Aug '23 (edited) • 💡Valuepreneurs
What are the 5 Stages of the Value-Driven Product Development Process?
So, you've got a bright idea and want to turn it into a real thing people can use? That's what the Value Driven Product Development process is all about. It's a path made of 5 phases or “stages” that can take your idea and turn it into something real, and something people really want.
1. Idea Stage: This is where you start. You have an awesome idea for a product. Now, you need to figure out what problem it solves and who might want to buy it. You talk to potential customers and make sure your idea is as good as you think it is. This stage helps lower the risk of making something nobody wants.
2. Concept Development Stage: Next, you take your idea and turn it into a simple version, called a "proof of concept." This helps you see if your idea could really work. You keep talking to potential customers, getting their thoughts, and tweaking your idea. You might also apply for a provisional patent to keep others from copying your idea.
3. Prototype Development Stage: Now it's time to make a basic version of your product, a prototype. It's like a rough draft that you can keep improving. And yes, you're still listening to your customers. They'll help you spot any problems and fix them.
4. MVP Development Stage: Once your prototype is good, you move on to making the "Minimum Viable Product" (MVP). This is a basic but functional version of your product, which you can start to sell in the next stage. You're also thinking about what makes your product special and how to tell people about it. It's at this stage you're getting your product ready for the big world.
5. Launch and Market Introduction Stage: This is the final step. You've got a product that people want, that works well, and that you've tested and improved. Now, it's time to tell the world about it and start selling. You come up with a plan to get your product into people's hands and to keep improving it based on their feedback.
1
0 comments
What are the 5 Stages of the Value-Driven Product Development Process?
skool.com/valuepreneurs-2715
Based on the book 'Valuepreneurs"; join a nexus of product innovators championing Value-Driven Product Development. Unite, learn, & shape the future.
Powered by