Have you heard of New Coke? What about Crystal Pepsi? Or Nintendo’s Virtual Boy? Probably not. At one time or another, all of these shiny new products crashed and burned like a wingless fighter jet. One could say they were epic fails — multi-million bombs from the world’s biggest brands. But start-ups, scale-ups, and small companies aren’t immune to failure, either.
The Harvard Business Review estimates that 95 percent of all new products flop. That’s a very sobering statistic for developers. If you’ve created an innovative product or app, don’t make the same mistakes as other businesses. Hire a product development agency to increase your speed to market and save you time and money.Hire a product development agency to increase your speed to market and save you time and money. Click To Tweet
Sometimes product developers are just too slow. A product might have perfectly captured the zeitgeist if it had been released a few years — or even a few months — earlier. Did you know that for every seven new product ideas, only four get to the development stage?
Would fidget spinners have the same cultural impact if they were released a few years from now? What if the iPhone 8 was delayed until 2020?
As a developer, you need to be quick. This is where a product development agency comes in. Think of it like a satellite office — a remote location where the industry’s top talent irons out all the kinks in your product or app.
Whether you work freelance or have a small in-house team, you are responsible for all aspects of product development consulting.
- You need to execute production processes.
- You need to liaise with engineering, production, and sales teams.
- You need to carry out market research.
Imagine if there was someone who could do all of this for you.
Using product and app development consulting provides you with much more of a return on your investment than growing your existing team. That’s because talent acquisition is expensive. One study suggests that for every dollar new hires make, businesses have already spent 16 cents on hiring and training costs.
The traditional nine-to-five is over. Now you can get your product to market without working regular hours or having a large team of staff. A product development agency identifies all the risks in the production process so that you can avoid failure.