What are the most common mistakes companies make when launching new products, and how can they be avoided?

At the validation stage, the biggest mistake I have seen is when the team is not able to separate assumptions and knowledge. This can happen at every level and in every function. The challenge is that an assumptions can be challenged/evaluated/confirmed. Knowledge is used as basis for everything. This can impact the pricing strategy, the timing, core functions, options, etc. and each discrepency will impact negatively the market entry. The validation plan should therefore identify all the assumptions made, and define a schedule to confirm/disprove each of them. This view explains why some people get it right without much analysis (more knowledge = less assumptions), while others need much more effort (less knowledge = more assumptions).

Factors that need attention for new launches are a clear understanding & comprehensive market research with precise objectives to cater to consumer needs. Insufficient understanding of the target audience's needs and market demand can hinder success. A comprehensive competitive and IP analysis is required to position product in market. Rushing launch without proper testing, refinement, and unique selling points risks flawed or undifferentiated product, limiting its market appeal. An ineffective marketing strategy that lacks visibility and consumer awareness can significantly harm a new product launch. Equally vital is customer feedback, to avoid missed opportunities for necessary product enhancements leading to sales boost.

Most of the time, companies try and develop solutions that are similar to solutions available in the market. Sometimes they bring innovations that look different but essentially designed to solve the same problems that are being solved by other old solutions. Not researching enough to understand the problems is also a major reason for failed innovations.

While launching a new product One of the biggest mistakes you can make when starting a new business is not doing market research. You must learn about the competition and understand how you can differentiate yourself from them. Competition can be other small businesses carrying the same product or service as you, or it can be market giants like Amazon and Flipkart.

I often see that the difference between customer and consumer is not clear. Retailers are the customers of the R&D company, the consumers are the customers of the retailers. Some companies may have a direct link to their customers/consumers, like IKEA or HEMA in the Netherlands.

Even though the scope is defines, its the product managers job to get all stakeholders and leadership aligned on this before it's too late. Changing goal posts by leadership must be avoided at all costs once the product development is under way.

Defining scope is like charting a navigational map for a voyage. Without clear direction and understanding of the journey's purpose, the voyage can become directionless or lost. Companies that don't define the scope often fall into the trap of overburdening their product with features or underselling its potential. Both scenarios can result in lost trust and loyalty from consumers. Tools like roadmaps and backlogs are essential, keeping the product on course and aligned with market demands. Prioritizing features based on their impact and feasibility ensures that a product not only meets expectations but also stands out in a competitive marketplace.

Defining scope requires to understand the future growth and runway of the product. How products can be improved in the future and define those milestones early can add value and amortize cost

Defining the scope of a new product or feature is crucial for a successful launch. Here's how companies can avoid the mistake of not defining the scope: - Engage with Customers: Talk to potential customers to understand their needs. - Categorize Requirements: Group customer inputs into "Must have," "Good to have," and "Not now" categories. - Create a Roadmap: Develop a clear roadmap based on categorized requirements for both company and customer understanding. - Iterate as Necessary: Be open to revising the scope based on feedback, ensuring alignment with customer expectations. By following these steps, companies can establish a well-defined scope that meets customer needs, leading to a more successful product launch.

Not paying enough attention to usability by product's intended audience is one of the major mistakes companies make. The product may look completely usable to its developers, after all they designed it and know exactly how it works. But customers don't have this knowledge and assuming it as a baseline is a huge mistake companies often make. They fail to step "outside of the bubble" and test it with their real audience.

Testing the product and understand failure modes are very important in product development. Product need to be tested in full range of application and environment. Lot of products failed as they worked only in limited area, demographic etc

Launching an untested product is akin to navigating uncharted waters without a lifejacket. It's not just about ensuring the product works as intended but also about understanding its reception in the real world. The lack of robust testing can have cascading negative impacts, from poor user experiences to tarnishing a brand's image. A test-driven approach provides an iterative feedback loop, allowing companies to make necessary adjustments before a full-scale launch. It's not merely about rectifying flaws but maximizing the product's potential to resonate with its target audience. In today's fast-paced world, thorough testing is not a luxury; it's a necessity for sustained success.

