Someone has said that the key to a successful product development is having a vision.. and those who succeed had a clear vision to start with. In the need to rush and be the first to come up with something new, we often forget the value of a product vision statement – a brief note on what we want to accomplish, why it is important and what criteria do we set for success. No doubt, product launches feel like rocket launches; exciting, mind-boggling and sometimes, rewarding. What goes on behind-the-scenes has become an obsession lately, in the race for innovation through great leadership. So I ask you, once and for all: Can you make your ideas… happen?
Product Development: From Repetition to Perfection
If it ain’t broke, don’t fix it.. and in the haste to launch something ‘innovative’, we may have forgotten old product development processes that worked. Most of thriving brands out there know that iteration is a crucial factor to making a new product – from revamping old products to adding more value, or repeating time-tested systems in making sure that your raw idea turns into a viable product that customers will buy and love. Just what made iPhone a phenomenal success these days when there are many versions of smartphones out there? Apple has repeatedly used effective marketing strategies, other than a systematic product development cycle. Think about it. Besides, repeating actions that fail is like listening to a broken record playing the same track over and over. You have to focus on what works and eliminate those that don’t.
Technology-Driven vs. Consumer-Driven Perspective
Most often, businesses tend to take on a technology-driven view on their product development, like the cost of production and vanity product specs, that they forget to take time to get to know their market. Many hours have been spent in perfecting a product to make it look cutting edge that we forget to ask our end-users (customers) on how this product can solve their needs. The result then is having less sales than expected, simply because we forgot to ask for feedback. You may want to create the next thing in super eyeglasses that can magnify vision to the nth degree, but if it will give users a headache and a hard time using it, they might as well ditch it. Any successful business out there will tell you that bringing an inadequately-developed product onto the market is as bad as presenting an overly-developed one. This is why when you’re in doubt, you must proceed with caution and spend more time on the drawing boards so you can come up with a great product.
The Secret Recipe to Launching Market-Leading Products
It’s not really a big secret after all. Not all ideas turn into fully-developed products with huge potential. But those who did know that staying true to their course has helped them. It comes down again to having a clear vision statement and validating it not only with an elevator pitch, but by clearly defining the requirements on turning your idea into a reality. You must have the patience and perseverance to test your concept, make business analysis, do market testing and identify what needs to be improved on (quality assurance checks). It’s all about efficiency, plus a solid grasp of the features and benefits of your product that will help you accomplish something that stands out. Are you ready to make your idea… sell?
“Vision without action is a dream. Action without vision is simply passing the time. Action with Vision is making a positive difference.” -Joel Barker