What Exactly Is Product Development?
Product development is commonly used to refer to all stages of getting a product from concept or idea through market release and beyond. In other words, product development encompasses the complete life cycle of a product.
Product development plans are vital for providing value to your potential clients, as well as ensuring demand and that your final products are of the greatest possible quality before releasing them to the market. The best products also benefit society, whether through the product line itself or through the job and money generation that the new things provide.
On the business side, a new product can increase a company’s market share and produce growth, ensuring economic sustainability through new revenue sources. Of course, it can take years for development teams to bring a product from the design phase to the point where it is ready for sale and distribution. As a result, in order for any new or existing items to be developed successfully, product development consulting is required to understand the entire product development process.
The Advantages of the Product Development Process
The process of developing new products can be quite advantageous for any innovative and forward-thinking organisation that wants to be effective rather than short-sighted. Using the product development services can assist a company in saving money, innovating, formalising processes, testing concepts and avoiding frequent mistakes.
The following are the advantages of product development progress:
●Spend Less Money
It helps in saving money by determining the effectiveness of new goods in the NPD process before they are released to the market. This allows you to adapt your idea to market needs or withdraw it entirely, hence saving you time and money.
●Idea Generation & Innovation
The new product development process promotes and drives the generation of new ideas for your company. Having a framework to test the viability of your new product will automatically lead to its execution. Creating and nurturing an innovative culture is critical to the commercial success of the company and its employees.
●Improve and formalise the concept development process
At the start of the new product development life cycle, just like a new business, you must adequately identify your product concept. It must be done with the anticipated consumer in mind and hence the product must be described in meaningful consumer terms.
The concept development approach works best when combined with the concept validating procedure. Once the concept has been finalised, it must be tested against market conditions and targeted. It is accomplished through market research procedures that test the target consumer. It would entail showing the consumer a tangible depiction of the product.
●Strategy for Marketing
The new product development process, with the help of product development consulting, can assist you in developing marketing strategies for your product. It is a natural next step after your concept has been designed and tested. You may turn this into a marketing strategy using the information you gathered throughout the development phase.
Product Development Strategy: Stages
The following Are the Stages of a Successful Product Development Strategy:
1. Generating Ideas
Products provide solutions to challenges. So where should this adventure begin? By recognising a problem that needs to be solved (or a better way of solving it). This process can be informed by conversations with potential consumers, surveys and other user research efforts.
2. Screening of Ideas
Not every problem is severe enough to necessitate a product-based solution. The amount of pain it causes and the number of individuals or organisations it affects, on the other hand, can determine if it’s a worthwhile problem to tackle and whether people are prepared to pay for a solution.
3. Development and testing of concepts
Some solutions may be clear, while others may be more difficult to grasp. This is when the team puts in the effort and applies their imagination to figure out how a product can best meet its needs. Also, before devoting too much time to prototyping and design, the viability of the suggested solution should be tested.
4. Market Strategy/Analysis of the Business
Marketing strategy is all about devising a strategy for reaching out to a specific audience. It is critical to strategize about the selling price in an informed manner by determining the product’s base price.
5. Product Creation
With a valid product concept in hand, product management can lay out the product roadmap, determining which themes and goals are critical to creating first in order to alleviate the most significant pain points and stimulate adoption. Customers will just require enough functionality in this initial version of the product to use it.
6. Market Testing
Testings can evaluate interest, prioritise marketing channels and start experimenting with price sensitivity and packaging. It also initiates the feedback loop, which allows ideas, complaints and suggestions to be prioritised and added to the product backlog.
7. Market Entry/Commercialization
With a product on the market, user feedback via multiple channels will drive additions, expansions and adjustments. The product roadmap will evolve over time depending on this learning and the company’s objectives for this product. This job never stops until it is time to retire a product at the end of its lifecycle.
The process of transforming new and untested ideas into usable goods is known as new product development. This product will be the brainchild of a company, giving them a competitive advantage and allowing them to monopolise the market. The general approach for New Product Development is to concentrate on innovating while providing value.
Maintaining a successful development process necessitates ongoing effort; it will not be built overnight after a single decision is taken. Members of your organisation must share their vision and recognise the importance of the process to the company. Only with the help of others in your organisation and by availing of software product development services, will the concept of a fine-tuned development process become a reality and deliver tangible benefits.
What You Need to be Doing NOW to Get Your Shop Ready for Black Friday
Did you know that 130 million users use Facebook and Instagram to discover sales and buy products during Black Friday weekend alone?
This means that setting your shop up for success is an excellent way to attract all shopaholics into your business and make serious money. But, with so little time, how can you know what you’re supposed to do?
