For those of you that are developing your own unique products, I’m guessing you’re doing so for a few reasons. One being the first-mover advantage, i.e., you want to gain a competitive advantage by being the first to the market with your new product.
Great strategy, but it costs a fair bit, right? It’s not a low-cost investment.
Well, I have a little challenge for you.
Have you ever considered what your true product development costs are? It’s not just staff materials, facilities, external assistance, and legal costs, and so on. So what else is it?
Lack of speed.
Have you ever considered how delays or lack of speed in the development process can cost you?
It may be so much more than you’re able to see. Delays can have many impacts such as, your competitors beat you to it. Lost revenue lost, innovative status, and lost position in the marketplace. And so on.
This is a big one: lost return on investment. You’ve calculated your expected return on investment on this product right now, chop one, two, three, six months of revenue out of that calculation.
Annoyed customers? What have your sales guys promised when you’re developing it specifically for a customer? Can you think of any other impacts, put them in the chat below.
Now, redo your calculations on how much delays would be truly costing you. Do you even know why you have these various delays?
There is a tool out there that can have a huge, positive impact on this problem. Message me for more information or feel free to call me on the number in the description above. I’ll be very happy to discuss your challenges and point you in the right direction.
Thank you, bye for now.