Thoughtful product design can lead to successful new product development and a healthy manufacturing business. But the bitter fact is that only 30% of products get a successful launch and positive review among the mass.
After so many critical researches and reviews, there are potentially five errors have been noticed in the way of new product development. These fatal errors are also overlooked by the huge manufacturing tycoons besides small or medium-sized firms. Organizations with huge cash flow limit can disguise the mistakes whereas the others can’t and that makes the entire difference.
Keep a tab on these 5 errors that should be avoided during new product development:
No Strategic Plan For The Futuristic Product
When the manufacturing or designing team is into new product development, strategic planning is quintessential. Keeping a goal while creating the product or having checkpoints before starting the development task, keeps the new product development easier.
Developing A Futuristic & Unique Product
Developing unique product kills the competition because in the race you are the only type of yourself. But if the futuristic details of the product are not complete or don’t have the capability to be feasible, the image of your production or manufacturing unit will be high at risk. Other risks can be the delay of launching date and going over budget.
Over-Estimation Of Objectives
When the idea of the development of new product strikes, the over excitement may lead to overestimation of objectives including sales of the product, budget and etc. One has to be very clear about the probability of the dormant state at the early production stage. Be clear about the objectives at the early stages in order to ensure minimum loss & chance to earn better profit margin.
Right Product But For The Wrong Audience
Understanding the market, defining the targeted audience, their requirements and developing the product as per the demand are some of the crucial steps of new product development. But, when the development unit produces a product for a market or audience that doesn’t need it at all may turn your business into a huge loss.
Also, there is an utter need to understand the dynamic nature of the market which changes every flicker of time. There can be chances of the shifting of current market demand. Thus, the manufacturing and engineering team have to be very careful regarding the current market trend while the development in the process.
Trying To Be Master Of All Trades
One product cannot be the star of every heart and this is where the work of market segmentation and audience target start. Simply adding new features cannot solve the problem but producing enough segmented products as per your targeted audience groups can become the answer to the dilemma. When the new product is on designing level, be sure you do not repeat the same mistakes again.