How To Avoid Product Development Failures.... #productdevelopment #RubixStrategies #Startup #Founder #Engineering
By: Monica Aguilar
Have you ever been in the middle of making something at home and thought, “Hey, this would make a great product! If it works this well for me, there must be other people who could benefit too!” So, you set off to find a way to bring your product to life. We’ve all heard of stories where an inventor creates something and reaps huge financial rewards like Joy Mangano, whose life was made into the movie, “Joy”.
Before you go off and bring your idea to life, there are some critical questions you will need to answer to not only save you time, but also your hard-earned money. Below are five key questions to ask yourself to avoid product development failures:
1) Is there a market for your product?
Who are your buyers? How much will they spend on your product? Who is going to use it? What problem does it solve for the buyer? The short answer to these questions? Research. To emphasize the point: research, research, research and more research. It is absolutely critical to know your market. Otherwise, you will end up developing a product that is for the wrong target market or worse, no market at all.
2) Is your product ready?
Are there still issues with the product even though it’s (for the most part) usable? Great! Don’t launch. Remember the Iomega Zip drives? Yeah, we hardly do either. They went to market despite a huge fail: the drive wouldn’t function properly and caused stored data to become permanently inaccessible. Which leads us to the next question:
3) Can your product live up to its claims?
In other words, does it do what you say it’s going to do? If your product falls short of claims – fix the issue(s) and then launch. What would have happened had Iomega launched after they fixed this problem?
4) Is your product in limbo?
The Harvard Business Review shared a brief case study of Coke’s C2. It was a new generation of soda targeted at 20-40 year old men who loved the taste of Coke but didn’t like all those calories. The soda launched but quickly fell flat. Why? Well, according to the study the product wasn’t distinguishable enough. Perhaps the researchers weren’t asking the right questions or didn’t analyze the research studies properly. At the end of the day, The C2 cola was a flop that should have never went past the market studies.
5) Are you constantly surveying customers to make improvements?
I think one product who has done this really well is Dyson. The Dyson inventor is known for creating a product that was born out of constantly making improvements and adjustments to their product and manufacturing processes. Today, Dyson is known worldwide for the high quality products it produces.
Are you thinking about creating and developing a product? Be sure to take all of the necessary steps to ensure the success of your product. And if at first you don’t succeed, then by all means go back the drawing board and try again.