From start-up ideas to new product launches, there is a constant theme of seniors wanting to go to market too soon.
Picture this. You’ve stumbled on an incredible idea. So incredible that you’ve decided to do something about it and make it happen. You go into startup mode, you add a new product or service to your list. You start to develop that idea and during development, you try to sell the ‘concept’ to your market. Your credibility falls because you are speaking words but there’s nothing to really back it up. Now what?
If you haven’t got a tangible product to take to market initially, your MVP isn’t ready to show or you’re in the development phase. Do not consider anything else, just focus on your product or service. How much better will the upside be when you’ve got a product or service that goes into the market at its best?
There could still be fundamental changes as you finalise the minor details, so you could also be making false promises. A detrimental effect on brand reputation.
Go back to your incredible idea for a second. Is it really doing it justice if you’re taking it to market too early? You thought you could do it better or you found a niche, which is why you’re doing it in the first place. So give yourself the best possible opportunity of succeeding when bringing a new product or service to your market.
Why do we take products to market too soon?
1 – False stakeholder expectations
2 – Product isn’t good enough so we lead with marketing
3 – Financial motives
The downside by being that little bit more patient is always worth it. Take a more holistic, less emotive view and work on making business-minded decisions.
Your future customers will appreciate it much more, as will your bottom line!