Planning for Product Release
By Barrett Niehus
As the product manager for an investment software organization, I am
always amazed at the amount of work that is necessary to effectively
release a product into the marketplace. From the inception of the
idea to the complete release, it is a daunting task. The
simplest method to plan and implement a product release is to lay out
exactly what needs to happen, organize a reasonable time schedule,
set goals, and gather the resources that you will need to achieve the
release on time, and under budget.
In the software world, and in online product development, time is the
most critical factor. Every day the amount of technology available
on the internet increases by 0.3%. For those selling products
online, this means that not only must you continually update your
technology, but you must plan to keep your product compatible with
the latest innovations. In order to plan for a product release, you
must take the resources you currently have, and plan carefully.
If you are developing the product from an idea, the you will need to
allocate your development and marketing resources appropriately. For
small businesses and individuals with little staff, it is almost
exclusively a decision on where to appropriately spend your time. In
order to develop a product from an idea into a viable business, break
your schedule and time line down into a few stages and plan resources
appropriately:
1. Product Development: Every product starts
from an idea. The challenge is to make the idea a reality. Perform
market research. Find out what products currently compete with
this product. Find out where your markets lie and what your
biggest customer base will be. Overall, make sure you understand
your target customer. Who they are, how they make decisions,
where they shop, why they buy, etc. >From there, devote your
time and resources making your product suit the tastes, need,
and desires of your customers. During the development state,
most of your resources will go toward creating the product.
2. Market Development: It is most important
to understand your market before embarking on the development
of your product. If your customers are not fully understood,
you may develop a product that few people want, or create a
resource that isn't profitable. This should be determined at
the initial stages of the project. After your market is understood,
focus resources on creating a product to suit the market. However,
be sure that you continually update your understanding of your
market. When nearing completion of the development phase of
the project, start allocating resources into development of
the market tools. If this is an online product, then creation
of an effective web site is necessary. Develop the sales tools
necessary to sell the product, and create a step by step plan
on how you will sell this product to your customers.
3. Beta Testing: Upon completion of the development
stage of the project, look for ways to beta test the product
in your chosen market. You may choose a limited product release,
or partner with some target customers in order to get feedback
on the product. Beta Testing is effective in determining whether
the product needs to be modified. It is also a great way to
get initial testimonials to be used in future marketing.
4. Product Release: Release the product for
sale. That means begin distributing the product to customers,
selling online, promoting through sales people, and implementing
your marketing plan. This phase is ongoing through the life
of the product and is where the success of your initial investment
is measured.
Through appropriate planning and resource allocation, your product
can effectively be introduced into the marketplace with exceptional
results and outstanding profits.
About the Author
Barrett Niehus is the product manager for www.freetrainer.com
IPWare Real Estate Investment Analysis software and has worked
extensively in both project management and product management
for years. Download your free demo copy of IP Ware real estate
investment analysis software by clicking here and submitting
the form: http://www.freetrainer.com/demo.htm?at