Testing new product on a regular basis is important for keeping your business as diverse as possible and maximizing your growth in the market. You must ensure that you have a well-structured approach to this though. There are various potential pitfalls that you have to pay attention to, and if you don’t sort out those issues well in advance, you’re going to run into a problem sooner or later. This is especially true when it comes to issues like supply chain organization and learning from failed experiments.
Have Reliable Suppliers for Every Step of the Process
If you’re working with physical products, you should ensure that you have a stable, reliable supply chain. From a partner with a good sheet stock selection to a production plant that can quickly implement new molds, you must ensure that whatever products and supplies you might need in the production phase will be readily available. This will help you avoid some common bottlenecks that arise during the initial stages of product development and testing and will allow you to quickly iterate on your idea until you’ve polished it to perfection.
Organize Your Findings in an Easily Accessible Manner
Not every experiment will be successful. In fact, most probably won’t be, especially if you’re one of the many companies that do constant trials with different kinds of products and markets. Any good leader will be used to this status quo. But what’s more important is that you can turn those failures into learning experiences in the long term.
There’s always something to learn from a situation that didn’t play out as you anticipated, and it’s in your best interest to sort your findings in an easily accessible manner that you can revise later. This will be especially important if you want to ensure that this knowledge doesn’t get lost in time.
Accept Input from All Levels of the Organization
On a somewhat related note, do your best to include as many people from the organization in those experiments as possible. You can always benefit from some additional input in those situations, and sometimes the most valuable insights would come from people lower in the hierarchy.
Those who are directly involved with the production, distribution, and marketing will likely have a thing or two to say about how you could improve what you’re offering and make it even more attractive to potential customers. While you obviously shouldn’t automatically implement every piece of feedback you receive in the process, you shouldn’t outright disregard what someone has to say either, just because they’re lower in the organization than you.
If you do this successfully, you can easily keep your portfolio diverse and expand into new territories with ease. And that will be crucial to the success of your business in the long run. No matter what industry you’re involved in, refusing to diversify is often one of the biggest pitfalls for companies and a quick way to ruin everything that you’ve worked so hard for. The sooner you adopt those ideas, the better.