Your product will fail because of these 6 reasons

Photo credit: Constantin Stanciu

For many companies, developing the next billion-dollar idea is one of the most crucial tasks. But innovation doesn’t come easy. When companies launch a new product, there’s a high likelihood that it will fail. Studies have shown that of seven product ideas, only one idea will yield a successful product. New products have a failure rate of 25 to 45 percent. These flops can cost millions of dollars in both R&D and marketing resources.

Products fail when they don’t fill a real customer need in the market. Or it may have just been a case of bad timing and bad luck. Understanding why products might fail will help make your product a success. Take a look at the warning signs below and learn how to build a product users love at Tech in Asia Jakarta’s Product Stage this November 17.

Here are six reasons why products fail.

Asking the wrong user interview questions

User interviews are an important part of a design cycle and lay the foundation for a great product design – that is if you ask the right questions. If done well, your questions could uncover directions that were previously unthought of. The wrong questions, however, jeopardises an interview with incorrect conclusions and the building of bad products.

Inconsistent UX/UI

Re-creating your unique interface pattern? Think again. Inconsistent user interfaces often yield confused and frustrated users. Instead, a seamless design across channels makes it simpler for users and creates a sense of credibility. No matter how outstanding your product is, if users cannot relate to it, it can drive even the most promising products to failure.

Skipping product validation

This cannot be overemphasised. Product validation is an all-important step to avoid wasting time and money building a product nobody wants. It can help refine ideas and provide insights about your users. Getting to the market faster by damaging your brand is a cost you do not want to incur. Product failure itself can easily be enough to sink your entire business operations.

Poor SEO strategy

Everything we need to search for now is literally at our fingertips. But even with SEO in place, there is a good chance you’d be lost in the sea of results that appear after a general search. The right SEO strategy revolves around what customers look for when they need your product. Otherwise, you would be denying your product the opportunity of being found by the three billion users who search the Internet every day.

Ineffective use of social media

Social media has changed how we offer products and services. Facebook, for example, has created a platform that enables companies to build socially enabled apps – integrating social into business processes. The struggle is understanding how to use social media effectively. Until you get that right, despite the time, energy, and money invested in it, you won’t be able to get the ROI you’re looking for.

Drowning in data

Every business has a great deal of data, and more is being collected every day. But none of it helps if we don’t have the right insights. Trying to make sense of all these data can be painful, time-consuming, and often inconclusive. Basing your product decisions on guesswork rather than fact-based analysis is equivalent to leaving the success of your product down to random chance.

Kickstart your success here

Learning the basics of product management through books or articles like this is certainly not enough. The best way? Tune in to practical advice from passionate product managers and experts like Facebook, Techstars, Seekmi, Dattaboo, Disruptient and Design for Use! They will be joining us at Tech in Asia Jakarta 2016’s Product stage exploring the intersection of design and technology and sharing best practices that can get your product off to a flying start.

Clock’s ticking… Less than 48 hours left to get your passes at a final 10 percent discount (code: SAVE10). You’ll pay full price after November 4, 2359.

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