Testing can be time consuming and expensive but what are the costs to your reputation and brand when a product hits the market and runs into problems? Consider that the investment in testing is reducing your exposure to potential warranty claims - it should always be money well spent.

There are complex acts for new product development. The test is needed more than ever. Because you can see all the detailed values and can achieve them and bring the highest value for the product.

Marketing is the bridge that connects a product with its intended audience. With effective marketing, even the most exceptional products can be recovered in the vast sea of competition. Companies must strike a balance, ensuring their marketing efforts represent the product while effectively highlighting its value. A holistic, well-thought-out marketing strategy ensures the product not only reaches its audience but also resonates with them. In our digital age, where information is abundant and attention spans are short, a well-executed marketing plan is critical for any product's success.

Another big one (1 and 4 are the biggest). Marketing starts as soon as you know the product is wanted/needed (read my response to the #1 question). You will also know the audience - so it's much easier to target them. Make it a priority to market and grow your reach. Use a waitlist if you like or a newsletter list of people to notify when you launch. Target where people are - e.g. at this stage, search might not be the best option. When searching people want a solution now (or shortly after). Social media -> email is your best bet. Once you have launched, it's a different story, but never stop marketing. Always be trying new angles, new creatives, and new approaches. Leave no stone unturned, and have a marketing strategy from day #2.

Post-launch reflection is pivotal. Companies that view the launch as the endgame often miss out on the ongoing evolution a product requires in the ever-changing market landscape. Feedback, both positive and negative, is invaluable gold for refining and enhancing a product's value proposition. Ignoring this feedback is akin to leaving money on the table. Moreover, being adaptable post-launch is not about admitting initial failure; it's about continuous growth and aligning with shifting consumer needs. In essence, a product launch isn't the conclusion of a journey but the beginning of an iterative process of learning, adapting, and growing.

In my experience, not designing a continuous feedback mechanism on the usage patterns and understanding customer experience is also a big mistake. It is said that a product with no feedback is essentially a product that’s not being used. Understanding the level at which we are solving the customer’s problems and how we can improving on the key areas of focus, in-line with the vision of the product in solving the problem that we started to solve with is key to success. Hence every product that’s launched should have baked in the whole customer engagement process baked into the flow of the product.

I think the article is great and definitely covers the majority of root causes. But I still think that is missing the core problem: not allocating enough money to innovate. Even the best professionals together would not be able to succeed. In my career I saw so many times (and still see) teams sitting together to prioritize or find cheaper alternatives to execute their plans due to short budget. Innovation is expensive and if you are willing to innovate, you should be willing to pay for it in all stages: ideation - implementation - launch and don't forget about the post launch! It is so important as communicate or study or produce it.

Consumer need and demand decide the success of product followed by product application, usage, packing, marketing and availability By Suresh Kumar Laundry consultant Corporate Advicer INDIA

Don’t ignore key findings from development process. You may hear echoes of the past in feedback from the present. Stepping away from the scientific development process and allowing leadership preference based changes into final product design will potentially ruin it. Using A or B testing or other simple methods and sticking to it is best. Don’t try to develop your final product with processed ingredients from the grocery store. NIST sells a standard peanut butter because they’re all different! There’s variation everywhere, source materials from suppliers as much as possible with spec sheets, item numbers, etc. One company can make multiple versions of the same product differently for separate customers.

Time to market. This is the biggest one. R&D can't work on the usual business cycles, and it's difficult to quantify for financial purposes. Trying to shoehorn product innovation (or, worse, invention) into a funding cycle is a surefire way to produce nothing meaningful in the eyes of your (potential) clients. And the budget you spend could have been better spent elsewhere. If that's your plan - just allocate that budget to marketing, sales and expansion to other countries and markets. An example, of time to market for innovation and invention can be found at Dyson. You can read how long it took for each product in R&D to make it out. Use that as a comparison between reality and your expectations - and adjust yours accordingly.