Let’s talk about product development for a minute.
Have you ever heard the expression, “If you build it, they will come?” That might work in baseball, but it’s a bad philosophy for product development.
If you build a new offering based on what you want to do, you have no way to know whether there is a profitable market for it.
Instead of starting from the inside, building a product and then trying to sell it, here are 3 ideas for product development from the outside in.
1. Look to existing customers for product development ideas.
The first step of product development from the outside in is looking to your existing customers for ideas. Here are some questions to ask:
- What do customers complain about?
- What do customers ask for?
- Are there problems we aren’t solving?
- What adjacent services are we not providing?
You may identify gaps in your offering that you can fill with new products and services, or by improving your current offering. ….