Today, the landscape for developing and marketing your product is drastically different than ever before. Outbound conversion is down, wtf is going on with AI, and your dad’s salesperson is out of a job.

We’re gonna take you through each stage of the product development lifecycle, and explain how it’s changing and what you need to successfully launch your product in 2024.

If we broadly outline the product development cycle as:

1. Develop & Validate the Idea

2. Build the Prototype & Business Case

3. Create the messaging

4. Build the Product

5. Release the Product

6. Track & Improve

   
   

1. Develop & Validate the Idea

Coming up with an idea is difficult, and yet, it’s the easiest part. Product Managers in 2024 have more resources to identify problems, but the market for solutions is more saturated than ever. There’s no doubt that you should be using data-driven decision-making. In times gone by, there was more data than resources, product developers had to narrow down their data, and focus on specific questions that needed answering. Today, generative AI and AI agent technology allows us to easily synthesize and make sense of massive amounts of data.

With AI, you have access to a holistic and 360 degree understanding of your product and marketplace (if you do it right). This means that product any reasonably obvious business opportunity is full of competitors.

2. Build the Prototype & Business Case

In this new marketplace, technology alone won’t set you apart, the art of differentiation is the key to beating your competitors. In the pursuit of differentiation, it’s easy for product teams to turn into feature factories. The result is bloated products overflowing with low value features.

In early stage product teams, feature factories are a losing strategy and you will have low quality products. Instead, product managers need to identify a specific niche and do it better than anyone else. Being ‘better than the rest’ can take many different forms. Startups have the unique ability to shape their products around their customers. Collaborate and listen to your early users & prospective customers, this can make for really strong loyalty in the long run.

If you can’t figure out which avenue to differentiate yourself, try experimenting. With AI tools today, developing and ideating new business cases is easier than ever. You now have the tools at your disposal to validate problems & solutions at light speed. When you’re still figuring out the details, don’t put all your eggs in one basket.

3. Create the Messaging

Today, as technology becomes increasingly commoditized, product teams need to own their knowledge arbitrage. Perceived expertise can be enough to turn conversations into purchase decisions. Consider becoming a LinkedInfluencer, being a ‘thought leader’ is an excellent way to develop customer trust. Differentiate with your depth of knowledge, create your messaging to reflect your expertise.

4. Build the Product

Finally, we get to build. Today, engineers can create much faster than they did before. With tools to get your idea online fast, and copilots to support problem solving, ideas can come to life quickly. The barrier to entry has dropped, young & inexperienced people can create amazing technology in 2024. Remember, at early stage startups, customers don’t need all the bells & whistles. Settle for small scope MVPs to validate your solution. Iterate and discuss constantly. Market Researchers and Go To Market teams should educate engineers on the problem to be solved, but let them have the freedom to create the solution.

5. Release the Product

Not only has the dawn of generative AI changed all of these processes, but the marketplace has changed too. Getting in front of and Interacting with customers looks much different than it did even a few years ago. Going to market, means going to network in 2024. Cold outreach is dying and people hate cold calls, adapt accordingly

If you have one, use your network. If you don’t, create one. Building community is crucial to finding warm leads, but this takes time. In 2024, some effective outbound strategies are in-person events and finding customers on forums and discussion boards.