How do you decide when to iterate on a product concept?

the iteration on a product always keeps on happening we did 164 iterations while coming up with design for an app the important part was to understand that iterations will always keep on happening the iterations on product are important to capture new markets adding variants will help you address persona problem software products are never done, you are expand them overnight by adding a new feature the important in iteration is to track - Metrics you are optimizing for - stakeholders who will get impacted - what people want - what people have pain of

Deciding when to iterate on a product concept involves a combination of testing, data analysis, customer feedback and reading market trends. Gather feedback from customers and analyze metrics like willingness to try/ buy, engagement, perceived value. Stay updated on industry trends and evaluate if the concept aligns with market demands, current & future. Prototype testing provides real-world insights about Product-Market fit. Prioritize feedback based on consumer/user data and market impact and set clear iteration objectives. Iterate based on insights, focusing on critical improvement areas first. Maintain an ongoing feedback loop and monitor KPIs to ensure changes align with the product's vision, competitiveness and user expectations.

As innovation facilitator of 100+ projects, I advise you to EXPERIMENT BY PRETOTYPING, like TESLA… FAKE IT BEFORE YOU MAKE IT ???. Pretotyping is a technique for testing - and validating ideas quickly and cheap, founded by Savoia. It involves creating a simplified version of a product or service to collect user feedback and understand market demand. It’s a non-working prototype. Pretotyping reduces the risk of failure by assessing market response early in the development process. A famous pretotyping story is how Tesla ‘faked’ their first electrical car, the Roadster, using a so-called ‘glider’ of a Lotus Elise to confront their potential customers with a ‘real car’, leading to 250+ launching customers who paid $ 5000,- in advance.

In addition to user feedback, one should also consider external factors such as market trends and competition. In a more saturated market, product differentiation, as opposed to just focusing on user experience, will become more important. #ProductDifferentiation #MarketTrends #CompetitiveStrategy

we were launching a new educational program the target were college going students internally we were very happy designer was happy that it is looking good I was happy that messaging is very clear so excited from the notion we went ahead and did some user testing it bombed students were not able to relate they were not able to get what we are trying to sell we ended up changing the marketing material imagine this happening to your product after you spend 100K - 200K USD hence a recommended approach is customer feedback early on and have selling done before the product is built

Data collection is powerful, but only valuable when you understand what you're looking for. Amassing vast amounts of information without a clear purpose is like sifting through garbage. Whenever a new product feature is on the table, I find it most effective to start by outlining what data points will tell us if the concept is a success or a failure. By aligning the collected data with initial questions, you unlock its true meaning and transform it into actionable insights. As the famed statistician W. Edwards Deming once said, 'In God we trust. All others must bring data.' But remember, data is just the raw material. True wisdom lies in its thoughtful interpretation.

one fine morning, the conversion dropped from 25% to 15% we were startled as to what happened so we started looking at data understanding why users are not converting looking at the data we figured out people are not receiving emails post onboarding this insight helped us regain our conversion since then I have been a proponent of data based development

I think this section contradicts the title of the whole article. But to answer: how do you decide when to iterate a product? The answer is always. None of us hit the bullseye on their first shot and innovations are always happening. Be prepared to always be looking for iterations that will optimize your product and profit. It is commonly less costly to iterate a known product then do a clean sheet. However, sometimes you will have to totally start fresh.