In today’s business world, things seem to be changing at breakneck speeds particular in the area of technology. This undoubtedly has a bearing on one important aspect of any company that offers goods: product development. Business expert Grace Jackson suntrust highlights some of the biggest trends taking place this year in the area of product development.
Data, Data, Data
We are currently in a massive data age. Business leaders no longer have to worry about whether they can measure or track something; now, their quandary is which metrics they need to care about. Before making any decisions related to product development, it is critical that you support your decisions with data. Once you execute these decisions, you can use the data to demonstrate why your decisions were correct, and the data can be used for making future decisions as well. Using data offers your best chance of improving your organization’s products in a sustainable way.
Another important business trend related to product development is a newfound focus on the customer. Instead of focusing on how customers can use a product, leaders are taking time to interact with customers one-on-one and essentially get in their heads to find out what they are attempting to accomplish with the product and how the product could provide them with lifetime value. Talking to customers and listening to them is becoming an increasingly important part of the process of developing new products.
No More Hiding
In many contemporary industry leaders’ minds, surprises are overrated. For this reason, you will see fewer companies hosting events where they do big reveals that allow them to display their latest gadgets. Instead, they are being transparent with their customers, telling them exactly what they are developing and when these products will be delivered. This gives customers the chance to provide feedback on the products to come, and some of this feedback may be helpful for addressing areas that the product creators have overlooked.