Let’s get into the pros and cons of iterative product development. Pros include being cheaper, having fewer mistakes, and being more nimble. Cons include undermining public confidence, competitors can be more commercial with their offerings, missed opportunities, product liability, and brand risk.
At SCI, I help entrepreneurs to understand the good and bad of this topic. Let's start there. Iterative product development is a process in which a product is developed through a series of minor, incremental releases rather than all at once. This approach allows for a more flexible and nimble development process and the ability to respond quickly to changing market conditions or customer needs.
In iterative development, the product is released in small increments or iterations, each adding new features or functionality. This allows the development team to test and refine the product as it progresses, rather than waiting until all parts are completed to test the product as a whole.
Iterative development involves planning, design, testing, and review. At the end of each iteration, the team assesses the progress made and adjusts the development plan for the next iteration as needed. This approach allows for a more flexible and adaptive development process, allowing for adjustments as the product evolves. However, this approach has several advantages and disadvantages.
Pros:
Cheaper: Iterative development allows for smaller, more manageable projects, which can be completed more quickly and at a lower cost.
Fewer mistakes: By breaking the development process into smaller chunks, it's easier to identify and fix problems as they arise, reducing the risk of costly errors.
More nimble: Iterative development allows for more flexibility and the ability to respond quickly to changing market conditions or customer needs.
Early feedback: Iterative development allows for early customer feedback, which can help guide the development process and ensure that the final product meets the target market's needs.
Cons:
Undermining public confidence: If an iteratively developed product experiences problems or bugs, it can undermine confidence in the product and the company's ability to deliver a high-quality product.
Competitors can be more commercial: If competitors can bring their products to market more quickly, they may gain an advantage in market share and customer loyalty.
Missed opportunities: By focusing on smaller, incremental releases, it may be difficult to take advantage of new market opportunities or pursue more ambitious projects.
Product liability and brand risk: If an iteratively developed product experiences problems or fails to meet customer expectations, it can result in product liability issues and damage the company's brand reputation.
You can use iterative development to your advantage, but it works best when part of a larger framework for innovation that includes continuous customer engagement & testing with transparency and openness about what is and isn’t working yet.
