With an evolving marketplace and increased competition, businesses have had to fight to keep their heads above rocky waters. To stay in the game, forward-thinking companies must zero-in on innovation or lag behind their competitors. To do so, business industry leaders must change their mindset and consciously aspire to do things better and more efficiently.
In light of the above, businesses have invested significantly in product development to give their brand a competitive edge on the market. Have you ever wondered why your favorite snack is now available in different packaging? Are you curious why companies release a never-before-seen version of their existing product multiple times per year? Below are the six reasons why companies invest in product development. Businesses develop products to:
- Gain a competitive advantage
- Test consumer trends
- Explore technology
- Capitalize on the power of word-of-mouth
- Improve customer engagement
- Increase the bottom-line benefits like increased revenue and market share
The role of data analytics in ensuring a successful product launch
Research is pivotal throughout the product development life cycle. Thankfully, data product development is an intelligent process that uses data to extract worthwhile insights that feed into the product development cycle. Data analytics product development examines product viability, helps business owners make informed decisions, tracks products’ working features, and collects consumer insights.
Product development mistakes and how to avoid them
Mistakes are bound to happen, and they are likely to rear their ugly heads in your product development phase. Despite the harsh reality that product development mistakes often make an appearance in this phase doesn’t mean these errors are a necessary evil. Familiarizing yourself with common pitfalls that you are likely to face during the product development stage helps you devise proactive mitigation strategies.
That said, keep these common slip-ups stored in the back of your mind when developing your product.
Losing sight of the product development costs
At the onset of the product development phase, you’ll have likely formulated your team’s vision, mission, and goals. You are all focused on developing an inspiring and spirit-lifting product. However, amid these concerted efforts, don’t lose sight of the costs incurred. Otherwise, you may inadvertently jeopardize the success of these product development processes.
Avoid this pitfall by continually monitoring your budgeted and actual costs. You could do this weekly. Frequent monitoring allows you to catch budget abnormalities with ample time to execute your contingency plan.
If you happen to recruit the wrong team members for the product development project at hand, you risk thrashing in choppy financial waters. Therefore, it’s essential to evaluate the technical capabilities of your team. Where inadequate, outsource to fill up the gap.
Pro tip: Projects of all sizes are susceptible to the forces of human error. Get it right from the get-go by putting the right team members in the right seats.
Paying too little attention to market intelligence
Anyone immersed in the business sector understands that the world is an ever-evolving place. To that end, consumer purchase patterns are always changing. Therefore, it’s catastrophic to ignore market intelligence to accelerate the product development cycle.
Typically, the product development cycle may take nine months to two years to complete. Within that period, consider the changing marketing landscape, and be sure to make adjustments according to what marketing research dictates.
Forgetting the product requirements
The product development cycle can be overwhelming, leading you to lose sight of the requirements that need to be incorporated into the product under development. Worse yet, these flaws are often discovered at the final stage, when it’s too late to make product-salvaging adjustments.
You could avoid this costly oversight by assigning specific team members the task of assuring that the product’s expected features are incorporated in every stage.
Losing sight of the schedule
It’s easy to lose sight of the forest and stare aimlessly at the trees when in the heat of the moment. Should the project timeline slip through these executives’ fingers, a business is at risk of exhausting limiting financial resources. To avoid this pitfall, utilize tools that continuously track the estimated completion time, keeping your project within the estimated time window.
With these five product development mistakes committed to memory, you can deter failed projects, derailed launches, and missed opportunities. As a result, you’ll remain ahead of the curve, stay within budget, and adhere to deadlines.
Interesting Related Article: “How Rapid Prototyping Can Enhance Your Product Development Processes“