Today’s post is by Randy Russon, founder of TOPCFOS
Welcome to our Blog today! TOP CFOS offers the finest virtual CFO services to companies anywhere in the world who want to take their organization to the top. We absolutely love being a part of your success. We also love to be the catalyst behind your firm’s soaring profits! And, for your convenience, we provide an RSS feed down at the bottom of our website so you can subscribe to our blog. Today’s post comes from the Strategy category on our website and is entitled Launching a New Product.
When launching a new product into the marketplace, there are many factors to consider. First and foremost is how much demand is there for your new product? If this is a new product being launched in a new startup business, are all systems ready to go? Or, is this just one new product being launched in a well-established company? Are distribution channels set up and ready to go? What about marketing? Do you have a well-thought out marketing plan? As you can see, in order for a new product to be highly successful in the marketplace, you have to cover all the bases. If you think you have a great idea for a product you want to launch, before you do anything I would highly recommend reading the book, Nail It then Scale It: The Entrepreneur’s Guide to Creating and Managing Breakthrough Innovation by Nathan Furr and Paul Ahlstrom.
One of the greatest pieces of advice they give in the book is to get out of your office and go out and talk to potential customers about your proposed new product. Will your new product solve their pain point? Find out how much demand there is for your new product. Ask potential new customers about how you can fine tune your product to better meet their needs. Doing this critical market research first will save you thousands of dollars in the end. I have always believed in the adage, “Find the need then fill it”.
When you look at all the products available in our world today, most of these products have come from entrepreneurs who did just this. They found the need and filled it. So many cool products have come from this. Edison’s light bulb, Post-it® Notes, PlayStation®, Harry Potter, and Apple’s iPad to name just a few have all had phenomenal success in the marketplace. And, with the internet at our fingertips, there is a plethora of other products to choose from. All you have to do is type what you are looking for in the search bar, hit your enter button, and up comes thousands of products to choose from. Also, when launching new products in the marketplace, there is always the opportunity to improve upon products that already exist.
This is what building a better mousetrap is all about. Google did this when they came along and launched a better search engine. And, take a look at the market share they now have. Maglite® did the same thing with flashlights. They took a normal everyday product and turned it into one quality flashlight and grabbed huge market share in the process. So, along with creating new products, entrepreneurs can always improve upon what’s already there.
We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest virtual CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. During the month of May, we are offering a free service to our readers. We will help you plan some great business strategies for your business here at our office or through a video conference meeting, all at no charge. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Leadership category on our website and is entitled Stay the Course. And, thank you for joining us!