Shocking Product Development Mistakes You Can’t Afford To Make

Imagine you spend months, maybe even years, developing a new product.

It’s something you’ve poured your heart and soul into – not to mention a fair amount of cash. You’re excited to release it, hoping that the sales will fly so high that dollar signs appear in your eyes. But, when the product gets released, things don’t go as planned. It ends up being a total failure, and you’ve lost so much money.

For a lot of entrepreneurs, this is a situation that they’ve lived through.

All their hard work and effort goes to waste, and it can often end a business. When you take a look at why things failed, it tends to come down to at least one of these product development mistakes:

#1 Not Enough Product Testing

 

It’s essential that you test your product to make sure that it does what you tell customers it will do.

One or two tests isn’t going to cut it.

You can easily get different results from test to test, which is why this needs to be a continuous process. You also need to get different people to test your product, so you can see their experiences with it.

Person A, for example, might find it easy to use, while person B and C really struggle with one particular thing. Now, you can go away and fix that issue, so everyone is happier.

Keep testing your product throughout the development cycle as it helps you adapt the final version and iron out faults. Then, make sure you check the final product thoroughly to guarantee it will work.

#2 Not Safety Testing the Final Product

Testing your product to see if it works is one thing, but checking it to see if it’s safe is another.

There are thousands of potential issues with a product that can make it unsafe and cause injuries. Read any legal blog and you’ll find examples of products that have caused personal injuries and led to massive payouts that damage a business.

It can be a problem with the design that causes physical trauma, or there could be unsafe ingredients in a product that cause health issues. Either way, you need to safety test your product when the final version is ready for release. Get it safety certified and you’ll be good to go.

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#3 Failing to do Market Research

Your market research must take place before you even think about thinking about developing your product.

You need to find out four things:

1. Does your product solve a problem?
2. Do customers feel that the problem is urgent?
3. How much are clients willing to pay for your solution?
4. How big is the market for your product?

In essence, it’s the first stage of product development, because research shows whether or not there’s even a place for your product in the market.

A lot of people have a product idea and go straight into design and development. Then, when it’s ready, they start with the market research -only to find out there’s no place for it, and the demand isn’t there.

You must conduct extensive research to understand who will be interested in your product, how you can market it, and the key selling points. Then, you can design something that will actually be in demand.

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#4 Only Marketing the Product After Release

Perhaps the most common error is marketing your new product after it’s released.

You’ve done the research, used it to help create the ideal product, tested it loads, and it’s ready to sell. The problem is, no one knows about your product other than a small group of people.

It’s vital that you work on marketing this thing way before it’s released.

There should be a lengthy build-up to the release date where you’re creating tension and spreading the word about this item that people really need. Your marketing strategy needs to place your product as a solution to a problem – something that will make a difference in someone’s life. Then, let people pre-order it -this is another thing that gets neglected.

Pre-orders mean you can essentially make sales before it goes on sale. When the product is ready, you know there are people with money already willing to pay.

#5 Rushing everything

The final mistake is simple; you’ve rushed everything.

From start to finish, all you’re concerned with is getting your product on the market quickly. You’re eager to see the cash, so you cut corners here and there.

Don’t ever do this!

Yes, you don’t want to drag things on forever, but know that slow and steady wins the race. Take your time, and you won’t miss glaring errors that can ruin your product if you release it.

If you’re about to create a new product, then make sure you don’t make any of these shocking mistakes!

You Can Pivot

Nearly all successful companies pivot.

After a failure, they find out why the product or service didn’t sell, and they make changes to create a more appealing product. Many companies pivot repeatedly, until the find the right customer niche.

Use what you’ve learned and pivot to create a successful business.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/ (you tube channel) kenboydstl