Do you prepare a product requirement specification similar to project requirement specification before you start developing a product? If “Yes” – you need to revisit your product development strategy. You need to think about your objective as why you want to develop this product.
Product development is a dynamic process and requirement in this process emerges with time. Some of these requirements may come from prospective customers while some may come from the changing market demand. With time you may discover a new way of doing things and that may lead into a new feature / modification in existing feature.
Product evolves. It evolves with time, with market and with the product maturity cycle.
Facebook was not built with a single product specification, neither was the Google. All great products evolved with time. They got the maturity and market share because they were smart enough to adapt changing needs of the customers and it all came because they were spontaneous.
Defining a product up-front and freezing requirements before starting product development is an old-school thought and it’s not going to give you a new generation of product. It’s not going to help you grab desired market.
Be agile in your product development process and be ready to accept changes. Let your product evolve!