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95% of New Products Fail: Successful SMB SaaS Products Must Solve Real-World Problems
by Bill Dinan, LSA Insider
May 6, 2019
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See also: 95 Percent of New Products Fail. Here Are 6 Steps to Make Sure Yours Don't | Inc.com
I would argue that it's not just new products: the same applies to services and eCommerce websites. ~ djbaxter
by Bill Dinan, LSA Insider
May 6, 2019
According to Harvard Business School professor Clayton Christensen, of the 30,000+ new products that are introduced yearly, 95% fail. A percentage this high indicates that companies aren’t performing the necessary steps to conduct proper product market research.
Product managers, whose sole responsibility is orchestrating the development of various products, often times let their strategy fall to the wayside. In fact, a survey from Pragmatic Marketing Inc. revealed that only 28% of product managers spend any time strategizing, while the remaining 72% spend their time on tactics and execution. This lack of planning could explain why many new products often don’t succeed in their respective markets.
Rather than make assumptions about what you believe your SMB customer needs, take the time to discuss it with them directly. This can be done through customer surveys and focus groups. Consider the following questions:
- What problem(s) will this new product ideally solve for them?
- What capabilities are they looking for in a new product?
- What products are they currently satisfied with and why?
- How can those products be improved?
Read more...
See also: 95 Percent of New Products Fail. Here Are 6 Steps to Make Sure Yours Don't | Inc.com
I would argue that it's not just new products: the same applies to services and eCommerce websites. ~ djbaxter