Myths about product development, debunked!
The product development process is intense, and certain myths about product development make it all the most frustrating for those involved. There is always a mad rush to bring in new products on time and budget. Unfortunately, there are several assumptions about the product development process that can be inflammatory in the workplace.
Common strategies in product development like reducing waste and creating more detailed plans can actually hurt the product and the business in the long run. Whilst meeting deadlines and reducing costs and waste is important, there are ways to meet these demands without impacting your business negatively.
What Is Product Development?
“Product development” refers to the stages of creating a product, from conception to marketplace. The product journey typically starts with identifying a market need and coming up with a product concept, eventually leading to product testing, market release and feedback collection.
Why Myths About Product Development Matter
When myths about product development creep into your business, they can cause a lot of frustration. Product developers are already under pressure to produce reliable, predictable results in an unpredictable field.
Furthermore, product development is not like manufacturing. The latter involves repetitive tasks, predictable activities, and the like. Product development, on the other hand, involves unique tasks that change according to the requirements of the project.
Debunking product development myths is important to aligning a project team and streamlining the product development process. By debunking these myths, we aim to reduce friction, misunderstandings, and unnecessary delays in your process.
Product Development Myth #1:
“Using all your resources will increase your performance.”
As discussed, product development is not the same as manufacturing. Trying to increase the speed of the product development process, efficiency, and the output can do more harm than good to the product and profits alike.
Product development is highly variable and unpredictable. The process, therefore, can’t be “streamlined” in the same manner as a manufacturing process. Asking your product development team to put all of their time into the project may not yield the results that you’re after. Time and production volume are not in direct proportion in this process. Because product development isn’t linear, you can’t apply linear solutions to it.
Product Development Myth #2:
“Manufacturing a big batch of products is the most cost-effective.”
Whilst manufacturing a large batch of a product is usually more cost-effective, it's not always the best idea in the product development process. It is, in fact, lean manufacturing principles that benefit manufacturing processes more than just high volumes.
Lean manufacturing centres on the “just-in-time” principle. This means that waste is reduced, lead time and quality are improved, as is sustainability and profit margin. Producing smaller batches is another principle of lean manufacturing that mustn’t be overlooked. Small batch sizes empower you with more feedback to improve your product quality as you go along.
Product Development Myth #3:
“A great product development plan should be stuck to, all the way through.”
You will never find a successful product development plan that remained unchanged from start to finish. A good plan is a good place to start, but a successful plan is one that evolves with the product. Testing processes tell you what works and what doesn’t. This information changes what kind of costs and activities should be involved to complete the process.
Adaptability and attention to small details will serve you better in the product development process.
On a related note, here’s a great guide to hiring product developers that you can trust to build your business up. This article by Tony Scherba, president and founding partner of Yeti LLC, advises on how to hire the best product developer for your business.
Product Development Myth #4:
“Projects that are started sooner are completed sooner.”
When a business finds itself with more time resources to spare, it's tempting to fill it by starting new projects. Whilst this appears to be productive initially, when business picks up again, you’ll be overwrought.
Diluting resources causes all your projects to stumble. This is far riskier to your business than simply starting a new project at a planned future date. Instead, focus on your current product development project. Give it the attention it requires to progress at a good pace.
Product Development Myth #5:
“It’s most important to get the product development process right the first time around.”
A mindset like this is very risky. Demanding that your product development team gets it right the first time will push them to make oversights and estimations that don’t add value to the product.
Making allowances for failures in the budget, schedule and performance is often more beneficial to your product. Your team is freer to experiment with innovative solutions and test new processes. Ultimately, this innovation will set your product apart from its competition. That is, of course, assuming that your team learns from its failures and uses that data to inform future decisions.
If you’re creating a new product and are looking for professional product development advice, you can contact Vollardian to discuss your goals. Vollardian is a boutique business consultancy that can empower you and your business to achieve your goals and beyond. From conception to market release, we guide you through the product development process towards success and a great bottom line.