However, when it comes to the failure of tech products, few reasons are quite common. Ignoring the same can lead to digging a sure-shot graveyard for your Tech Idea. It is essential to identify the root causes of such failures.
App store holds its own benchmarked standards to consider any new tech entry into its library. Matching App Store standards makes it the most common reason to deny success for new entry tech products. Apart from this, there’s an endless list!
Well! Let’s figure out a few root causes of the failed product efforts:
1. Wrong Source of the Ideas
Idea formulation is the root of any innovation. Worrying over your idea to be implemented the right way is the best way out of reason to qualify in the list. It is a mandatory note to hold your concept on a varied perspective that includes a sales-driven attitude, too. No matter which side one belongs to, either a new start-up entrepreneur willing to gain revenue from it or from the sales department of a company (trying to building an app for more revenue), if the source selection goes wrong, failure cannot be declined.
2. Cost Estimation Gone Wrong
It relates to having an unfair hold on how much money the new tech product would make and its cost. If these estimates are done without thorough study/user feedback and idea validation, what do you think will be the results? Performing a cost estimation based on simple Google searches, estimation processes, which direct a generalist comparison between an Apple and an Orange, waste time. Assumptions do not work when it comes to assessing existing competition. Better beware!
3. Inappropriately Designed Product Roadmaps
Product Roadmaps are the blueprints to the tech product’s success! Based on output and not on outcomes, it remarks the list of features added to the product and not what the user wishes it to be. On the contrary, the reality is “half of the ideas are just not going to work” while the remaining aren’t going to deliver what you hope. So, what do you expect? A total failure-Right!
4. Misguided Role of Product Management
A misguided missile is the most dangerous war weapon! Similar is the case when it comes to the misguided role of product management. Techies generally miss on the real importance of a well guided and strategized product management process. Expecting a well-optimized output out of your tech product isn’t fair until you have business functions congruent with your business goals. Make sure the appropriate purpose of gathering essential requirements relative to the new product is achieved.
5. Failure in Designing the Right Product
Product designs can be as simple as a straight line while as complicated as a daily crossword puzzle. Designing the right product is halfway to product validation. Most of the techie product designers are of the habit of following the “lipstick on the pig” model. Thus, the damage is already initiated, now putting a coat of paint in a mess is not going to work. This way, a failure is sure!
6. Inappropriate Customer Validation Process
Most of the time, customer validation does not happen until its beta version is launched. It means almost 90% of the product development budget is already spent even before reaching the relative prospective customer. Such damage is inevitable! The customer validation phase is way too late in the process.
7. Opportunity Cost
Nothing is as expensive as a missed opportunity! Similar happens when you miss choosing the right option because of another lucrative appearing alternative. Even great ideas cannot succeed fuelled under the flawed product discovery model. Regret is the only word that comes along with the loss in the opportunity cost. Better things could be done with lost time and money. So, better think before opting!
8. Failure in Choosing the Right Approach
Finally, the product introduction approach is another deciding factor over the success or failure of the product. However, it’s always preferred to keep a Product-Centric approach and not the Project-centric one. Choosing the right direction can deliver surprising success results, while failure to the same may leave you surprisingly failed! The prime reason behind such failure is the value system your approach succeeds. Product-based approaches hold a core value system that is outcome-based, while the Project-based approach is output-based. Choose it wisely!
“There are reasonably hundreds of reasons that may lead to tech product failures, right from the budget to the technical constraints. However, the above-mentioned are the most common ones. Make sure your product does not lack these, and you should plan wisely.”