Product development requires inspiration, focus and vision. In order to ensure your product is developed and ready for market, here are the ten deadly sins of product development you must avoid.
Making assumptions about end users
As much as we think we know our audience, we don’t. Making assumptions about end users will get you nowhere. You should, however, have an idea of who will be using your product and why.
Not all stakeholders are in agreement
Everyone who is working on product development, shareholders, and investors should all be onboard with an idea. Without a plan that is agreed upon by all major stakeholders, it can slow the go-to-market strategy and jeopardize its success entirely.
Not setting milestones
Your project needs to hit milestones and you need to stick to it. The plan has to be clear, concise and get you from product development to market. Setting milestones also means you can make adjustments to the plan if there are delays or if you’re ahead of schedule.
Not assigning responsibility
You really on your team and each team member must know what they’re responsible for. By assigning clear responsibilities with little overlap, you allow each member to own their tasks and have pride in doing so.
Forgetting about regulations
This is especially important for electronics. There are government regulations that you need to address so you’re not stuck with a finished product you can’t sell because it doesn’t meet industry standards.
Not simplifying their product
The further you get in the product development phase, the more you’re going to want to add. Do not add new features if you cannot afford them or if they do not fit the practicality of the product.
Not learning from your mistakes
There is a risk you could fail with your first product launch, or maybe you’re well-accounted with it due to past failures. This doesn’t mean that you’re not good enough or your concept is useless. It’s about learning to fall gracefully, knowing what not to do next time and staying true the product practical use.
If you want your product development to be a success, you need the right parts. Call Circuits Central today at (888) 602-7264 or request a quote here.