Most businesses often depend on the release of their new product to stay ahead of the competition. As a business owner, developing a new product and bringing it to the market can be one of the best feelings. Still, it's not always a smooth process. If your new product doesn't entice the customers, you will have lost inventory costs and manufacturing.
Many businesses have struggled to become significant in their fields, and some became inspiring stories for many entrepreneurs. 70% of new product developments are unsuccessful, which indicates how complicated the process can be. To ensure costs and time invested in the project don't go to waste, you should be aware of the main challenges to increase the chance of a successful product launch. Although every stage in product development is crucial, there is one stage that's the most challenging: