Beware of 5 Common Mistakes When Developing Products

To continue to grow, business actors need to innovate, for example by providing cashless payment services and the latest products. So, are you one of the business people who plan to develop products? If yes, then you need to make preparations and always look for references. You see, the process for developing a product is more complex than you think! To anticipate this, let’s identify the 5 most common mistakes business people make when preparing the latest product.

1. Skip the market research stage

Who says market research is only needed when you are just starting out? This stage is also important for those of you who are developing products. You see, market research will help you to understand what customers need and whether they will be interested in buying your product or not. From here you can consider what advantages you can get if you develop the product and whether the product is ideal for development. In addition, you also need to consider whether the innovation will increase your return on investment (ROI) or not.

2. The product launch stage is considered the most important

When we are developing a new product, what are the most important stages? Perhaps, many think that the peak stage of a product development is when the product is launched. However, this assumption is not true. Just because the product has been successfully launched, doesn’t mean you stop working hard. In fact, product launches are the initial stage for you to prepare for the next business development. For example, you have to make sure that the new product is well publicized, delivered on time, and has a significant number of sales.

3. Putting customer convenience aside

You should focus on developing products as a form of innovation. However, do not let you focus too much on customer convenience. Even if the product you present is very different from the previous one and uses the most up-to-date technology, it doesn’t mean anything if the customer is not comfortable using it. Hence, when you design, manufacture and launch a product, make sure to always involve the customer’s point of view. That way, you can ensure that your product meets customer expectations and is user friendly.

4. Not monitoring the timeline

Time is one of the important aspects that you cannot return when it has passed. Just imagine, when you wake up late, you might miss the bus and have to wait for the next schedule. The same thing happens when you develop a product. Success in developing a product is not only influenced by the quality and impact of the product, but also the time required for preparation. Hence, you need to pay attention to the pre-planned product development timeline. Do each task according to the schedule. In addition, be sure to always monitor this process through regular reports. Because if there is a delay, then later the delay will affect the others.

5. Not setting the proper price

A mistake that is also often made when launching a new product is setting a price that is too high or too low. In fact, if the price is not right, you will find it difficult to attract customers. You see, people tend to look for products that are reasonably priced, not too expensive or cheap, especially if the product is still relatively new on the market. In order for the price to be right, you need to calculate it correctly and adjust to the customer’s tendencies.

Successfully developing the latest product is indeed a satisfaction in itself. But behind it all, you also need to work hard to achieve your goals and avoid the mistakes that can occur when presenting the latest product.