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Creating a product can help a company solve an unmet customer need, grow sales, or reduce dependence on a single market—but none of those outcomes is automatic. Start with a customer problem, test a small version of the solution, and check demand, costs, and delivery feasibility before committing to a full launch. Sometimes the best move is to improve an existing product or enter a new market rather than invent something from scratch.
Why develop a product?
A new product or a meaningful improvement to an existing one can give your company a way to address a customer need, sell more to current customers, spread fixed costs across more offerings, diversify revenue, or refresh its position in a market. These are potential benefits, not guaranteed results. Before development proceeds, estimate whether likely revenue can justify the investment, as GOV.UK’s product-development guidance advises.
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Development should not be an end in itself. NIST’s Manufacturing Extension Partnership recommends grounding innovation in unmet customer needs. A promising idea needs to solve a sufficiently important problem, be practical for your company to deliver, and have plausible buyers at a viable price.
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“Build something new” and “do nothing” are not the only options. Compare three paths against the same business questions before choosing. Queensland government guidance identifies growth, expansion, competitive positioning, and business renewal as possible reasons to develop products; its product-development advice also emphasizes planning for customer and market needs, testing, barriers, timing, resources, and implementation.
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| Path | What it means | Questions to assess |
|---|---|---|
| Improve an existing product | Make a meaningful change to an offer your company already sells. | Does the change address a demonstrated customer need? Will it be noticeably better than the current version and alternatives? Can the company produce and support the improvement? |
| Take an existing offer into a new market | Serve a different customer group or market with a product you already have. | Is there evidence of need in the new market? What changes are required for the offer, distribution, or support? Does expansion reduce or increase dependence on your current customers or markets? |
| Develop an entirely new product | Create a new offering for an existing or new customer group. | Is the problem important enough to warrant a new solution? Is the difference from alternatives meaningful? Can expected returns justify the cost, time, production, and support demands? |
For each route, weigh customer evidence, differentiation, cost and time against likely return, delivery capability, and the effect on your exposure to current customers or markets. Competition analysis, customer testing, and a return-on-investment check help distinguish an attractive idea from a sound business decision.
How to create and validate a product
1. Define the customer problem
Talk with existing and potential customers about what they need and where current options fall short. Write down who has the problem, the situation in which it occurs, and why it matters. Keep this description separate from your proposed solution so that enthusiasm for an idea does not stand in for evidence that the problem exists.
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2. Build the smallest useful test
Create a prototype as quickly and inexpensively as practical. It should be enough to test whether the concept addresses the problem—not a polished product built before the company knows whether the premise holds. Use what customers do and say about the prototype to identify what is unclear, missing, or unnecessary.
3. Test usefulness and willingness to pay
Ask customers to react to the concept and test prices consistently and realistically. Positive feedback about usefulness is not the same as proof that enough buyers will pay enough to cover development and delivery. Estimate likely demand and return against the investment the company would need to make.
4. Check differentiation and alternatives
Compare the concept with competitors’ offerings and with your own current products. Identify what is meaningfully different or better for the intended customer. If the advantage is hard to explain or customers do not value it, revise the proposition or reconsider the path.
5. Test whether the business can deliver
A prototype that works is only one part of the decision. At each iteration, ask whether the problem matters, the solution works, the company can produce and deliver it, and buyers will pay enough. Consider the resources and support the offer will require, not just the effort to design it.
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6. Plan implementation and launch
Once evidence supports moving ahead, make a product-development plan that covers customer and market needs, testing, barriers, timing, resources, and implementation. Prepare launch activity before the product reaches the market so the company is ready to explain the offer and deliver it.
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PwC Germany’s 2025 study surveyed 200 decision-makers at industrial companies across sectors. Its findings offer context for digital product development in that group, not a forecast for every company:
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- Respondents expected investment in digital product development to increase efficiency by an average of 19% over the next five years. This is an expectation, not a measured or guaranteed gain.
- 41% of surveyed companies said they use data analytics and AI for product development.
- Digital frontrunners can derive up to 30% of total revenue from digital products and services. “Up to” describes a ceiling for that subgroup, not a typical result for all companies.
The study page attributes this caution to study leader Reinhard Geissbauer, a Partner at PwC Germany: “Increased investment in research and development does not automatically lead to greater success. It is more about strategically smart use of resources.”
These figures do not establish that developing a product causes growth or that a particular company will achieve the same results. Your decision should rest on evidence about your own customers, costs, market, and ability to deliver.
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