I created the following product development process a year back when I was exploring entrepreneurial possibilities with a couple of friends. The process flows from the top of the table to the bottom in sequential order. Each row represents a step in the process. The three top level steps highlighted in light red are:
- Figure out what to build
- Plan
- Execute
| High Level Steps | Low Level Steps | Elaboration |
| Figuring out what to build | ||
|
Generating ideas/Product discovery
|
Scanning
|
Observe market trends |
| Observe user needs | ||
| Observe competitor practices | ||
| Recognition | Identify problems | |
| Ideation | Translation of a problem into an innovative solution | |
| Pick top ideas | ||
|
Product Opportunity Assessment
|
Exactly what problem will this solve? | Value proposition |
| For whom do we solve that problem? | Target market | |
| How big is the opportunity? | Market size | |
| What alternatives are out there? | Competitive landscape | |
| Why are we best suited to pursue this? | Our differentiator | |
| Why now? | Market window | |
| How will we get this product to market? | Go-to-market strategy | |
| How will we measure success? | Metrics/KPIs | |
| How will we make money from this product? | Revenue strategy or model | |
| What factors are critical to success? | Solution requirements | |
| Given the above, what’s the recommendation? | Go or no-go | |
| Decide on an idea | ||
| Planning | ||
|
Product planning
|
Concept development | Product vision |
| Product principles | The most important aspects of the product | |
| Product personas | Create the different personas of the types of users that will use the product. | |
| Functionality | User stories | |
| Product backlog | ||
| Product strategy | A whitepaper or PowerPoint deck explaining how things will be better when this product reaches its potential. The product strategy is the bridge between the business strategy and the product roadmap. The product strategy must support the business strategy. | |
| Product roadmap | The product roadmap describes your current plan of how you will get from where you are today, to the vision described in your product strategy | |
| UX considerations | ||
| High-fidelity prototype | ||
| Execution | ||
| Development | MVP | |
|
Testing and evaluation
|
Alpha testing | |
| Beta testing | ||
|
Marketing
|
Pricing | |
| Advertising | ||
| Promotion | ||
| Sales | ||
| Packaging | ||
| Branding | ||
|
Product life cycle
|
Introduction | Early adoptors |
| Growth | Early majority | |
| Maturity | Late majority and laggards | |
| Renewal or decline | ||
