Here’s the problem: Nearly HALF of that spending is wasted on products that fail to deliver ROI.
Executed correctly, the benefits of a product lifecycle approach are substantial. But managing product lifecycles effectively is vital to the success of your product and your business. With services throughout the complete product lifecycle from ideation to end of life, Logic PD can help you deliver innovative products the market will adopt.
New product development is incredibly complex especially when you think about all of the functional groups that affect a product throughout its complete lifecycle. Each stage is going to require a different level of involvement from different people within the organization. Here we have highlighted each functional group and identified the role they plan in each stage.
The Roadmapping Phase is where you need to build the foundation for product success. By examining market and industry trends, user requirements and technology considerations to narrow down a list of ideas you will be able to formulate the high level concept that will guide your next steps.
Ideation & Discovery
So, what makes a good idea? The key outcome of the Roadmap Phase in general, and the Ideation & Discovery Stage in particular, is not only to identify but also economically frame opportunities at a high level. Good ideas deliver real value over current options that people will pay money to receive. Those ideas also fit within a roadmap of stakeholder needs you cultivate over time. All ideas that fit those criteria should be included and explored in the Ideation Stage.
Logic PD can help you envision a series of possible opportunities for innovation, casting a wide net using market, technology and user input.
Concept & Prototype
In today’s competitive marketplace, there is little (if any) room for product experimentation and failure. You need to focus your efforts behind products that will resonate with your users and deliver a positive return. So, how do you ensure that you move forward with the right concept? The key outcome of the Concept & Prototype Stage is to evaluate your product ideas for feasibility and risk to quickly separate the good concepts from the poor ones.
Logic PD can help you analyze and refine your product concept to reduce your risk and ensure you move forward to development with an adoptable solution.
The Development Phase is where your product becomes a reality. The key focus is creating a technical solution that realizes the defined user and business requirements that are vital to the success of your final product.
Up until this point, you have been throwing out product ideas to see what sticks. You’ve built concept prototypes. You’ve tested and refined. You’ve removed the biggest risks. You’re ready to go “for real”. In the Solution Definition Stage, your “what ifs” now become detailed marketing and technical specifications that will guide next stage development teams. Expect your concept to change and grow as you prioritize product features and make trade-offs. Any big modifications at this stage should be evaluated for stakeholder value impacts to ensure your solution still meets user and business needs.
Logic PD can help you define the project details to guide the development team to a successful product launch.
This stage is what most people think of when they talk about “product development” because it’s where engineering takes over and the solution is realized. But the Technical Execution Stage is defined by the work that came before it. In order to be successful here, you need to completely understand the technical challenge, the timeline, the competitive environment and ongoing user reviews. The ability to monitor and address problems proactively will keep you moving forward.
With over 55 years of product realization experience, Logic PD can help you design and develop a market leading solution.
Validation & Transfer
Why stop here? On the outside, the Validation & Transfer Stage may seem like an unnecessary pause in the transition to manufacturing. But the reality is that moving from development to production is challenging – especially in new product development. In many cases (and for certain industries), this step is a requirement in the process. But even when it is not, taking a strategic pause to test, validate and transfer the solution according to engineering test plans and regulatory and compliance standards can save you from launching an incomplete solution.
Logic PD can help you ensure your product meets quality standards and technical specifications to create a seamless transition to manufacturing.
Your product is on the market! Now what? In the Fulfillment Phase your focus is on long-term profitability. To do that effectively, you need to be agile and be able to monitor and adjust your product based on changing market, technology or user needs.
Introduction & Launch
At last, the product is ready to go. It has survived the development process and it is now on the way to market success (if you did all of the necessary work up-front, that is!). In the Introduction & Launch Stage, your product is launched and production ramps up to meet projected demand. Your advertising and marketing efforts will critical to drive awareness and adoption of your product.
Logic PD can help you execute and refine your launch plan as we ramp up production to meet growing market demand.
Growth & Maturity
All too often, companies spend millions of dollars supporting product features that over time have little or no business value. The goal of the Growth & Maturity Stage is to leverage market and competitive pressures to plan for incremental product improvements. These changes can help you improve both top and bottom line performance during your product’s longest lifecycle stage.
Logic PD can provide the help you need to support incremental product development as you continue to evolve your product to meet market and user needs.
Decline & End of Life
No product can be sold or supported forever. Whether it is market demands, technology innovation or the product simply matures over time and requires replacement, the key in the Decline & End of Life Stage is to ensure you maintain customer satisfaction. Failure to do so will allow room for competitors to take market share and can potentially reduce the chance of migrating a user to your subsequent product line.
Logic PD can help you seamlessly transition your product from the market and strategically plan for your product’s successor.