Innovative products are a dime a dozen.
The real question isn’t if your product is new or different, but whether it will be a success in the marketplace, according to Alberto Savoia.
Savoia is the co-founder of Pretotype Labs and a former Engineering Director and Innovation Agitator at Google, where he led the team that launched Google AdWords. While in that role, he first coined the term pretotyping, the innovative strategy for successful product development. Pretotyping, similar to prototyping, is when you build a scaled-down version of a product before making it fully functional. The point is to simulate the experience of having and using a new product with the smallest possible investment of time and money up front.
“Most startups fail because they haven’t built the right product,” Savoia noted. “The toughest thing is building a product that people actually want.”
In the latest episode of Million Dollar Insights, Savoia explains why all companies should build a pretotype to test every new product before it launches.
Pretotyping is a very unique way of looking at product development. It allows companies to quickly pivot and change with the marketplace — if your product isn’t fast enough, easy to use, or useful to your target market, pretotyping will reveal the flaws quickly.
In this exclusive 27 minute interview, Savoia reveals:
- Why 80% of new products will fail in the market
- How to use data to track the results of a pretotype
- How to apply pretotyping concepts to sales and marketing
- …and much more.