Product Development for Business Strategy

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Product development is a process and strategy that needs to be carried out by a company in developing a product. The thing that needs to be done in developing a product is to improve the old product or add the use of the product to the target market. That is, you need to present new elements that can attract customers.

In addition, product development is included in the process of making changes to existing products. At the same time as a process of looking for innovation to add value to old products and turn them into the form of these products. By carrying out product development, it means that the company understands and knows the needs and wants of the market. There are several product development strategies that you must do, including:

  1. Improve existing products
    This strategy is carried out by creating new products from existing old products. Then modified and adapted to market desires. Apart from that, you also need to motivate the target market to buy the product that you have improved.
    It focuses on adding features and updates that will impact consumer interest. However, there are important things that must be considered, namely still having to look for features that consumers need from updated products.
  2. Increase Product Value
    Usually, the reason customers buy a product is because of the value they will receive from the product. That way, companies need to further strengthen product value by offering premium features, improving product quality, and also customer support. The added value presented will attract new customers. Then existing customers will get something new from the product.
  3. Experiment
    Offering samples or product samples for free will make customers want to buy your product. Here, the customer will definitely check the quality of the product and the free sample will make them even more convinced to buy the premium version of the product. These free offers show customers what they will get when they buy the product.
  4. Specialize and Customize
    You can customize some products and make them more special to target certain customer groups. In fact, you can also offer product personalization that is relevant to customer needs and wants. This will make them interested in buying the products you offer compared to competitors.
  5. Package Offers
    Offering new packaging will certainly attract the attention of customers. You can offer products with various packages. Such as bundle packages, discounts, or free samples to choose the products you offer. The package here is an offer that other customers will not get. Especially if you offer a limited time offer, it is included in a good marketing strategy.
  6. New Product Line
    New product line is the development of a new product within a product line that is still relevant to the existing product line. When you want to make a new product, then you have to be careful with the development. Don’t let it, you only focus on offering products that customers need. New products must be equipped with new features. So that will increase sales of these products.