Adding new features can increase your overall product value and consequently, increase your market share. We have written about how to create new products, where to get inspired and other development guides. What makes new product development different from product development? While new product development can be revolutionary, product development (i.e. adding new features) is an evolutionary process.
Google is a leader in both areas. The search giant develops revolutionary products (i.e. new product development) and finds ways of improving upon them (i.e. product development). Gmail is one of many Google products that illustrates this point. Once Google mastered the end product, the search giant was able to add new features to increase the products overall value. For instance, enables users to make large changes, such as adding a customized inbox skin or SMS through Gmail chat, and small adjustments, such as YouTube e-mail previews.
To help you build new features to improve your products overall value, you will need to:
Evaluate the current product offering — to develop new features, you must first you will need to understand the value you’re currently bringing to the market. Based on that analysis, you will determine any shortcomings or gaps — which will be your opportunity to develop new features.
Stretch your creativity — without the spark of creativity, your new features might appear uninteresting to the end user. For instance, to create new features on the next generation of Toyota Yaris, the automakers product development team most likely explored many different ideas. The team could have brainstormed 500 ideas — from an easy way to play an iPod to seat warmers.
Perform market research — research is necessary to determine your audience needs. For Toyota, the Yaris is primarily targeted towards young, tech-savvy females. Based on their needs, would they want a massaging seat warmer, or would they prefer an AUX cable to play their iPod?
Make sure it’s in-line with the product — every new feature must make sense. If a new feature does not make sense to the target audience, it could ultimately damage products sales. In a classic episode of the Simpsons, Homer is charged with the task of adding new features to a car for the “everyday man.” At the end of the day, Homer created a monstrosity of an auto that was completely out of line with the current product offering. It obviously failed because a tail-fin or a bubble dome are not new features are not natural features to the “everyday man” car.
Consider the economics — to determine whether a new product feature is economical, you must weigh the value created by the new feature and the cost of producing it. If the cost of producing it outweighs the value, you should re-consider implementing. If, however, the value outweighs the cost, you have a no brainer.
Here is a chart to help you determine whether a new product feature is smart, or a dud:
Image by miguel ugalde from Stock.Xchng
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