Top 5 Product Development Mistakes to Avoid

Turning an idea into a real, mass-produced product can take anywhere from 6 months to 2 years and can be very costly.  For this reason, we’ve made a list of top product development mistakes to avoid.  Avoiding common errors in the beginning will increase your chances for success and keep your idea from ending up in the graveyard of missed opportunities.

#1  Paying high prices for concept drawings and patent/trademark advice

Many entrepreneurs and inventors work through inventor help services which promise to Design, Patent and Market product ideas.  These services can be very useful but many of them ask for long-term or restrictive contracts which require the inventor to give up a percentage of the product rights.  Too many times we hear horror stories from inventors who pay up-front for sketches and patents on ideas with no idea or research on how or if they can be made.  See our article on making concept sketches yourself and taking them to 3D models for under $50.  There are a lot of intellectual property resources online where you can learn about patent and trademarks before having to let go of your hard-earned cash.  Here are just a few:

http://www.uspto.gov/learning-and-resources/support-centers/inventors-assistance-center-iac

http://legalcorps.org/inventors

http://www.inventorfraud.com/

http://www.freeinventorshelp.com/Organizations.html

#2  Not considering manufacturability

It’s possible to have a great idea that can’t be mass produced efficiently with current technology and at a reasonable price.  Before thinking about getting a patent on an idea, take the time to do some research, use an inventors journal, build some prototypes out of off-the-shelf parts and get a broader idea of how your product will work and if and where it can be made.

Hiring a product designer or engineer with specialization in your product type can be less expensive than you might think.  I’ll write more on this in the near future.

#3  Beginning the development stage too soon.

Taking an idea in your head to a physical product is a long and costly process.  Each individual part must fit and work together properly.  There are long lead-times in procuring custom parts.  Tooling costs are expensive and can take months to build.  As you can see, discovering mistakes after you have invested large amounts of time and money developing your product can be, not only expensive, but also heartbreaking.

Taking the time to do some research before starting the development stage will save a lot of pain later in the process.

There are so many variables when developing products that a few setbacks here and there are inevitable but the initial investment that your team makes in the research and test phase will be well worth it.  Even if you find that your idea won’t work or can’t be manufactured, just like a sculpture, cutting away what doesn’t work will reveal what does.

#4  Forgetting about your target customers’ needs.

You, your mom, your wife, sister, daughter, best-friend and pets may think your idea is super sweet but, if it doesn’t bring real value and solve your target audience’s problems then it just won’t be a success.

I’ve seen many, many entrepreneurs who are obsessively passionate about their projects but have been doomed to failure because they were more interested in the “What” instead of the “Who” and “Why”.

Focusing on providing value will inspire continued revision of your product for a lifetime.  Going back to early research during the development stage will help keep you on track and focused on the real goal:  serving and bringing value to others’ lives.

#5  Confusing a product for a business model.

This is easily seen in software and digital products.  For example:  think about the pains Twitter has had to monetize its platform.  In the beginning Twitter was a great idea with tons of users and no monetization plan.

Even if you would like to donate your time for the good of humanity, you will still need capital to distribute and make your product grow.

BusinessDictionary.com defines a business model as:  Description of means and methods a firm employs to earn the revenue projected in its plans. It views the business as a system and answers the question, “How are we going to make money to survive and grow?”

In other words, it’s the plan to make money.  I don’t mean “Uncle Scrooge” money making, I mean selling a certain kind of product to a certain kind of customer, in a setting that builds trust, at a price where you can continue to beat their expectations year after year.

Conclusion

There you have it, 5 product development mistakes to avoid while in the process of making your ideas a reality.  Again, we will always make mistakes and have setbacks.  Maneuvering through the maze of product development won’t be easy or risk-free but avoiding these common mistakes should help you stay on the path to success.