clear idea; therefore, it’s time to brainstorm your concept. Discover and describe the challenges your target audience is faced with and then come up with a strategy for creating the best solution. Use both external and internal sources to generate ideas. Thus, you will get efficient blueprints for your product development plan to go forward easily.
- Screening — Concept screening is a kind of pre-evaluation of a concept before developing a new product strategy that fits corporate goals, market needs, and consumer expectations. SWOT analysis is one of the most effective approaches for screening your concept, so go for it.
- Know your customer — Customer participation in the product development process is critical. When you understand your target audience, you are well on your way to creating distinctive, innovative, and creative products with significant competitive advantages. Market research studies help you understand the needs, issues, and aspirations of your target audience.
- Map the strategy draft — Product strategy impacts the whole structure of the product since it sets out the plan for the entire product development process — from design to marketing. Its purpose is to determine what market potential your product has.
- Test the concept — This process focuses on consumer communication. After you’ve successfully screened your idea, go back to your customers and inquire how they feel about your product or service.
- Do business analysis — To get useful information regarding pricing and market trends, professional business analysis is essential throughout the digital product development process. Understanding the cost and profit of the new product strategy is very important at this stage.
- Develop a product — As you are done with a product pre-launch, it’s time to switch to the key process – digital product development. Make sure to use the data that you have so far and choose a development technology properly.
- Do market testing — The ever-golden four Ps of the market may assist you in developing a strong and up-to-date digital product. To perfectly connect your market with your company and clients, remember the four Ps of the marketing mix: product, pricing, location, and promotion.
- Start the commercialization — Expose your product to the public and initiate the commercialization process. Your product might be open source; you may set a price; you may adjust the rate based on a number of variables. It is up to you!
- Do evaluation — Investigate and monitor the success of your product development approach, and set your objectives to improve it in the next product development cycle.
As you can see, digital product development is a lengthy process and can hardly be done in a month or so. Take it seriously, and your effort will be doomed to success.
Let’s Wrap It Up
If you want to get the max out of the digital product that you built, then we strongly recommend that you approach its development seriously.
Instead of rushing to create yet another product, take your time to brainstorm your business idea, do concept screening, research your target audience, and test the concept.
If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.