Here are five things you need to know or do before launching a new innovation or product:
- Is the problem you’re solving important enough to create a suitably large market? If there aren’t enough people who care about the problem you’re solving, then you won’t be profitable.
- Can you make money? Carefully analyze your business model from every angle to ensure that your solution can turn a profit.
- How well do you understand your customer? Companies that launch successful innovations take the time to understand everything they possibly can about their target customers. If you can’t create a detailed profile of your target customer, then you’re not ready to launch.
- Do you have a clearly-articulated path-to-market? Saying that you’ll use guerilla marketing, growth hacking and social media is not a well-laid path-to-market. Your plan should include goals, SMART objectives, timelines and key performance indicators (KPIs).
- Can you pitch your innovation in just one minute and get people excited about it? If can’t get people excited about your innovation in one minute or less, you’re probably not ready to launch.
Before you pursue your innovation, make sure you can check these 5 boxes to ensure there is a true need and demand for your solution.
For more inspiration and help to launch your next business or innovative product, read these articles:
A Quick Guide To Developing A Go-To-Market Strategy
Your retail product needs a go-to-market strategy tailored to putting your product in front of your ideal clients. Here’s how to develop this strategy for your business.
Ron Flavin
Aside from helping entities of all types to successfully acquire more than $200 million in funding and grants, Ronald Flavin has a talent for identifying potential revenue streams in any organization and implementing a plan to develop these new sources of revenue. Because he has worked in so many sectors, this depth of experience has given him the ability to precisely identify the best opportunities for growth in any organization. Ronald Flavin’s occupation as an organizational strategist encompasses his expertise in business growth, business grants, grant writing, ghost writing, product/revenue development, and also as an author, and a professional speaker. Ronald Flavin provides a valuable service that is essential to the growth of any organization.