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Why do 95% of new products fail?



Overcoming the Top Four Most Common Pitfalls in New Product Development


For high-tech businesses, new product development is key to success. However, many development teams make common mistakes that lead to longer development timelines and even project shutdowns. In this article, we'll explore the four most common pitfalls in new product development and their solutions. By avoiding these mistakes, you'll be able to streamline the process and create a successful product that meets customer needs.


1. User need or market pain not well understood


The first mistake development teams make is not understanding their user's needs or the market pain. By failing to research customer feedback and conduct a thorough analysis, development teams risk creating a product that fails to meet customer expectations. By not understanding their users and market, development teams may create a product that no one needs. For businesses, especially newer ones, this can be a recipe for disaster and lead to costly product rework or even cancellations.


The solution to this issue is to conduct customer research and organize the findings in a requirements document. Throughout the development process, this document should be continuously updated through testing prototypes and iterations to define the functionality and features of your product and how they work. By continuously updating the document, development teams can ensure they are on track with customer needs and market demand. Requirements are valuable because they help inform the design process, allowing development teams to make well-informed decisions. Requirements can even be seen as more valuable than the design itself because they can be taken to any professional and designed better, but that is impossible without the requirements.


2. Usability of the product not understood or explored


Another common mistake development teams make is not understanding or exploring the usability of their product. Development teams should ensure that all user interface elements are aesthetically pleasing and intuitive and that users can complete tasks quickly and efficiently. By not considering usability, development teams risk creating a product that is difficult for users to interact with and understand. For development teams, this could mean lost users or decreased customer loyalty.


The best way to avoid this is by creating prototypes and testing them with real users. By building a minimally viable product (MVP) and testing it with early users, development teams can understand how their product is used and make changes accordingly. An MVP product typically consists of a bare-bones version, which can be tested with users to gain crucial insights into how the final version should look and function.


3. Technology is not fully developed or too early for formal PD


Many development teams make the mistake of not fully developing technology for their products or starting formal product development too early. Development teams should ensure that technology is mature, all primary technical risks are addressed, and the technology is ready for commercial use before beginning formal product development. By doing so, development teams avoid further iterations and technology development late in the process or creating an unreliable and potentially dangerous product.


To avoid this, development teams should do thorough research on existing technology, evaluate the manufacturability of new technology, and consult with experts on the best course of action. Development teams should also use technology readiness levels (TRL) to properly assess the maturity level of their products before beginning formal product development. This will help them identify potential issues early on in the process and allow adequate time to address them. Development teams can ensure that their products meet the necessary safety and performance requirements by designing for tests, manufacturers, and the supply chain.


4. Risk assessment not addressed


Product development is a complex process, and risk assessment is one of the most important parts. Poorly addressed risks can lead to higher costs, extended timelines, and even complete project shutdowns. And when planning a new product launch, organizations should always consider this essential step in their development process. And, for organizations creating products for medical or consumer use, managing risk is even more important. Risk assessment helps to identify areas of potential danger and mitigates them before launching the product. By uncovering risks early on, organizations can save a great deal of money that would otherwise be invested in rectifying problems after launch. Risk assessment focuses on identifying and managing uncertainties by analyzing potential risks and taking the necessary steps to mitigate them.


When developing a new product, organizations should use a risk assessment process such as ISO 14971. This process involves four steps: identify hazards associated with the product; assess the severity of harm caused by these hazards; evaluate the likelihood of occurrence for each hazard; take steps to eliminate or reduce the risk of harm. This process is vital in ensuring that organizations understand what risks are associated with their products and take the necessary measures to mitigate them before launch. Additionally, organizations should use a risk-based approach when creating new products. This means breaking down the project into smaller components and assessing the risk for each component. This helps organizations focus on the highest risks first and then address lower-risk components later in the development process.


Each of these pitfalls can have potentially severe consequences for the development of a new product. Addressing risk assessment is essential in ensuring that potential dangers are identified and mitigated before launch. Developing a product without fully developing the technology can lead to further iterations and delays in the development process. Starting formal product development too early can lead to unreliable and dangerous products. And finally, not designing for manufacturability can lead to higher costs and product defects. By avoiding these common mistakes, development teams can ensure a smoother and more successful product launch.



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