This has tied their product development strategy to both business goals and customers’ needs and given Netflix the ability to capture more revenue as the company grows.īeing able to anticipate changing market trends and customer expectations is how Netflix have grown into one of the most popular OTT streaming platforms on the market. So as Netflix has continued to add value, they’ve iterated on the product experience, pricing model, and content to continually address problems their users face. Each update has helped them steadily increase their pricing as well. Whether it was easy access to DVDs in the early days, or account profiles and on-demand streaming today, each decision Netflix makes is grounded in deep user insights. At key points in their evolution, Netflix identified a need in the market and developed a product to address it. There’s a common theme that occurs when we take a look at Netflix’s history-their goal of removing friction for customers. And their subsequent move from licensing existing media to producing original content shows a deep understanding of what customers want from an OTT streaming company. Now, as one of the most popular over-the-top (OTT) platforms on the market, Netflix’s shift toward streaming media is a great case study in evolving alongside market trends. Netflix started out as a DVD rental platform. Our goal is to highlight how important it is to see the product development life cycle in action and learn from other companies’ successes.

It’s much easier to understand the various processes that go into building an engaging product when you can see it in the real world.Įach of the following product development examples provides an overview of the development process for various companies across a number of different industries. You can mitigate the risk of falling prey to these complications with a solid product development strategy. Whether it’s confusion around priorities and task management or a lack of customer understanding, taking a product from idea through to release is rife with potential issues.

From Betamax to Google Glass, there are hundreds of examples of the product development process going wrong.

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