One of the challenges of new product development have been the very high rates of failures. Industry data demonstrate that less than 3 pc of new product development initiatives are actually successful in the market. So that is billions of dollars spent in initiatives that never realise their value.
There needs to be a different methodology to ensure that dollars spent are spent wisely, losses are minimised and lessons are learnt very early in the whole product development game. Thats' where [x]cube's product development methodology is different. It ensures that product development doesn't constrain itself to the realm of engineering, it also encompasses, business strategy, product strategy, design, marketing as well as engineering.
The [x]cube Results Driven Engineering methodology borrows from rich data driven experience of having developed a large number of highly successful products and implements principles from some of the most popular approaches towards product development today like "Lean Startup" by Eric Ries, "Jobs to be done" by Clay Christensen and Design thinking in general.
The whole product development approach revolves around several cycles of ideation, validation, build and feedback generation. We're also looking at gathering clear metrics around Engagement Retention, Virality and Monetization through the various phases of the product development. There is a lot of emphasis on metrics driven product iteration till the product hits the right numbers and essentially market fit.
Once market fit is obtained there is a lot of focus on revving up the marketing engine that is needed to create market success for the product. Essentially we're talking about holistic product development that integrates business strategy, product strategy, design, engineering and marketing, that is completely metric driven and radically improves the probability of success.
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