How not to launch a new product
We see so many businesses with a great idea for a new product, but so few make a success of it. What are they doing wrong, and does it have to be such a risky way to grow the business?
- The first mistake so many make is not to listen. Just because you think it is a good idea doesn't mean anyone else will. Ask people in your target market and LISTEN to what they say.
- Be honest with yourself about the feedback. If the consensus is that it won't work, then take action. As Google say "Fail fast".
- The best new products are simple. Don't over engineer the solution, just because you can.
- And finally, don't expect people to buy it just because it is new. You need to plan your marketing and implement it well.
If you are planning to develop your business this year, come and join us for an early morning session on developing new products. It's on February 21 in Farnham. Find out more.