Well, after talking with Meta experts, I’ve put together an easy-to-follow checklist with everything you need to do AHEAD of Black Friday if you want your Instagram or Facebook Shop to be a huge success this holiday.
So read on, and start planning now!
11 Things you need to do to get your shop Black Friday ready
The key to a successful Black Friday is reaching the right audience with the right products. In years past, this meant a well-placed ad in the local newspaper or a spot on the radio. But today, the best way to reach potential shoppers is through social media. And of all the social media platforms out there, Instagram and Facebook offer the best buying experience.
Facebook and Instagram Shops provide an easy way for businesses to showcase their products and reach a wide audience, and offer a convenient way to browse and purchase items with just a few clicks. Plus, since most users are already using these social media platforms *we’re talking about more than 3 billion*, it has become a natural way to shop.
So if you’re a business owner looking to take advantage of Black Friday, setting up an Instagram or Facebook shop is a must, and here are the best tips to do so:
1. Start planning your holiday strategies if you haven’t already
For many businesses, Black Friday is make-or-break time, when they can either turn a profit or end up in the red. That’s why it’s so important to have a solid plan in place for dealing with traffic.
By mapping out a strategy beforehand, businesses can avoid being overwhelmed by the high demand and ensure that everyone has a positive experience. This means, planning your offer and deals ahead of time, placing your ads budget, doing product inventory, organizing customer service, etc.
Regarding offers, Instagram and Facebook Shops allow businesses to set up coupons and discount codes during checkout, and timely offers to display their deals. Offer parity with your site is key. So be sure to review #7!
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2. Update your Meta Shop banners
In order for retailers to lure customers into their shops, they need to make sure their signage is up-to-date and eye-catching. This is especially true for banners, which are the first thing people see when hunting for good deals and promotions.
A well-designed banner can help to create a sense of urgency and excitement, convincing shoppers that they need to act now in order to get the best deals. These act as hero images from a traditional site, but for your Instagram Shop.
Additionally, they can be used to highlight specific sales or promotions, making it easy for shoppers to find the products they’re looking for. After all, what good is a sale if no one knows about it?
So if you’re looking to make the most of this busy shopping day, don’t forget to update your social shop banners with eye-catching designs. It could make all the difference in attracting customers to purchase in your store.
3. Make your organic media is shoppable
Facebook and Instagram Shops allow you to tag a product every time you post a picture, reel, story, or video. This is especially relevant because it drives users from an organic publication to your shop where they can check all the information about the item they’re interested in.
Plus, tagging can give you clean insights to how they’re interacting with products and creatives.
Hat tip: Did you know that you can tag your products in the description of your feed posts? No more using ‘link in bio’ in your copy for your organic posts. Use the @ symbol and choose ‘products’, once you have found your product select it and BAM, your product is now linkable in your Instagram post’s description!
4. Set your products up for success
Each product description should contain anything and everything a user needs in order to buy. This includes:
- Engaging and informative product descriptions
Standing out from the crowd of sellers can be especially hard during the holidays. However, a great way to do that is to make sure your product descriptions are clear, concise, and compelling.
No matter if you’re selling clothes, accessories, or home decor, a good product description will tell potential customers everything they need to know about a product, including its features, benefits, etc. Plus, it should also be engaging, so that shoppers are tempted to click “add to cart”, so don’t forget about the call to action and use strong and convincing language to urge the buyers to take your deal.
Be sure to exclude urls in your product description because it’s not allowed. Keep your product descriptions centered on benefits and remember, users often have 1-3 seconds to evaluate the efficacy and interest in a product from a product description.
Images that are well-lit and clearly show the product details can be the difference between a customer clicking “add to cart” or moving on to the next item on their list.
For Instagram and Facebook Shops, images need to be at least 500×500 pixels. Additionally, it’s important that you include more than just one image and focus on features.
Extra tip: according to Meta experts, if your product is in the lifestyle category, detailed product images can help you increase your possibilities of making a sale by 6-8%.
Extra extra tip: Include an image of a customer’s selfie with the product. Showcasing real customers using or holding your product makes a big difference with your conversions.
- Include price, availability, and sizes
No one will buy anything from your shop if you don’t have this information! So check your products and make sure that all of them include the deal price, pieces in stock, and sizes (this one applies only for items that are in categories like: Clothing Accessories, Newborn & Baby Fashion Accessories, and Costume Accessories)
Regarding sizes, you can (and should) add a size chart to help users feel confident in the purchase decisions and potentially reduce return rates.
Bear in mind: July 2022, Meta changed the basic information each item showcased in their shops needs to have in order to be displayed, so click here to discover everything your products need to have!
5. Update your catalog
An outdated catalog will make it difficult for them to find what they’re looking for, and they may decide to do their shopping elsewhere.
