Product Development Plan

Product Development Plan

Once you have enough visibility into the needs of your market and a conceptual product idea, you should create a Product Development Plan.

This plan should outline the necessary steps to design, develop, and deploy your product including estimated lead times and costs. This allows you to better prepare your business plan, fundraising strategy, and marketing efforts.

How do I make the plan?

Creating a Product Development Plan often requires acquiring input from trained professionals who would be executing the work or who can lend their experience to help you avoid costly mistakes.

At Touchstone 3D, we use a three phase approach to product development: Design. Develop. Deploy. This approach allows us to break down a complex process into manageable and predictable steps.

Think in Ranges – No Plan is Perfect

A good product development plan will estimate a low and high cost range to help budget for each step. It’s important to update the plan as you progress forward because you will learn new information that will help adjust and narrow the cost ranges for the project.

Risk Mitigation

You should expect to try new ideas and have some of them not work out. That’s the nature of product development. You don’t want to get too far down the wrong path just to have to rework a large percentage of your progress. This most often happens when companies don’t understand their user’s needs.

A good product development plan is broken into steps for validation and verification to help prevent this from happening