Product development can be quite a tricky thing. It’s not something that can be done just by anyone, and even those that have been in this field for a long time are bound to encounter complexities and difficulties. Online product development is no different. In fact, many would even argue that it is more complicated than your usual new product development. Still, just like in any new product development endeavor, the probabilities of online product development becoming a success is high, provided you have made sure that all the key components area in place.
If you ask people engaged in business on what is sure to guarantee success for online product development – or any product development, for that matter – most of them are likely to say that it is money. Is the R&D spending more than adequate to support the project? Will they have enough money to pay for highly skilled people that will be included in the product development team?
They are not wrong; however, they are not entirely correct, either. Having adequate money and resources is just one of the many factors that can impact the success of developing a new online product.
The success or failure of online products hinges on several critical factors, which we will categorize into four: strategic factors, development process factors, market environment factors, and organizational factors. Hence, in this article, we will explain each category of success factors in online product development: 1) strategic factors, 2) development process factors, 3) organizational factors, 4) market environment factors, and 5) a short conclusion. Read more…