Are You Killing Your New Product? – Road Mapping for Success

Design company, Photo by Scott Graham on Unsplash

Whether you agree or not, road maps are vital when it comes to new product development. A road map not only helps in the successful development of a new product but also defines its growth. Building an accurate roadmap for a new product is not an easy task and many companies fail in making an effective roadmap. This is because companies fail to evaluate their long term and short term goals in relation to product development time. Another problem that companies face while developing a new product is expert consulting.

Therefore, roadmaps can make your new product a success but it needs to be planned correctly. With a good product development roadmap in hand, companies can identify the investment they should allocate to deliver a successful product within a specified period of time. This also acts as a foundation for the future of the product. Here are some of the common mistakes that product development teams make.

Read: Assessing Product Opportunities - 10 Fundamental Questions

Committed Roadmap

While it can be a great approach to have a committed roadmap, but it can act as a death nail if the market is evolving constantly. Therefore, you must refrain from freezing your roadmap at the initial stages. You must update your road map from time to time to keep up with the dynamic market. It also helps in giving relevant information and plan to the stakeholders involved in the procedure.

Focusing on Features

A roadmap should focus on complex problem solving to develop a product that is accepted by the customers. When you focus on features while building your road map, problem-solving opportunities are blocked. To reach out more customers with your product, you must keep in mind that you need to solve their current problems. If you are stuck with features and functions of the new product and you fail to understand the problems of customers, your product will fail to survive.

Excluding Customers

Many companies make one of the biggest mistakes while building a roadmap and i.e. going solo. You cannot expect to achieve success with your product if you have not involved the customer and market needs. Collaboration is the secret behind better strategies and better problem-solving.

It is a Starting Point

Irrespective of the product you are developing or the problems involved in the procedure, you must never consider your road map to be the starting point. As mentioned earlier, a good roadmap is the one that is changed to meet the needs of the market. If you begin your development procedure with a roadmap as the starting point, chances are that you will realise half way through that you are in the wrong direction.

Eagerness to Launch Soon

Developing teams often feel the pressure of taking the product to the market as soon as possible. This is the reason they focus on faster completion of the product development process while making their roadmap. But they must resist this urge and must focus on offering a good product to the market.

If you can think roadmap to be a plan to product success, you will give it the importance it actually deserves. Although road maps might have a price, this investment ensures profitability in future along with peace of mind. Roadmaps also ensure that your product is built thoughtfully to attain success.