So, it’s important that you check and update your catalog to display all the products that are on sale to help your customers make important purchase decisions and drive sales.
Taking this into account, your catalog should:
- Have all the products displayed with their variants
- Include product details: complete all data fields (materials, ingredients, multiple images, videos, and size charts where applicable)
- Be maintained: update collections with new items and inventory quantity. Regarding this, you can use Meta Pixel to automatically update your catalog and reduce operational load.
6. Enable checkout on Facebook and Instagram Shops
Redirecting users to your own website or another platform in order to complete a sale is inconvenient and can lead to lost sales. So, it’s HIGHLY recommended that you set up your shop with checkout, if you’re allowed,to help potential customers discover and buy your products on one platform.
**For eligible stores in the US, all fees are waived through the end of 2022 for enabled checkouts.
Onsite checkout can be set up in Commerce Manager and it’s available for US shops only; it will give insights into shopper demographic and full-funnel conversion data which, in return, can help you optimize your campaigns.
7. Offer Parity
An Instagram or Facebook Shop is an extension of your store, but in a more consumable form that doesn’t require users to go from a place to another in order to buy something. This means that both should offer the same data: from prices and deals, to contact information and banners.
Why? Because some people may find your social shop and make their purchase there, meanwhile others would prefer to go to your website to get more information about you, so offer parity is a must if you want to build trust with potential customers. After all, no one wants to find mismatched prices!
8. Enable product reviews
By reading reviews, users can get an idea of what other shoppers thought of a particular item before they make a purchase and it can help them make informed decisions. That’s why they’re a key player when it comes to driving sales during Black Friday.
Regarding this, US shops with onsite checkouts have access to ratings and reviews and can manage them in Commerce Manager, which will allow you to check customer feedback and answer them.
Remember this: you need to have a shop with onsite checkout to enable product reviews and ratings.
Moreover, it’s possible to import reviews from 3rd parties! For now, Yotpo and Bazarro are active, meanwhile, Okendo and Stamped.io will be available with the reviews section in the next quarter.
9. Don’t forget about user-generated content
User-generated content has the added benefit of being more authentic and relatable than traditional marketing materials. It’s this human element that can be critical in helping persuade undecided shoppers to make a purchase. In fact, UGC drives a 9% increase in CTA clicks for buy now or view on the website
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During Black Friday, this type of content can be a valuable tool for helping brands connect with consumers and build trust, so it’s important to include it in your strategy.
For this, you can use images and videos of different customers using, wearing, and loving your products or provide buyers with information like “how to use” or tips that can help them make the most out of an item.
If you go to the UGC section of your commerce account, you can find UGC that’s ready for potential use in your stories and in your Meta Shops. You can find any images that tagged your handle or used one of your branded hashtags. When you find images that you’d like to use, you can send a request to that user’s profile for permission of usage of that media in your store.
It’s really that easy!
10. Leverage Shopping Ads and Catalog Ads
Instagram shopping ads allow businesses to showcase their products directly in the Instagram feed.
By tagging product photos with relevant information, businesses can create ads that include pricing, product descriptions, and a link to purchase the product. These ads are designed to be highly visual and engaging, and they provide a convenient way for users to learn about and purchase products without ever leaving Instagram.
On the other hand, Advantage+ Catalog Ads are a must-try for those businesses that have a large catalog of products and don’t want to be bothered by having to create a different ad per product. Instead, this type of ad helps you to create one campaign for all your products and show it to people that are interested in even one item from your catalog by creating an individual ad.
By integrating Catalog and Shop Ads into your paid media plan for Black Friday, you can attract possible customers and take them through your sales funnel all in one platform.
If you’re not familiar with these types of ads, you should start experimenting and scaling them as you see fit from now on! Also, don’t forget to set up your CPA!
*** Black Friday ad ramp up should begin by September 20th. October 15th is the BIG day when everyone enters the Meta Ads marketplace and auction pressure increase***
11. Prepare your customer support service
Answering questions from possible customers in less than 24 hours increases their possibility to make a purchase by 50%, that’s why it’s important to invest in effective customer service to help users get a clear understanding of your business and build trust.
With Facebook and Instagram Shops, you can get an email every time someone asks specific questions and reply by using the feedback tag on Commerce Manager. These replies become publicly available helping future customers see that social proof to make better buying decisions.
However, this feature is only available if you have enabled checkout and are an admin to the commerce account.
When should you start?
The peak of users eager to get Black Friday deals starts from October 15th to the big date *yes, more than a month before Black Friday*, so it’s crucial that you start optimizing your Instagram and Facebook Shops ASAP.
And, if you feel like this long list may overwhelm you and already give you a headache, at Mongoose Media we have a team of experts that will take this task from you and make the most out of your shop to go from plan to bestselling during the holidays!
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