Product Life Cycle Model
You just can’t simply rely on obsolete traditional method of businesses when the world outside is popping new innovations and techniques of businesses each day. With the cut- throat competition and scarce resources, your task is being clever and smart with your strategies. A product can’t be launched just like that but requires meticulous care while studying each and every aspect of a product, be it its investment or marketing or launch. Developing a product is not a cakewalk rather demands insane hard work and smart moves. Getting freed from the round-the-clock work schedules to be your own boss requires thorough planning, creativity and hard work.
Solutree’s product life cycle is basically sliced in 8 pieces with certain steps in each piece to provide an ideal solution to futuristic creators.
In the rush to stay ahead in digital world today, we often miss out on various opportunities and never realized that in every field of activity in our day-to-day life, an endless barrage of ideas awaits us, which no one has recognized yet. Our task is to carefully pick those opportunities and generate new relevant ideas of those. Idea generation is the creative procedure in order to find out the solution to various problems lying in the market place. It helps entrepreneurs develop new business concepts, products and strategies.
Make sure that your idea is solving an unmet need of the society or at least tend to create an improved society.
To walk successfully on the path of ideation, you should Generate as many ideas as possible and feed each with its pros and cons. Fixing on a single idea rarely turns into a success so one can combine multiple ideas to make a whole.
With your list of new potential product ideas, you now need to decide which ideas to pursue and which to discard. To choose the best out of all, consider your competitors’ offerings and conduct a SWOT analysis. Choosing the best idea should be based on some criteria like feasibility, market potential and ROI. These criteria needs to be taken with due consideration to avoid any loopholes in the product.
You should raise an idea that puts your knowledge, expertise and experience to use.
Creating a product roadmap is the next step which basically aims to help you answer “why, what how, who” and gives your business a clear path to follow. It is a plan chalking out short term and long-term goals in alignment with the available resources and technologies in the company. It helps you figure out where your company is going, how it will overcome any potential difficulties, and what creative solutions can be adopted for the same. Before sketching your product roadmap, you must determine the objectives of your business, as the process of product map will be successful only if your objectives are clearly defined. Next is to align your strategies with product vision and goals to get a clear map defining relationships between your product lines, products and goals of your business. Your roadmap should be realistic and actionable telling the actual facts and figures with clear statements.
Your task doesn’t end with the sketching of roadmap but share it with your team and try to fix the loopholes for a flawless product plan.
New product development is the complete process of bringing a new product to the market. It basically aims to bring out the ideas in action.
By chalking out a clear roadmap, your product development will be more flexible as during this stage, you are clear with your objectives and product goals.
Now stage of technical and marketing development stage walks in. In this stage, a prototype of your product is created with exact design and specifications you desire for that facilitates market testing.
Before commercializing your product, you need to validate the whole model in the real market situations. Cost, time and quality are the main variables, which need to consider while checking the feasibility of the product. Keeping these variables in mind, companies target to satisfy the customer requirements and expand their market space. One should seek to improve the quality of process inputs by identifying and removing the causes of defects and minimizing complexity in the whole process.
Marketing for your products and services is one of the most important and crucial parts of getting success. Your marketing plan creates a “voice” for your company that reflects your brand. Marketing in short involves the task of keeping your consumers engaged and finding the right platforms for your business to reach consumers. A detailed market plan is must to flinch the maximum gain from your marketing campaigns. This detailed plan includes all the marketing channels available, investment to be done on each channel and effectiveness of each channel. Your marketing strategy should define how, what, where, when and to whom you plan to communicate your business.
In today’s dynamic market, it has become a necessity to hire a team solely dedicated to marketing tasks, which includes creation of marketing campaigns and positioning them at the right place at right time.
Don’t let your traffic dip in the crowd of old advertisements rather make your products stand out against the rest with continuous marketing campaigns.
The ultimate goal of your marketing programs should be to create an awareness of your product in the marketplace.
In today’s fast paced world which is running on a global economy, it is more important than ever to create recognition for your products and services and stand apart from the crowd. Branding is what separates your business from your competitors and gives your products/services an identity. Branding is intended to convey your audience that only our organization can fulfill their needs and wants
Branding is not only confined to just a logo or a graphic element but includes all the elements, which are connected to your product/service. Be it your website or your packaging.
Before you start selling your product or service, you need to give your product a brand and get a following of people ready to jump when you launch your product out in the market. If your branding is consistent and easy to recognize, it can help your audience experience ease while purchasing your products or services. A good branding strategy can make a big difference in generating referrals and traffic which in turn leads to success.
Every organization needs to acquire new customers time to time to make the business grow. Customer acquisition refers to gaining new consumers or converting existing prospects into new customers while persuading them to buy your offerings. It basically connects the customer to the organization in an effective manner.
It is a process, which includes methodologies and techniques to manage customer prospects and inquiries generated by various marketing campaigns. Customer acquisition programs aim to establish a relationship with prospects to identify their needs and determine how the company’s offerings can fulfill those needs.
Organizations consider the cost of customer acquisition as an important measure in evaluating how much value customers bring to their businesses. Companies aim to acquire as many customers as possible on minimum investment.
Some successful customer acquisition strategies include customer referrals, customer loyalty programs, and the like.
Your customer acquisition plan should evolve as your company grows.
FEEDBACK AND ANALYSIS
A transaction is never complete without the involvement of both the parties. Feedback is essential to estimate your performance effectiveness and your potential areas of growth.
Customer feedback is the buyer’s response in relation of their experience with the company’s offerings. Feedback is a treasure of valuable information, which serves as a base while formulating future decisions or making changes in existing strategies. Feedback should always be taken in parallel while setting performance goals for an effective and successful performance.
With an effective feedback process, chances of reaching to success increase and an effective performance system emerge.
ENHANCEMENT AND CHANGES
No product can be launched without any error as the entire product development process is an ongoing process where errors will be made at every stage and loopholes will be identified every second. Now the task of whole team is to ensure the rectification of those errors within certain time to create a smooth path for the functioning of the business.
Today’s market place is becoming more dynamic and competitive day by day so to stay ahead in the market curve, you need to continuously enhance your products and marketing strategies. A marketing strategy that is flexible and adaptive to dynamic market circumstances stands a greater chance of being successful in long run.
To provide our customers ideal services in accordance with their requirements without compromising with the quality, SoluTree Tech Labs Private Limited work on a structured product life cycle while meticulously contemplating pros and cons of each stage.
SoluTree adopt a pragmatic approach to solve the clients’ business challenges as the process of quality enhancement and smart innovation keeps on going as long as our customer is delved in their business.