What is market-driven product development?
Market-driven product development (MDPD) helps teams obtain greater understanding of their customers’ needs and then take action to develop successful products aligned with customer expectations and marketplace demand. MDPD is a customer-centric approach that has a particular focus on clarifying the sometimes fuzzy front-end of product development. Simply put, a market-driven development approach helps you to better comprehend your market, link product development to business strategy and goals, prioritize customer requirements, and identify how decisions impact outcomes.
It is no secret that product innovation and development is a central and core component of business success. Without a market-driven focus, companies risk wasting valuable time, money and effort in the development process, and lower their chances of successfully building and delivering better products to market, faster and more efficiently.
Market-driven product strategy: Managing the front-end
Making the shift from an internally driven to a customer-centric market-driven product development process starts with an evaluation of your product and service strategy. The success of your efforts depends on how you manage the front-end of product development. Your organization’s overall approach to product development can make the difference between products that are highly desirable in the marketplace and those that flop.
OneDesk: The solution for the market-driven organization
OneDesk enables you to better manage the front-end of the product development process by helping to tie products to markets, customers and business strategies. OneDesk understands that product development always starts with customers, and supports your efforts to becoming a customer-centric organization. Through the sophisticated Customer Feedback management application, you can reach out to customers and stakeholders to get feedback, such as, suggestions for enhancements on existing product features, and ideas for new products. To ensure this feedback is properly integrated into the development process, use OneDesk’s Requirements and Task Management capabilities. Feedback instantly becomes part of the planning environment, and can be linked to requirements and tasks for effective integration into the development process.
In addition, OneDesk also allows you to:
• Create a customer portal where customers can submit suggestions and ideas. They can also view and rate each other’s ideas. You can optionally allow them to log in, track and view what happened with their idea, and follow any progress in the development cycle.
• Create a forum where employees, customers and partners can collaborate.
• Rank requirement, product and other priorities based on criteria such as, strategic goals, customer commitments, costs, resources and benefits.
• Develop detailed market, product and technology roadmaps.
• Trace the source and priority for every task, requirement and feedback that has been created, and ensure they fully aligned with corporate objectives.
Market-driven strategy: Reduced time-to-market with
There is no doubt that adopting a market-driven product development approach will lead to a range of improvements. By using OneDesk for all your MDPD needs you will benefit with improved time-to-market, more effective and streamlined product planning, and, most importantly, a greater accuracy in anticipating customer and market preferences.
Discover how OneDesk helps you understand the voice of your customers and effectively address common issues related to product development: sign up free.