Avoiding the common pitfalls that come with new product development can be tricky. Deploying a new product comes with its own unique set of challenges, and it can be a complex process from start to finish. While it might not appear that way, with hundreds of new products launched into the market worldwide, not all of them have the impact the developers intended them to have or make their mark in the right way.
While some mistakes can actually be helpful and even integral to product development and can help you improve your product, not all mistakes are beneficial and will be detrimental to your progress and success.
Not Carrying Out Market Research
Just because you think it’s a good idea or that the world needs it doesn’t mean it’s warranted or even wanted by the people you’re aiming at.
Comprehensive market research allows you to understand the customers in the region you are developing it for and whether or not it’ll be appreciated. Is there a demand or a need for it, what is similar on the market, and what are people relating to the product or even service you are developing? Because if there’s no market for it, then come launch day, you’re not going to make the impact you think you will.
Not Paying Attention to The Design and Strategy Phase
You want to rush your product to market so someone else doesn’t beat you to it. That’s completely understandable. However, cutting corners in the design and strategy portion of the process will inevitably lead you to missing things and potentially designing a product that isn’t viable or fit for purpose.
No matter how eager you are, the strategy and design process is important. It allows you to analyze what you’re doing and what it needs to deliver a worthy product to the market and avoid wasting copious hours and a lot of inventing to rush to the front with failure.
This phase needs to cover as many bases as possible. Whether it’s the cybersecurity of a medical device you’re developing, so working with experts like Blue Goat Cyber is vital, or you’re not appreciative of additional ideas outside of your design concept, then you’ll likely not develop a product that meets the standards you need it to and will present you with problems down the line, pre- or post-launch.
Allowing Budget and Time to Dictate
You don’t want to waste money languishing in a seemingly fruitless process or blow the budget on a non-financially viable product. However, the opposite can also be true. You can cut corners in terms of budget and still end up wasting money because you didn’t put your money where your mouth was and run through everything that is needed or warranted for your product.
Instead, be aware of your budget and what is possible within it to turn a profit. Do not ask your design team for features and add-ons if you’re unwilling to pay the price or if the value to the customer exceeds the budget.
The same goes for time, too, as mentioned above. Wanting to be the first to release a product and getting it on sale sooner rather than later, especially in conjunction with cost-cutting measures, can mean your timescale and budget are dictating what you’re developing, and the end result won’t be what you want or what the audience needs.
Focussing on Innovation, not Ease of Use
You want a cutting-edge product that exceeds technology and features all the advancements you can find for a truly spectacular product. But what is the process that goes into using a device that is this innovative? What do you lose in terms of simplicity when getting in everything you want or need?
Overlooking ease of use for customers who don’t have the knowledge and expertise of the technology being used means they will simply ignore what you present in terms of a more simplified product that does the same thing. You need to find the right balance of innovation and simplicity to appeal to the audience and make them want to buy it for its benefits and how easy it is to figure out. The more complicated and complex it is, the less likely it is to be a hit.
Product development is not always easy or straightforward, and it’s important to understand what you need to do each step of the way. These common pitfalls are ones that befall many companies investing in new products and cna become costly mistakes that disrupt the entire process.
