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:
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