Product Failure: What to do in case it happens to your company

1. Product Failure: What to do in case it happens to your company There might be times when you have put in all your time and effort in a particular product development and still product failure knocks, believe us, it can happen to anyone. The first thing that should strike your mind is that your product has failed, it is neither you nor your business. Failures are truly the stepping stones to success and this product failure is something that is going to bring you lessons for the lifetime. Nobody wants to fail but the truth is quite opposite, every company is it a small scale or a large scale organization has faced product failure at one time or the other but what matters is how you deal with such failures. In case your company is going through a product failure, we can help you cope up: • Find out what went wrong Product failure can be caused by a single step or might have accumulated due to a series of decisions. Travel back the time and find out what went wrong. Collect in depth information and employ your R&D team for the same. Avoid jumping to instant conclusions and stay away from

2. the blame game, rather think of your organization as a whole and cater to it that the same is not repeated twice. • Why your product failed There might be plenty of answers to why your product failed, everyone will actually have a different explanation for the product failure. However, you have to find the righteous reason for the same. You have to dig deep down the root for the cause and slash it down in a way, that is not repeated again, not even unintentionally. Considering a person failed in his particular work is not enough, working on the reason, why he failed is utmost important. • Future precautions Once you have known the reason for your product failure, the same should not be repeated by your team for the future products you owe. In terms of quality assurance, corrective actions should be taken by experts to eliminate all the future risks encircling product failure. Say, if your design was at fault then corrective action involves verifying of design procedure by experts in the domain or adding an external procedure for the design verification and authentication. • Communication with the customer Losing a client is something no business ever wants to undergo. Communicate what went wrong to your client and they will surely trust you for the successful product development in future. Reassure your customer that the same won’t be repeated because no company can afford the tag of bad reviews with them on the verge of growth. • Embrace your failure Learn from your mistakes. Do not take the product fails to your heart, in case one strategy fails you have numerous options to explore and eventually come out with a better one. How you react to your product failure can determine the extent of your company growth.