According to Harvard Business School there are over 30,000 new products introduced every year (physical and digital), and 95% fail. That’s a disturbing thought for every organization, especially the Startups who run thin on capital. This statistic is an enormous deterrent for all those who aspire to create their dream product one day. That brings us to the main question, why do products fail? And by product failure, we don’t just mean a dull financial return, poor user adaptability and feedback are equally important parameters.
Reason #1: Fixing a Problem that doesn’t exist
The origin of every solution comes from a problem. A Product in today’s competitive market is considered irrelevant if it doesn’t solve a problem that users are troubled with. Such a product eventually disappears from the marketplace and from the user’s mind. To avoid this frequent issue and to thus increase your chances of building a triumphant product, we advocate a strong shot of self-doubt.
Read more: https://www.terralogic.com/reasons-why-digital-products-fail/
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