Efficient development of products
In most companies, the time laps between product idea and its actual market introduction is too long. Global competition and rapid technological change have drastically shortened product lifecycles. Customer needs are constantly changing at the same pace or competitors have already claimed the corresponding market segment.
Due to such volatile conditions, the aim is to identify congruency between market and product as quickly as possible. With the Lean Startup method, an unfinished product is further developed directly on the market and customer feedback is immediately incorporated.
Lean Startup consciously takes advantage of developing under uncertain conditions. A concrete need of the product is assumed, despite unknown customer needs. The aim is to amortize the product as quickly as possible. This contradicts classic product development, in which the product first undergoes long planning and test phases before it is actually launched in the market. At the same time, companies risk failing to meet customer needs in the end.
Agile product development according to Lean Startup is based on three steps:
The knowledge gained from the Build-Measure-Feedback-Loop is called ‟validated learning”. This means that the progress of a development is systematically and empirically demonstrated. The hypotheses must either be confirmed, rejected or reassessed. The assumptions are always to be tested on the market and customer feedback is obtained regularly via the created prototype. This process is repeated until the optimal product is created and may be scaled.
You would like to discover the potentials of your product development using Lean Startup? We are glad to help you – please contact us!