What Is the Product Growth Cycle?


Desk of Contents

What Are the 7 Phases of Product Growth?

The seven levels of product growth are:

  1. Requirement gathering and evaluation
  2. Prioritization and roadmap
  3. Design and prototyping
  4. Growth
  5. Testing
  6. MVP launch
  7. Upkeep and iteration

1. Requirement Gathering and Evaluation

Within the first stage of the product growth cycle, the necessities are reviewed and analyzed to find out product imaginative and prescient, outline product objectives and determine the capabilities and options that the product should present.

2. Prioritization and Roadmap

As soon as we perceive the product objective and imaginative and prescient and checklist all of the options, the following step is to prioritize the options into must-have, should-have and nice-to-have classes and create a product backlog. Primarily based on these priorities, outline your minimal viable product (MVP) and construct a product roadmap with timelines and milestones.

3. Design and Prototyping

The objective at this stage is to get a transparent understanding of how the product goes to look and performance. Making a prototype with the identical feel and appear might help stakeholders higher envision the ultimate product.

4. Growth

That is the section the place the product is definitely created and delivered to life. It includes constructing and testing the product to make sure it meets high quality requirements. To remain on high of product efficiency, preserve constructing and releasing small, iterative updates to the product over time.

5. Testing

On this stage of the product growth cycle, the product is finish to finish examined to make sure that it meets the necessities and capabilities accurately. This contains testing for capabilities, usability, and safety.

6.  MVP Launch

Your MVP is one thing between a prototype and a completed product, which lets you ship one thing of worth to your prospects. It’s a model of your product that lets you collect suggestions and proceed tweaking.

7. Upkeep and Iteration

On this final stage, the objective is to take care of and enhance product efficiency by figuring out and resolving defects — and, in parallel, begin planning for added options and functionalities that weren’t included within the MVP.

Product Growth Lifecycle Milestones

Milestones are much like product growth lifecycle levels, however they particularly characterize achievements reached in your journey in direction of constructing a profitable product. It is a easy however efficient approach to consider your product growth cycle milestones:

  1. Concept era
  2. Idea design
  3. Implementation
  4. Product launch
  5. Product development
  6. 1. Concept Technology

The primary milestone in product growth is figuring out a necessity and developing with an thought to fulfill that want. The easiest way to do that is to know your potential prospects’ ache factors and unmet wants.

An instance of a product constructed out of want is Uber. There have been very particular wants that weren’t being met by conventional taxis or automobile companies, and it prompted plenty of issues for individuals who relied on these types of transportation. Uber disrupted these industries and met these wants with an on-demand ride-hailing app.

2. Idea Design

You attain the following milestone whenever you refine your thought into a transparent and concise product idea. This course of can contain creating an in depth product specification and figuring out potential dangers, prices and advantages. To design your idea, observe these steps:

  1. Create an issue assertion
  2. Outline high-level acceptance standards
  3. Decide if it’s a brand new product, new function or enchancment in present performance
  4. Create a product roadmap

3. Implementation

The subsequent milestone within the product growth lifecycle comes when the product is definitely developed and delivered to life. After the important thing questions are answered and design prototyping is completed, it’s time to begin implementing the designs, structure and construction that you just outlined as your acceptance standards. It is usually essential to proceed testing the construct to make sure the product meets high quality requirements.

4. Product Launch

To completely convey your thought to life, launch it to market by implementing the go-to-market (GTM) methods you have got developed alongside the product.

5. Product Development

As you acquire traction out there, you’ll proceed to refine and iterate in your product based mostly on buyer suggestions. After getting discovered product market match and established a repeatable GTM movement, take into account increasing the product line or exploring new markets.

For an instance of an organization’s profitable actions within the product development stage, take a look at Meta’s Instagram. Instagram initially discovered success as a platform for customers to share photos and movies, then expanded to vertical movies referred to as Reels. Instagram modified its algorithm to floor extra Reels in customers’ feeds, and lots of content material creators, influencers and types discovered that they earned extra views and better engagement charges by posting Reels. Consequently, Instagram additional grew its person base.

What Are the 4 Sorts of Product Growth?

The 4 sorts of product growth are:

  1. New product growth
  2. New function growth
  3. Enhancement to current function
  4. Rebranding

All of those varieties ought to roughly observe the identical product growth lifecycle and have the identical milestones.

1. New Product Growth

New product growth includes making a product from scratch and bringing it to market. As mentioned above, Uber is an instance of a brand new product that was developed to resolve buyer issues with current options.

2. New Function Growth

New function growth is the addition of main new performance to an current product. You possibly can’t simply construct your product after which be carried out; it’s essential to plan for expanded performance so you may keep on high of customers’ preferences. As talked about earlier, Instagram Reels is an ideal instance of this product growth sort.

3. Enhancement to Present Function

This includes improving current performance. These could occur behind the scenes, resembling with efficiency and safety upgrades, or they might be extra obvious to customers, like the choice to make your profile personal on Fb.

4. Rebranding

Rebranding means a lot greater than only a new font or icon. It includes fully repurposing your product or function to focus on new markets or meet new buyer wants.

The Keys to a Profitable Product Growth Cycle

The inspiration of a profitable product relies upon a robust relationship between the enterprise and the product crew. A deep understanding of buyer wants, a transparent worth proposition, high quality growth, efficient advertising and marketing, buyer help and steady enchancment should all be a part of your product growth lifecycle.

The journey from thought to product might be time-consuming and difficult, however with strategic planning, group, persistence, arduous work and a willingness to study and adapt, you may flip your thought right into a profitable product.



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