Creating a product from scratch seems to be as easy as devising an excellent idea, but it is not so in reality. A lot goes into the Product Strategy of a product – the designing, developing, marketing, manufacturing and the selling of the product. Most of the product fails that take place must be associated with a failure in the Product Strategy.
The Importance of Product Strategy in the design and development of a product cannot be stressed enough. To get the perfect product launch and save your business from demise, you should know about the common mistakes and how to avoid them.
— David Hubbard (@MOutfield) April 30, 2019
While talking in terms of mobile app development, many projects cannot achieve the targeted market success. The reasons are listed below :
- It could be because of the absence of originality.
- A poor UX design
- Failing to deliver value
But the product failure would mostly point to an improper mobile app product strategy.
There is always the need for a Product Strategy Framework. A proper strategy would begin by focusing on a particular requirement or functionality that the users might need. Addressing this should be the aim of the entire project.
After that, proper planning would fuel the product strategy framework as it would be pointing towards the user needs, guiding the development team to build a decent mobile application.
It will aid the team if they decide to go through the trouble of creating a product requirement document (PRD). There are a few things that you should always keep in mind – the mistakes. Not just that, you must know what you should be doing to steer clear of them.
Let us dive into details of each point one by one.
Not Understanding The Designing Goals
Aesthetics vs. Performance vs. Cost
The craftiest products can be found to be at the intersection of performance, aesthetics, and cost. One of the biggest reasons for failure is that most people are not able to see a clear line of demarcation between these. It is essential to understand the balance between the factors and sure others.
What Is Desirable In Such a Situation?
You need to lay down a complete roadmap of the design goals, followed by your ideas to reach them. Superior aesthetics might help you get amazing initial sales.
However, if the product doesn’t perform well, the consumers would not come back for more. They would even ask their acquaintances not to get such products.
The point is…
It is essential to study the customers to discover how aesthetics, cost, and performance should be balanced. The most important thing is not to compromise with quality!
Misunderstanding And Faulty Expectations On The Timelines
What Do You Expect?
Establishment of clear communication with the supplier or the contract manufacturer about the development schedules and product design should seal the deal for you.
You should remember that the initial production runs would be riddled with mishaps causing a delay due to the tweaks and design changes.
Normal This Is What Is Better To Do
If you’re planning for some market launch or there is an event to feature the product, you would need to communicate to the contract manufacturer so that the deadlines can be figured out well in advance and everything does not become a mess.
Keeping the launch schedule flexible would also help settle any delays in the production run.
Misunderstanding Testing Expectations
A Decision Is Important!
Once you have decided that the product has to meet certain standards, you should spread the news as early as possible. It would play a huge role in the entire designing process.
The supplier might manufacture, design and test the products to the existing standards if you do not adequately convey the strict tolerance limits. It is one of the main elements of product strategy, and you should not be neglecting it.
For instance, you design a mobile app, and you want to limit the amount of the device memory it takes. If the application keeps on hovering for more memory and processor resources, it is deemed to make the phone slower. It would help to make the app better and more useful to the users.
That is why conveying the proper standards would always be very helpful. If it exceeds the given limitations, you can reject the proposed solution.
The manufacturer or developer should make proper changes. Similarly, the supplier should also make the necessary changes so that there would not be a delayed final production.
You should be very clear about the testing methods and the specific requirements. Keeping the schedule on the right track is essential, and you should not take any risks.
Forgetting The Intellectual Property
Is there any existing patent that would affect the design?
Would you be required to steer clear of specific technologies and design elements?
Is there something for which you could claim potential territory?
You would need to perform some preliminary IP research, and that would help you to save yourself and your company from the nasty copyright and patent issues along the path.
If you do not know where and how to start, the contract manufacturer would be able to show you the way. They should even be the ones to notify you when there is a potential patent opportunity for you. It is why Product Strategy is essential. Without this knowledge, you are deemed to fail even if you succeed initially.
Failure In Understanding The Consumer
Selling The Products At The Wrong Price
It would be pretty useless if you fail to see how good the product is. You should never be overestimating or underestimating your products. They would never be able to sell well unless the price range is appropriate for the ideal customer.
