It takes a lot of time and money to develop a product or feature. Therefore, it is crucial that customers use our product and we do not end up developing a failed product. Product managers and their teams play a vital role in steering a product towards success. By implementing effective steps, checks, and processes, they can mitigate risks and increase the likelihood of developing a product that meets customer needs and achieves its business and organisation goals.
Read more : Why products fail : the case of McDonald’s Arch Deluxe
The following steps and checks if implemented carefully can help avoid developing failed products
- Market research: Understanding what customers want and knowing trends in the market is crucial for success. For example, talking to potential users and checking out what competitors are doing can help spot gaps in the market. Essentially it means that we are doing diligence and making sure that we are developing something that already does not exist and there is a need for this product and customers are willing to pay for it.
- Competitor analysis: Keeping an eye on what other companies are doing can give great ideas. By studying what competitors are offering and what customers like or don’t like about it, the team can learn a lot. For example, seeing what features competitors have can spark ideas for new features or improvements. Carrying out SWOT analysis of the competition can also help identify their weaknesses and opportunities for your company. Read more : https://blog.hubspot.com/marketing/swot-analysis
- Define clear goals: Setting clear, measurable goals helps keep the team on track. For instance, aiming to increase user engagement by a certain amount within a specific time gives everyone a clear target. In case if we don’t get desired results, it is easier for team to start thinking pivot.
- User feedback: Listening to what users have to say during development is super important. By getting their input, the team can make sure the product meets their needs. Testing with users and studying how they use the product can give helpful insights. This is done during design phase when we present the prototypes to potential users.
- Iterative development: Making small improvements to the product over time is better than trying to get everything perfect at once. Releasing early versions, like a basic version or a beta, and getting feedback helps the team make it better step by step.
- Cross-functional collaboration: Working closely with different teams, like design, engineering, and marketing, is essential. Regular meetings where everyone talks about progress and challenges keep everyone on the same page. Design team and marketers are close to customers. They understand the market and customer dynamics and therefore, closely working with them during development phase can help avoid developing failed products.
- Prototype testing: Before diving into big development, creating prototypes to test with customers can save time and money. Prototypes let the team see how users interact with the product early on. For example, making a simple model users can click around on can show if the design is easy to use.
- Risk assessment: Spotting possible problems early and having plans to deal with them is a big part of managing a project. By thinking ahead about what might go wrong, the team can avoid big headaches later. For instance, planning for technical issues and having enough resources to fix them can prevent delays.
- Data-driven decision making: Making choices based on real data, not just guesses, is key. Looking at numbers like how users are using the product and what’s happening in the market helps the team make smart decisions. For example, seeing which features users like the most can help decide what to work on next.
Read more : What are 10 main responsibilities of a product manager?
By following these steps, checks, and processes, product managers and their teams can avoid developing failed products. By conducting thorough market research, defining clear goals, gathering user feedback, and adopting an iterative development approach, teams can minimize the risk of failure and increase the chances of achieving their objectives. Collaboration, risk assessment, data-driven decision making, competitor analysis, and regular evaluation are also key components of a successful product development strategy. By incorporating these practices into their process, product teams can create products that resonate with users and achieve their business goals.
