This video is all about the common mistakes made. Watch the video or read the transcript below:
Product Development – Common Mistakes to Avoid
So, you want to develop your own product?
Concept Development is a big investment. So before you start, make sure you learn from other peoples mistakes. Watch this video right until the end as the last mistake is a BIG one and you don’t want to fall into the same trap.
Mistake number 1: Running out of money
Most ideas fail because the cash is all gone before the product is selling. It’s CRITICAL that you have all the necessary funds to develop but also to market and sell your product. You might need to consider investment.
Mistake number 2: Rushing your design brief
It’s always best to spend time getting your project brief right. If you don’t spend time refining it, the whole project can go off in the wrong direction which will cost you more overall.
Mistake number 3: Designing for yourself
Design for your target market, the people who will be buying your product. Throughout the whole development journey, use market research to check the products your developing is right.
Mistake number 4: Designing your product to be everything for everybody.
If you do this, you will end up designing forever. Instead, focus on a key selling point and design a minimum viable product that gets to market sooner and more cost effectively. Extra features can be added to your generation 2 product.