It’s easy to find information on how to build new products. For instance Ivan Kan, Co-founder of crowdfunding marketing agency Crowdcreate, talks about making products that people want. But often there’s an oversight regarding when you need to develop a new product. You need to recognize when to do so, sooner rather than later. Let’s look at 5 signs that you should watch out for.
More Than Great Products: A Journey to Product/Market Fit
We all want to be the first to introduce a new product to the market. We dream of being the creative genius that brings the next best thing to market and makes a fortune. But lightbulb moments come and go, and if they don’t fit into today’s consumer needs like a puzzle piece, they’re worthless.
How a good product development process can save you time, productivity and money
Over the past 10 years, nearly all of our clients have been entrepreneurs – people who spotted needs in the marketplace and built companies to meet those needs. So, by nature, we all – myself included – constantly think of new ways to sell more stuff – products or services. Based on experience, my guess would be those in the restaurant industry that run their own stores or have the flexibility to be creative must be masterful at this due to the need to come up with some new menu items that will sell nearly every day.
If you think about it, restaurateurs have to be good at this or they subject themselves to losing a lot of money, quickly. When they commit to a special, they are immediately investing ingredients and time into the development of the menu item without necessarily being able to get the investment back. So while the cost of a plate might be 1/4 – 1/3rd of the price of the product (raw goods) the time associated with developing the item adds additional costs.
How some firms get the right product to the right target
Have you ever spoken with the eternal optimist who sounds like this?
Who is your customer?
Any and everybody. Everyone needs what I am selling and everyone will buy it.
Who is your competition?
No one. No one is doing what our company does the way that we do it. We are unique. We are innovators.
Why aren’t you successful?
We need some more capital in order to get the message out to the marketplace. Once we do that, everyone will tell their friends and family and we will be in great shape. The world will beat a path to our door!
Hmmmm…if business were only that simple. Build a better mousetrap and the world will beat a path to your door, they say.