Billions of fantastic product ideas never make it to the market. Developing a product takes time and effort, so, understandably, businesses would have to delay the production and promotion. After all, it took Apple 2.5 years to develop the first iPhone that would then forever transform the mobile market. <in other words, your killer product may still be on track to hit the market once it’s ready.
However, too many product ideas are abandoned before they can reach customers. Some of these would even have been profitable. So what happens to your product process that puts an end to your creation?
#1. You can’t test on paper
A great idea on paper does have a lot of weight on the business operations. As long as your idea can be tested, it can become part of a production strategy. But until then, it is no more than a post-it note. Testing out products is a tough task with quality prototyping. You can turn to experts such as Rapid PSI for physical products or reach out to UI and software engineers for an online product interface. The bottom line is that without building your product, you can’t fine-tune it for production. In short, the reason a product can’t be made is because nobody is making it in the first place.
#2. Your supply chain is interrupted
Productions can be put on hold indefinitely when the supply chain suffers. External factors can disrupt your access to supplies dramatically, which can prevent production altogether. Climate changes, social upheaval, and political turmoils can break your relationship with suppliers, making it hard to carry on your operations.
#3. COVID cut down budgets
The pandemic has forced businesses to cut costs aggressively to survive. This has come to light in many different ways to tighten budgets effectively. Cost dedication and spend management are the core strategies of survival. Unfortunately, for the time being, it means pushing your brilliant product idea further down the pile. As smart choices go, investing in the development of a product may not be the best choice right now.
#4. You’ve been too slow
Without the right timing, your brilliant idea could go unnoticed. So it’s essential to keep a close eye on the market trends. You need to make sure you seize the perfect opportunity to launch your product. There is nothing worse than waiting for the right moment and missing it. Unfortunately, failing to capture trends means that you may not notice that competitors are busy developing the same idea. When this happens, you lose the competitive advantage. Timing is crucial to bring your killer product to life.
#5. You can’t agree on the branding
How should you call your new product? What should the branding be like? Branding strategies are complex. They can make or break a product. Picking the right name for your product, for instance, can help appeal to the right audience. Therefore, product branding is something that every business needs to take seriously. But take it too seriously, and you’ll never be able to agree on anything!
Is your product idea stuck with no immediate chance of progressing? Unfortunately, when it comes to product creation, there’s a lot we can’t control. On the plus side, though, the things that are in our control could significantly improve the creative phase and appeal of your product.