As a marketer, it is imperative to reduce any uncertainty customers may feel about buying your product. Customer uncertainty can take the form of needing more information, not having enough experience with your product, or not enough evidence to assure them that it will perform as desired. Customer uncertainty contributes to indecision on trying or purchasing your product. There are different avenues that a marketer can take in order to reduce this uncertainty…
Uncertainty and Risk in Decision Making One of the defining characteristics of product development is making decisions and judgements, in the face of uncertainty. Exploratory Product Development (ExPD) is based on the premise of reducing risks and uncertainty. We’re defining uncertainty as having imperfect or limited knowledge about something, resulting in the potential for surprise […]
Based on our National Science Foundation (NSF) STEM I-Corp research*, these are the top 12 product development risks companies identified (not in any particular order). Risks areas include: Disruptive new technologies on the horizon that could drive down demand or render the product obsolete. Launching a product in new countries; strict legal requirements making it […]
Cheat sheet / definitions for the multiple personalities of risk terminology.
Do you feel like a mad scientist when your project has morphed from $12M to $24M, the feature set is stripped beyond recognition, and it no longer meets original customer requirements since they’ve changed numerous times during the project?
One of the defining characteristics of product development is making decisions and judgments, in the face of uncertainty. Exploratory Product Development (ExPD) is based on the premise of reducing risks and uncertainty. We’re defining uncertainty as having imperfect or limited knowledge about something, resulting in the potential for surprise or unpredictability in the future. You’ll […]
Does your strategy handle the uncertainty and complexity of today’s markets?
In product development, as in a professional kitchen, experimentation and exploration are integral to creating a new recipe. It’s hard to predict what will happen so the product development process has to adapt.
“Too much paperwork!” is the one of the most common and most passionate complaints we hear from our clients. The project team loathes creating it and the decision-makers loathe reading it. They don’t see the value. Yet typical product development processes requires voluminous documentation. Why so much paperwork? 1st… to make sure nothing is overlooked,
When we work with medical device companies we find that the Risk Management File (required by regulatory bodies and specific to user and patient safety) is integrated into the product development process. However, project risk is often ignored or is a one-off risk exercise that is rarely revisited throughout the project. If you don’t manage […]
