What steps can you take to reduce the risk of failure when developing a new product?

Many of us start with a great idea, rather than the problem that needs solving. When you start with the problem or challenge, you have ticked the first box... next up is to look at the market. Conduct a market segmentation. This essentially breaks your market into manageable chunks, with shared attributes. I'd suggest creating a Meaningful Actionable grid, to help you look dispassionately at the market. It will identify niches (and also segments to avoid) and help you gain clarity and confidence as you validate your idea... does it work/resonate with these people (in this segment) etc.

Step-by-step breakdown of a successful new product development: -Develop a new product when a top client suggests it -Do market research -Develop manufacturing process/procure right vendors -Market the product in all your channels (Marketing includes sending sample quantities to top clients) -Use feedback to modify the product -Market again

It it wasn’t for the critical nature of identifying the challenge, I’d say this is the most critical and important aspect to the success of of a project. You will (likely) never have a shortage of challenges to overcome, but solutions can be fickle to say the least. The cost of not validating? - Time: yours, the company’s and customers - Trust: your peers, leaders, customers - money: the company, team budgets, and customers Notice the consistent theme? Not only do you and your company lose but the very people you are trying to help (the customer) loses. Not everyone can be 100% right 100% of the time, but you will typically identify the most effective solutions by using a mix of hard data to verify qualitative data and stories.

Develop A Business Plan! So, why is business planning so crucial? In a word, it provides “clarity”. Investing time to develop a plan provides precise clarification of the company vision. In addition, it provides a mechanism to gauge the results of the business and provides the foundation for future growth plans. In the long haul, it enhances the company valuation through fiscal responsibility, which provides the story of opportunity to any future investor or employee. Business planning is one-part strategy and one-part tactics – but where the sausage actually gets made is in the execution. Execution comes in the hard work necessary to carry out a plan and the accountability for your activities by tracking them.

Having started with a problem to resolve, appropriate market segments and early-stage conceptual feedback, lots of people suggest creating an MVP - or minimum viable product. I think it should be minimum loveable product, because it's great to nurture raving fans at this early stage who get on board, who help you iterate, and who you can call on for customer feedback for your marketing and PR. It might be as simple as a basic interactive, it might be just the first feature. As an ideator it is easy to want bells and whistles. That may not be needed, because early stage you're pre-testing... and feedback may suggest you don't need the bells and whistles, so be mindful about how much time and money you invest at this stage.

Beyond the obvious steps such as idea validation with potential users, market research and testing, there is one thing I want to point out: Thoughtful Innovation in User Experience. When it comes to innovating the user experience, it's important to avoid innovation for innovation's sake. Any new or uncommon approaches in UX should have a clear purpose, aimed at solving a specific problem or improving the user’s interaction with the product. Radical changes in UX can be disorienting or off-putting to users, so any innovation in this area should be user-centric, addressing real needs and enhancing usability. Focusing on this aspect significantly lowers the likelihood of failure in product development.

Learn to replicate yourself. Given the fact that you are a one stop shop, a small business owner needs to replicate themselves wherever possible. Tools such as social media and the acceptance of telecommuting through online collaboration have enabled small business owners to be in many places at one time. In order to be successful, small business owners need to tap these tools to maximize their exposure to potential clients as well as reaching customers outside of their immediate trade area.