Efficient product development: the pragmatic path to market success
Jonas Reuter
The development of new products and services is one of the pillars on which the progress and competitiveness of medium-sized companies rests. The traditional path taken by many of these companies is often characterized by internal requirements and technical perfection. However, in a rapidly changing market landscape in which customer needs and expectations are subject to constant change, this approach poses numerous challenges. In particular, the time it takes from conception to market launch and the lack of market validation in early development phases can lead to significant bad investments. There is also a risk that products will be developed that do not meet the needs of the market. This classic approach to product development may seem safe at first glance, but it harbors risks that can jeopardize the future viability of the company.
The traditional way of product development
Product development in medium-sized companies often follows fixed patterns.
Challenges and time delays
In many cases, technical specifications and internal requirements dominate the development process. The pursuit of technical perfection can lead to considerable delays, which can be critical in a dynamic market environment. The long time it takes from the initial idea to market maturity can mean that the product is no longer up-to-date or relevant when it enters the market.
Looking beyond the internal horizon
There is also often a lack of awareness of the needs and requirements of the market. Concentrating on internal requirements and technical specifications can lead to important market impulses and customer feedback being overlooked. A lack of market validation in early development phases can have fatal consequences and significantly increase the risk of bad investments.
The pragmatic method: market tests and an iterative approach
An alternative, more efficient approach to product development puts the market and customers at the center of the development process.
Early market tests for direct customer feedback
Through early market tests with a basic version of the product, companies receive valuable feedback directly from potential users. This approach makes it possible to continuously improve product features and align the direction of development with market needs.
Iterations: Adaptations based on real market needs
The iterative process of adaptation and improvement based on real market needs and customer feedback makes it possible to avoid bad investments and significantly shorten the time to market. It lays the foundation for product development that is truly market-oriented and future-proof.
The value achieved: faster time to market and greater market acceptance
A key objective in product development is to shorten the time from idea to market launch while creating a product that meets with market acceptance. The pragmatic method, which is characterized by market tests and an iterative approach, addresses both aspects and creates significant added value for medium-sized companies.
Avoiding bad investments
One of the biggest challenges in the traditional development process is the misinvestment that occurs when products are developed that miss the market. By incorporating customer feedback at an early stage, misconceptions can be identified and corrected at an early stage. This leads to a more efficient allocation of resources and minimizes the risk of bad investments. The result is a product that meets the requirements and wishes of the market and therefore has a higher chance of market success.
Accelerated time to market
The iterative approach makes it possible to make adjustments to the product in faster cycles, thereby significantly shortening the time to market. This is a significant advantage in a rapidly changing market environment where time is a critical factor. Rapid market maturity enables companies to react to market changes and gain competitive advantages.
MORGEN Sprint
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Learn to recognize opportunities and risks early on, test new business models efficiently and use feedback from your target group to perfect your products. These insights will help you to secure long-term business success and strengthen your competitiveness.
Managing directors, marketing and sales managers, innovation managers
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intensive sprint with 5 workshop days within 2 months
Success stories from the field
The theory sounds convincing, but what does implementation look like in practice? Specific success stories illustrate the effectiveness and value of the pragmatic method in product development.
Examples of implementation in SMEs
There are medium-sized companies that have taken the plunge and applied the pragmatic method in their product development. The successes speak for themselves: products that were developed using market tests and an iterative approach were brought to market more quickly and achieved greater acceptance among the target groups. These success stories can serve as inspiration and confirmation for other companies that want to recognize and implement the value of direct market feedback.
The learning effects and the market success achieved
The experiences and learning effects that can be drawn from the success stories are a valuable asset. They demonstrate the market success achieved and the advantages of the pragmatic method. They also provide valuable insights for other SMEs that want to optimize their product development processes and improve their market opportunities. Each success story contains lessons that can be used to further develop your own strategies and shows how overcoming traditional approaches can pave the way for more innovative and successful product development methods.
Impulses that help you to develop new products
Have you ever wondered how market tests can influence the success of your product development? In a personal sparring session, we will go through your 10 most burning questions together and show you how you can successfully position your products on the market through market tests.
The path to successful product integration
The development of a new product is just the beginning. Once a product has been developed and launched on the market, the product integration phase follows. This phase is about integrating the product both internally into the company structures and externally into the market. Careful and well thought-out integration is crucial for the long-term success of the product.
Internal and external roll-out
Rolling out a new product is a critical step that involves both internal and external aspects. Internally, it is about integrating the product into the company's existing processes and systems. Externally, the product must be successfully positioned on the market and communicated to the target groups. A clear strategy for internal and external roll-out is essential to ensure the acceptance and success of the product.
Further development and scaling of the product
After the successful integration and market launch, the continuous further development and scaling of the product is crucial. Improvements can be made and new functions developed on the basis of market feedback and the knowledge gained. Scaling the product also opens up new market opportunities and contributes to increasing the company's growth.
Managing directors, product developers, business strategists, change managers and innovation officers
Concrete idea or concept for development
intensive sprint with 10 workshop days within 3 weeks
Conclusions: The path to a successful Morgen
The pragmatic product development method presented here is an effective way to create products that meet market needs and can be successfully positioned on the market. It enables faster time-to-market, higher market acceptance and minimizes the risk of bad investments.
The importance of market-oriented product development
Market-oriented product development is the basis for the market success and future viability of medium-sized companies. It makes it possible to achieve competitive advantages, strengthen the market position and promote company growth.
Your next stage of corporate development
Implementing the pragmatic method can be the starting point for a new phase of corporate development. With the insights gained and the improved understanding of the market, companies can optimize their product development and market strategies. This lays the foundation for a successful and future-proof company that is ready to take on the challenges of morgen challenges.
Further articles on the market test
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Jonas Reuter
About us:
MORGEN is a specialized management consultancy that focuses on the development of new business models for medium-sized companies. In particular, it supports owner-managed companies in their future-proof transformation. Knowledge transfer is at the heart of its consulting activities, which is why the MORGEN Blog regularly publishes articles on key topics such as digitalization, transformation, customer centricity and sustainability.