Out of the millions of people delving in new product development, only a handful of product ideas get to develop into tangible things. Given the startling figure, it is a fact that many entrepreneurs make grievous mistakes that end up destroying their product in the planning stages. Below are 5 types of product development pitfalls to avoid when designing a new product.
- Poor execution of new product development process ideas
Contrary to widespread opinion, having a great idea does not always convert to having a great product. Many products in the market nowadays that are a success started as ideas that were executed well. When analyzing the new product development process, it is vital to analyse the feasibility of the project through brainstorming. Failing to do so will translate to poorly planned and executed ideas that translate to mediocre products.
- Poor definition of the new product development process
A mistake that can jeopardize the success of your product is failing to define the purpose of the product. The disappointment is usually attributed to poor communication that fails to convert a great idea into a great product. It is then vital to analyze various stages of new product development to avoid having difficulty meeting customers’ expectations.
- Disregarding marketing research on the new product development process
It is quite common for entrepreneurs to be so immersed in the new product development and marketing process that they completely forget that they need feedback to know how it can be tweaked to meet customers’ needs. Ideally, doing research allows you to know what steps you can take next. Failing to do so blinds you on areas that need adjustment like increasing the budget, adding new ideas or decreasing the price of the product. Skipping this is foolishly believing your product will succeed simply because it exists.
- Losing focus of the new product development process
A new product development process is usually focused on solving critical features like establishing function, possible uses and main features. However, for your product to stand out from the rest, it’s usually advisable to add extra features that will distinguish it from the competitors. Unfortunately, a pitfall that many people fall into is spending so much time on the extras that you end up ignoring the central feature development.
- Delaying the launch of the new product development process
The problem facing many people in the development state is trying to make the product impeccable. Even though launching a perfect product is a noble goal, over analyzing the product development strategies while delaying launch is disadvantageous. Ideally, some people can take years focusing on product research with an aim to eventually launch it. Unfortunately, this never comes to pass, and the whole concept ends up remaining as just an idea.
- Being a new product development process copy cat
Before contacting various product development companies to develop your product, it is best to analyze what your ideas are based on. It’s a fact that most products nowadays emulate noteworthy past inventions. However, there’s a big difference between emulating and copying. Though initial sales of a copied product design can skyrocket, the profit will flat line soon leading to product failure.
Overall, there are many obstacles associated with new product development. However, to launch a successful product, one needs more than great ideas. Learn from mistakes, improve on product quality and don’t disregard market research for a successful product