Technology development is a wholly consuming endeavor and so when innovating it is easy to become overwhelmed with all the technologies and possibilities. It is therefore important to be mindful of pitfalls that will challenge the success of your new product.
Succeeding in the building of a new product is one thing, but avoiding the inevitable pitfalls that can let your business down is entirely different.
Some of the world’s most successful entrepreneurs have said they learnt their greatest lessons from making mistakes. That, in itself may be somewhat true but it doesn’t mean that mistakes that can be avoided should be walked into with the hopes of learning a business lesson.
So here are four(4) Pitfalls you should definitely avoid to ensure your success when building a tech product…
- Don’t turn a feature into a product
Setting out to build a product based on creating an additional improvement not yet available in an incumbent is dangerous especially when the competitor owns all the customers.
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2. Don’t worry about competition in an underserved market.
Focus on the barriers, and not competition when going after the underserved market as the sky is too wide for everyone to fly.
3. Avoid solving problems that don’t exist
Putting in unnecessary features is a great way to lose customers. Focus on creating features that solve apparent and imminent problems especially the types customers are willing to pay for.
4. Don’t confuse customers with users
If your customers are users, you are in luck in some cases, this is not always the case especially in the B2B space.
Understanding that the person who buys the product to address a business need may not have the same concerns as the people who gets to use it is a critical success factor.
That’s our list of pitfalls to avoid when developing products — we’d love to hear your product development do’s and don’t’s!
“All THE TECHNOLOGY IN THE WORLD MEANS NOTHING WITHOUT THE INTERSECTION OF HUMANITY.”
ADJUNCT ASSISTANT PROFESSOR NYU..
If you’re looking to build a technology product and you are in the planning phase, you can contact us via firstname.lastname@example.org for optimum technology consulting services
Godson Nkeokelonye is the CEO, Excite Panacea Limited an information technology hub focused on creating value for businesses through technology.