It is essential to spend some time researching the average income of the target market and their willingness to spend money. You should also find out about the prices of similar products by the competitors. You should also find out how well the competitors’ products are selling.
It would help you to make money and would increase both the profitability and sales.
Not Trying Out The Product
Have This Type Of Question Raised In Your Mind?
Before launching the product,
- Have you tried out the prototype?
- Have you taken some time using and interacting with your product?
- While doing this, did you face any issues?
- How would you think the consumers would feel in different scenarios?
You should understand that the performance figures cannot be the only factor of importance❗
The consumers would always expect that your product should work well. They are spending their hard earned money on it. It is true that the aesthetics should not be given priority over performance, but the appearance still has a role to play.
The consumers would like something attractive – something that lasts longer and is very useful.
For instance, if you are launching a mobile app, the performance. e.g., loading time, proper functionality and usefulness are more important than the UI design. But if the interface is weak, they would like to work with some other application that has a better interface.
That is why it is essential to put the product in the proper context of the user. You would need to find out why, when, where and how the products would be using your products.
The competition is enormous, and the markets are saturated mainly and skewed towards the big corporations. You cannot afford not to give proper focus on user experience.
Improper Consumer Research
Many companies can get lost in this sector. You should be designing your products based on data, not assumptions and guesses.
You might think that you know the customer, but there could be a few subtleties that could make or destroy the success of the products.
You would need to design the products for the customer and not according to how you would like them. It is quite easy to fall right into the traps of creating something that you want rather than taking into consideration the requirements of the customer.
You would never regret investing in customer research.
Not Understanding the Market Trends
Requirements of the Product
There could be instances when you find that you have overlooked a significant product specification halfway through. You should study the industry standards applying to your products and the requirements specific to the retailer and certifications that the consumer could be asking.
Trends Of The Products
People always love the craze of something new. They crave the recent version of almost everything.
The common belief is that the newest variant is the best and if you stay behind the curve, you would not be able to reach very far. It means you would need to stay alert about the latest product changes and developments in the market.
Confusing a Good Product With a Good Business Model
Good products can surely be able to sustain a business. However, building a good product is not enough. Both should be successful. Product developers often fail to distinguish between users and customers. These groups bring different needs to the table.
For instance, the person who buys the product might not be having the same concerns as the people who are using it in the day to day life.
When Reality Hits Hard!
The excellent product must support should align with the business model of the company. This is not as easy as it sounds. The best products and the solid business model would fail even in the absence of a good distribution model, and the products would not sell effectively.
The company should be able to support the product to get the response it needs. So, management would need to examine the business and the structure of the organization. It should discuss the sales and distribution models to decide if the product can be sold effectively.
For making a useful product strategy, you should Hire Dedicated Developers. He/She should be able to guide you on this subject
Inefficiency In The Product Strategy Framework
What you’ve witnessed to date?
If the workflow is not complete and the tasks are messed up, the work would backtrack, and delays would result. It might be possible that the design has acquired its final state, but you can’t perform the final manufacturing process. It is quite common and is one of the worst ways for a project to be killed.
You need to avoid such predicaments by explaining the project details and reinitializing the flow meticulously as you achieve the developments and milestones.
Advice And Considerations
Though it is true that being proactive can be good, you cannot jump through the process steps and skip ahead if the project is not ready. It might mean redoing work along the road.
You should assign responsibility for each job. Identifying the areas where you are weak would help you along the way.
Keeping The Cycle From Getting Unbalanced
Product Strategy can be complex at times. The companies should maintain their attention on their strengths. You would need to remember that most of the delay in designing would come when there comes the necessity to execute the job where there is a lack of efficiency.
Partnering with a contract manufacturer who knows the complex manufacturing process well would certainly help.
What Does Psychology Say?
There might be times when you would feel that you might be able to save money and resources by doing everything yourself.
But better to avoid the normal human tendency otherwise.
But the efficiency of execution would be inferior, and the savings would be for nothing if you are back to square one with just fewer resources – time and money.
These blunders show the importance of product strategy for App Development. You should keep in mind these mistakes and the above steps and how you can avoid them.
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