New product development vs Existing products: How product intelligence can help
Product intelligence solutions empower design teams and product managers to improve upon existing products and create better end products. Unleash product innovation and encourage data-driven decisions with valuable consumer insights.
Continue reading to discover how product intelligence can help you optimise new product development vs existing products.
Benefits of product intelligence
Product intelligence plays a crucial role in new and existing product research and development processes. In-depth consumer and market research enables you to better understand consumers and how they interact with your product.
By leveraging actionable insights, you can tailor your product ideas, development and marketing strategies to your target audience. This provides you with a distinct advantage over your competitors, resulting in increased business success.
New products
Product intelligence is essential for successful new product development. Each new product development process includes several key stages.
- Idea generation
- Concept validation
- Prototyping
- Marketing
- Development
- Product launch
Robust product intelligence enables your product design and development team to optimise their processes for an improved final outcome.
- Better meet consumer needs. An in-depth knowledge of your target audience allows you to create innovative products that address specific customer needs and pain points.
- Develop unique concepts. Targeted product concept development enables you to fill a gap in the market. This gives your business a clear competitive advantage and can reinforce customer loyalty.
- Improve users’ lives. Offering a solution to an existing user problem naturally increases consumer demand for your product, resulting in higher sales and a better return on investment (ROI).
- Adopt an agile approach. For the most robust product development strategy possible, it is important to validate your concepts at each stage of a new product development life cycle. Agile product development helps reduce costs, as you can avoid expensive changes during the later phases of the production process.
Existing products
A product development process never truly ends. Rather, it becomes a continuous cycle of improving your product vision. This means that, even after the initial market entry, you are still constantly optimising your existing product.
Product intelligence is helpful in identifying how you can improve existing products for increased customer satisfaction and experience.
- Leverage direct user feedback. Actionable insights such as success metrics and customer feedback from your target audience can highlight a product’s design flaws and user experience challenges.
- Identify new opportunities. Valuable consumer feedback helps you identify opportunities for existing product improvement and business growth.
- Improve product design. Development teams can use product insights to optimise their product strategy and design process. A common example of this is developing useful new features.
- Target your marketing efforts. Once completed, you can share product improvements with your target market through new releases and product line extensions. Product updates may require you to invest in new marketing campaigns. As with an initial market release, you can use product intelligence to inform your advertising strategy.
Optimise your product development process with Vypr
Vypr is the world’s leading product intelligence platform that enables businesses to rapidly understand changing consumer behaviour through fast, cost-effective consumer insight.
Our platform enables you to leverage the power of actionable consumer insights for an improved product lifecycle. Build better products to satisfy your target market and achieve your business goals.
Experience the benefits of using robust data for new product development vs existing products. Try Vypr free now to discover how our product intelligence platform can empower your product innovation.