Why Do Products Fail?

Insights from Walter B. Herbst’s Expert Session on Product Innovation

Why do so many brilliant ideas never make it to market? What separates a successful product from one that flops? These were the critical questions at the heart of a recent virtual session we hosted, featuring none other than Walter B. Herbst, Ph.D., author of Mastering Product Innovation and founder of Herbst Produkt. Drawing from decades of experience, Walter guided us through the product development process, revealing key factors that turn ideas into successful market-ready products—and why many promising ideas still fall short.

From Idea to Reality: The Common Pitfalls

Walter kicked off the session with a startling statistic: over 30,000 new consumer products are launched each year, and 80% of them fail. While it's tempting to blame faulty technology or marketing, the reality is much more complex. Walter highlighted several iconic examples of products that have failed to fully launch or gain significant market adoption, including Google Glass, the Microsoft Zune, and Iridium, demonstrating that even the most well-resourced companies can miss the mark.

One of his key takeaways? Solving the wrong problem is a common downfall. As Walter emphasized, "There’s no prize for solving correctly what proves to be the wrong problem." This happens when product teams rush to market without fully understanding the needs of the end user or the context in which their product will live.

The Product Opportunity Gap

So, what creates the gap between product success and failure? According to Walter, it's a delicate balance of three crucial factors: social, economic, and technological conditions. Together, these forces create a “Product Opportunity Gap,” a window of opportunity where a product has the best chance to thrive.

An example Walter provided was the success of Ford's Model T, which flourished due to the perfect alignment of social factors (the five-day workweek), economic conditions (higher wages), and technology (mass production innovations). For today's innovators, identifying this opportunity gap is crucial in positioning a product for success.

Desirability, Feasibility, and Viability: The Product Trifecta

For any product to succeed, it must check three critical boxes: it must be desirable (people want it), feasible (it can be built), and viable (it can survive in the market). Walter walked us through a detailed approach to ensuring that a product idea meets all three criteria, from early-stage research to proof of concept, all the way through to final design and market launch.

One essential piece of advice? Never settle for the first idea. Walter stressed the importance of continuously refining and revisiting concepts with your team. The development process is full of potential blind spots, and a thorough, collaborative review of every step—from vision to volume production—is critical for success.

The Phase Gate Process: From Concept to Market

Walter also shared a structured roadmap for product development called the Phase Gate Process. Each phase, from initial planning and research and to design refinement and final engineering, acts as a checkpoint, ensuring that the product idea is not only innovative but also technically and economically viable. This approach helps teams avoid blind spots and bring well-rounded products to life.?

Learning from Failure and Pivoting When Necessary

As the session drew to a close, Walter answered audience questions about learning from past failures and knowing when to pivot. He emphasized that great design rarely comes from a lone genius—it’s a collaborative process that requires a strong team. He also touched on the importance of recognizing when a product isn’t working and making the difficult decision to either abandon or pivot it.

Final Thoughts

Walter’s webinar left us with a deeper understanding of the intricacies of product innovation. Whether you're an entrepreneur with a groundbreaking idea or part of a corporation trying to launch the next big thing, Walter’s approach provides a roadmap to navigate the challenges of the development process. His insights remind us that even the best ideas need the right balance of desirability, feasibility, and viability to succeed in today’s competitive market.

Ready to master product innovation yourself? Dive deeper into Walter B. Herbst’s insights by picking up his book, Mastering Product Innovation here . It’s packed with practical advice and real-world examples to help you bring your ideas to life.

#Innovation #ProductDevelopment #WalterHerbst #MasteringProductInnovation #HerbstProdukt #EdisonAwards #WebinarRecap