What triggers Product development ?
#8 Why do we create new Products ?
The trigger point of any Product is the customer need or problem that the product aims to solve. In other words, a Product is created to address a specific customer pain point or to fulfill a customer’s desire or aspiration. This trigger point is what drives the entire Product development process, from ideation to launch.
So basically a Product is an idea turned in to reality . An idea is usually triggered because of some innovative minds thinking hard to bring unimaginable Products or due to some business problems or to meet some untapped or unrealised market needs. As discussed in my first story , What are Products? , I have explained that Product could be anything which can add value to individuals or business entities. We basically live and breath Products ! :)
The current era is of Chat GPT which is revolutionising every industry and there is demand for innovative Products because there are myriad of professions which individuals are choosing such as Content creator , Cloud developers , Data scientists , Digital marketing , Product managers, Social media marketers , Resume Writers , Digital profile optimisers etc. Also the emergence of large amounts of data , the individuals and organizations are continuously looking for Products and technologies which could be leveraged to make useful and valuable insights out of data by filtering , cleaning and processing them.
As there is growing demand of being digitally present , there are many startups and multinational companies focusing on investing on innovative Products and market research than on existing Products which can aid these professionals and businesses to strive and thrive. In the current market , you will find many similar Products which is trying to fulfill the same need with slight variations and is trying to prove its value by offering some innovative and out-of-the-box features to remain unique.
Below is a table which indicates some innovative Products and their offerings. You may also note that there are other Products with similar features.
In summary, each Product serve a purpose and provides value. Each of the above examples represents a unique product category, such as video conferencing tools, streaming services, wearables, ride-sharing services, home-sharing platforms, and smart speakers. Each of these products offers unique features and advantages, and choosing the right one depends on personal preferences and needs.
Hence the bottom line is underlying every Product, there is a customer need ,a business problem , an innovation mindset or a market segment. There will always be new customer needs, new technologies ,new business problems , new innovations strategies , etc which will keep triggering the need for ideation and launching of new Products.
Hope this article helps you to understand the trigger point of Product development.
