To avoid falling into the build trap, companies can adopt several strategies. First, they should focus on outcomes rather than outputs. This means measuring success not by the number of features shipped, but by the value these features bring to users. Second, companies should foster a culture of continuous learning and adaptation. This involves regularly gathering user feedback and using it to inform product development. Third, companies should not be afraid to pivot or change direction based on market feedback. Lastly, companies should avoid becoming too attached to their original ideas or ways of doing things, as this can prevent them from innovating and responding to market changes.
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How do you get ahead of your competitors and deliver actual value for your customers? It takes more than just launching one new feature after another....
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Companies get stuck in the build trap when they are so focused on shipping features and developing cool ideas that they don't think about the outcome of those features and the actual value that they produce. The build trap causes companies to measure their success in terms of outputs rather than outcomes. They stop producing real value for their users, lose market share, and are vulnerable to disruption. A prime example of this is Kodak, which doubled down on how it had always done things, instead of responding to the challenge of digital photography.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in both old and new markets. Our Product Development framework is useful for aspirational product developers who want to learn the product development process and for seasoned product managers who want to improve workflows with additional tools.
Does your product management process feel like it's lagging behind with the wrong tools? Our Product Management Toolkit collection includes some of the top tools that major companies like Apple, Amazon, Spotify and TikTok use to manage their products. See how these companies target customers, position their product’s value, determine when a product is ready to launch, and use strategic viral loops.
How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools and frameworks from how to create a price sensitivity matrix, define your total addressable market, conduct a cost benefit analysis, prioritize your ideas with MoSCoW, and make use of a Kano diagram to launch successful products.
How can you tell if a product idea will work out? This Minimum Viable Product presentation guides the initial triage of tasks to the development and execution of the MVP. More importantly, it includes North Star metrics that would ultimately determine if the MVP is successful. Use these slides to align stakeholders and communicate product vision.