Bringing a product to market isn’t as easy as you think. Many people have great ideas that serve a real purpose that never reaches their fullest potential. Although the reasons for product failure are plentiful, lack of knowledge and poor planning is often at the core. When entrepreneurs rush to bring a concept to life without comprehension or research, they make mistakes and overlook factors necessary for success.
In an era where brand reputations are ruined in an instant, launching a product without first doing your homework is a recipe for disaster. Here’s a closer look at common product development mistakes and ways to avoid them.
Completing Tasks You Don’t Comprehend
Entrepreneurs are notorious for doing things themselves. Although this route works for specific business tasks, it’s not ideal in all circumstances. Product development is a multi-faceted process involving a variety of steps. Executing each phase successfully requires education and experience in everything from market research to consumer studies to manufacturing and distribution. Unless you have a plethora of degrees under your belt or years of experience in each of these areas, you run the risk of making mistakes that cost you big.
There’s nothing wrong with admitting you need help developing your product. Whether it’s working with a digital product development agency to design an app or a consumer research panel to provide feedback before launching, enlisting help from people with experience is ideal. Their knowledge in their fields or personal experience enhances your products, increasing your chances of success.
Not Investing Enough Time or Money In Feedback
All too often, entrepreneurs anxious to get their product on the market bypass getting feedback from others. Consequently, they end up producing merchandise that doesn’t sell. No matter how great you believe your product is, you need feedback. The professional and personal opinion of others gives you new perspectives on your product. It enables you to weed out problems and finetune your merchandise before you place them on the market.
Talk to your business partners, stakeholders, and target audience to get honest feedback on your product. You can try user testing, online polls, paid surveys, and consumer panels. You must also be willing to take the findings and apply them as needed to create merchandise that interests consumers and stands up to the competition.
Cutting Corners To “Save Money”
The idea of having your product or service on the market is exciting. However, accomplishing this goal comes with a sizeable financial investment. Consequently, anxious entrepreneurs working with small budgets cut corners as a means to save. They start skipping steps or using low-quality resources to develop their products. Although it may shave a few bucks off the expense, taking “shortcuts” or opting for “cheap” materials and professional services could cost you big time. Ultimately, you present a product or service to the public that’s sub-par or ineffective, ruining the brand and everything you’ve worked so hard to accomplish.
A ruined reputation, overlooking federal and local regulations, or a lawsuit from a disgruntled customer is hard to come back from. While there’s nothing wrong with finding discounts and streamlining processes to save money, it should never come at the expense of your product or service’s safety or quality. Entrepreneurs are encouraged to research in advance to get an average cost of product development. If you don’t have enough money in the budget, it’s best to turn to money-earning solutions or hold off until you have what you need.
Whether you’re just starting a business or merely interested in expanding your brand, it’s essential to take your time with product development. This merchandise is a reflection of your company and can ultimately determine your failure or success. Although you want nothing more than for your idea to take off, making mistakes like those discussed above can throw a monkey-wrench in your plans. When you do the research, enlist help, and create an efficient strategy, you have a better chance of making your professional dreams come true.