Strategy before spending
A product development strategy is the set of decisions about who the product serves, how it will be sold and what margin it must earn, made before development money is spent. It sets clear business and product goals and checks the customer and the competition.
Published research supports getting this right. Aras reports that 77% of consumers have a more favorable opinion of brands that seek and apply customer feedback (Aras, 8 Steps to Creating a Successful Product Development Strategy).