Summary: It seems that almost every day we hear of the next killer app, a system or service that will revolutionise our lives and businesses. But for every Uber or Evernote, there are hundreds of others that fell by the wayside and failed to make the desired impact. If we have an idea that we think can improve how we live and do business, how can we pursue that idea without falling victim to the same pitfalls as so many others?<br> Our guest in this episode is Rawnet’s Adam Smith, someone who knows a great deal about creating successful products in the digital realm. With a track record for building innovative businesses, Adam knows how to make a success of those lightbulb ideas. Perhaps more importantly, he knows what to avoid.<br> During a product’s development we often hear of scope creep, when the primary goals of the products are expanded and expanded until the final product bears little resemblance to the original idea. In a similar vein, software and mobile apps can fall into development hell, where too many stakeholders with too many competing ideas can end up delaying or sinking a very promising concept.<br> The more that a product suffers from delays or a lack of focus, the more expensive its development will be and the most costly its potential failure.<br> When then, as small business owners, should we take the steps to create our own digital products? And what parameters should be set before embarking on such a project? How should we decide which are the essential features?<br> Listen to this episode of your favourite small business podcast to gain some powerful insights on this topic from a renowned expert in the field.<br> Issue Challenged in this Small Business Podcast Episode: <br> How do we know which digital products are right for our businesses? And how can we stop spending too much on the wrong ones?<br> About Adam:<br> Adam Smith is the founder and Managing Director of Rawnet, a multi-award winning digital web agency that specialises in mobile development, web app development and conversion optimization. The company also works on behalf of clients to handle all other aspects of their digital strategies.<br> Adam has been innovating in the digital space since the late ‘90s and prior to the founding Rawnet, he also created the world’s most successful white label online dating application, whitelabeldating.com.<br> Adam Actionable Tips:<br> <br> * Work out feature ROIs. Each feature has a development cost and each feature that’s added can dilute the original concept. Therefore, every feature needs to pay for itself. Is this going to get any more sign ups? And is this a feature something that the end user needs or is it a merely a ‘nice-to-have’?<br> * Keep the proposition simple. Can you explain the product in one sentence? What’s the one thing that is does very well? If it takes you more than 30 seconds to explain, the idea is too broad and you won’t be able to market it. A nice, simple message is needed to get the attention of clients. Consumers are pulled in so many directions. If something is too complicated, they won’t spend the time looking into it.<br> * Be prepared to pivot. You need to be prepared to pivot, but also wary of not becoming like a headless chicken, darting in different directions at high speeds. Don’t be afraid to change tack, but learn from the user feedback and move in a direction that will help grow the business. Letting go of the original idea can be tough, but sometimes tough love is needed for success in business.<br> <br> Top Quotes:<br> <br> * “We couldn’t afford to think big picture. It was our own money so we needed to be lean.”<br> * “We’ve seen stuff that hasn’t worked so well, we’ve seen stuff flop and we’ve seen stuff explode in terms of success way beyond what any of us could have imagined.”<br> * “If you try and be all things to all men, it’s going flop.”<br> * “Half are looking to fix their own problem and they feel that there’s a b...
