Established business truths are reliable insofar as they have, once upon a time, proved viable. But considering how the market continually fluctuates, it pays that businesses do not stay complacent about things that have once worked – for instance, in terms of their product development process.
According to reports, corporations and entrepreneurs create some 476,000 businesses each month. These entities will generally struggle during their first year and, in the end, only half of them will survive the rigors of the world of business.
One surefire way to fall into this bad batch of the equation is expediting the product development process, skipping the service of mechanical testing labs, and having too much faith in what you have to offer the market to the point of visionless complacency.
The truth is, product development is not one-size-fits-all.
The Coca-Cola Curiosity
Coca-Cola is one of the most successful and recognizable brands in the world. This does not exempt them from committing product development failures. During the mid-80s, the company decided to introduce a new product with this code: Hartley, 1995, pp. 129–145.
It passed their product-testing phase. Oddly enough, it bombed in the market. So what exactly went wrong? First and foremost, flawed market research. Second, the company underestimated their customers’ allegiance in the original coke flavor.
How Did the Big C Fail?
Experts attribute the brand’s failure to their ironically naïve reliance on certain myths about product development. For example: trusting the result of their market research the first time, without acknowledging variables, and trusting their previous processes on account that they had yielded favorable results.
People should view product development as a dynamic concept. It is never stagnant. Your process may have worked in the past, but it does not mean it will lead to the same successful outcome the next time you use it. In the end, ingenuity and innovation matter more than tradition.