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Planning to launch a new product? You have been thinking the idea to be an instant hit among the prospective customers. Once you launch the product, you suddenly start feeling the heat. You are now seriously thinking on how to control the money outflow and bring it below that of inflow. Your great idea seemed to have been thrown to a bin.
One of the most successful marketing organizations nicknamed ‘marketing machine’ is said to have a success ration of around 2% i.e., 98 ideas are thrown down the drain before 2% of their launched products become successful.
Your great idea may not be a workable product for the simple reason that people don’t want it – they may need it. And you don’t have enough resources at your disposal to convert these needs into wants. I don’t mean to tell you that a small business can’t think of great products. Point I am trying to drive home is – you have to be very careful about the whole launch. You should take utmost care while conducting research on the feasibility of the product. If you aren’t planning to conduct any survey, my first recommendation is to that immediately. Look for qualitative answers of the respondents. Don’t concentrate solely on the statistical (or quantitative) responses alone. If needed, go for more than one round of researches. You will get enough enlightenment and insights into the actual idea, the product conceived by you and what people want from it.
You should take utmost care while conducting research on the feasibility of the product. If you aren’t planning to conduct any survey, my first recommendation is to that immediately. Look for qualitative answers of the respondents. Don’t concentrate solely on the statistical (or quantitative) responses alone. If needed, go for more than one round of researches. You will get enough enlightenment and insights into the actual idea, the product conceived by you and what people want from it.
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