10 famous failures and 5 ways to spot failures before they happen
TRANSCRIPT
10 Famous FailuresAnd 5 ways to spot a failing project before it happens
IntroductionProject failure is no stranger but there are ways to spot it before it make headlines. Here are 10 of the most infamous product failures ever and how to spot such failures before they happen…
10. Sony BetamaxIt was higher quality, but the lower price of VHS-C camcorders and the 40+ companies that decided to run with VHS were just too much.
9. New CokeIf it ain’t broke, don’t fix it. There was nothing wrong with old Coke.
8. Polaroid Instant Home MoviesImagine standing around shaking a videotape or film reels and you get why this venture from the instant film manufacturer failed.
6. McDonald’s Arch Deluxe BurgerMost adults don’t consider McDonald’s fine cuisine and weren’t interested in paying significantly more for only slightly different burgers.
5. Apple LisaApple was targeting business consumers , and the lower price tag of IBM PCs just didn’t allow Apple to capture much market share.
4. Levi Type 1 JeansFashion is fickle.
3. IBM PCjrWhen it was introduced, it was twice as expensive as an Atari or Commodore.
2. The DeLorean DMC-12Despite the fact that it was a very cool car, DeLorean himself took the company under after he was arrested for drug-trafficking, which resulted in bankruptcy.
1. The Ford Edsel2. There were many reasons why the Edsel
failed. Its name, for one. The Edsel story is now a real-world example of how not to market a product.
But how does this happen?How do these types of glaring omissions get past the teams that create these products? While the market isn’t always as predictable as we’d like it to be and hindsight is always 20/20, failed projects like these can usually be traced to a few factors…
Lack of InterestPeople stop showing up for meetings. Stakeholders stop participating or giving timely feedback. Tasks stop getting completed on time. All of these are signs that interest in a project is flagging.How to stop it: Keep communications as up-to-date as possible. Track all assignments. Hold all assignees accountable. If stakeholders stop caring about a project, hold a sit-down to determine the current perceived value of your project to the organization.
Poor CommunicationThe team doesn’t know when things are getting done. What’s not getting done, or why it’s not getting done. The project lead isn’t communicating changes to the rest of the team. When communications do go out, they are either late or inaccurate.How to stop it: While email and spreadsheets are okay for getting basic information out, they tend to be slower and more cumbersome than the typical fast-loving team needs. Consider purchasing tools that automate communications as much as possible.
Lack of VelocityAssignments are long past due, stalled on the approval of an elusive stakeholder. Maybe team members are spending more and more time on other projects. At any rate contrary to your best projected completion dates, your project has come to a full stop.How to start it: See the solution to “Lack of Interest.” Accountability is especially key here. Ensure that everyone is aware of their assignments and their due dates and then press then to meet them.
A “No Bad News” EnvironmentThe project leader finds out about late assignments long after they were due. When project questions are emailed out, answers are slow in coming. Individual reports in meetings are especially rosy and don’t match the chaos that seems to be engulfing a project.How to stop it: Let numbers rule. Let your team be ruled by a handful of key metrics that you can track, such as on-time delivery rate. And then make sure yorutools can accurately track those metrics in as close to real time as possible.
Scope ChangesThe project starts to barely resemble the requirements as they were given at its outset. Timelines have stretched beyond the original projections. The phrase, “You know what would be really cool would be if we added ________,” is uttered during the review and approval phase.How to stop it: Use an airtight requirements gathering process before the project starts. In fact, don’t even allow the project to start until you, your team, your stakeholders, and your requestors are all on the same page. And then treat that requirements doc like a binding contract.
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