Product launches are one of the most exciting, challenging and rewarding processes known to entrepreneurs. And if you want to grow a profitable company then, you’ll soon realize the importance of product development and the behind the scenes iteration that makes it possible.
Who knows! You may become obsessed with launching new ideas too.
Iterative Product Development
When you’re passionate about any aspect of business, that enthusiasm cultivates repetition. Repeating the product development process (iteration) is not unheard of for enterprise companies. Quite frankly, iteration is behind some of the world’s most successful brands.
Furthermore, if your ‘bright idea’ set the stage for a thriving company, imagine the possibilities of “genius on replay” — a consistent process of “ideation to creation.”
Whether by choice, or chance the longer you are in business, the more likely iterative product development will become. For example, you may need to:
1. Retool your current product to add value.
2. Create brand extensions to grow market share.
3. Address competitive pressures via “new news” initiatives.
And if you’re thinking, “Not me, my product is perfect just as it is,” … think again.
How many versions of your smart phone currently exist? Does your wardrobe consist of slim fit and low-rise denim — of the same brand? In contrast, do you listen to broken records that play the same track? And wouldn’t it be shameful if your favorite theater only played one movie?
The truth is — your ability to develop new products, iterate and deliver on core competencies will significantly improve and diversify your business in the long-run.