More Than Great Products | Extraordinary Business
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.
Taking an idea and running with it without doing the proper research can be a serious waste of time, money and energy. We all know someone who is always trying to invent the better mousetrap or perhaps the next great app, but unless there’s a true need or consumer interest in that product, it will never sell.
Liam Smith has an interesting journey he shares about making the mistake of jumping into the production of an app that appealed to him, but not to the marketplace. He then stepped back, did the proper research to see what the consumer market needed and then made an app to fit. The old saying ‘Just because it can be done doesn’t always mean it should be done’ comes to mind. Without understanding who your target customer is, what they want, how they want to buy it, and if there are enough people interested, you’re not utilizing your time and money wisely.
Look before you leap and see if your ideas for a new product fits into the 3D puzzle that is today’s market. Use the methods in the following article to focus your energy and time into a successful new venture.
Beth Bowling is the Community Manager at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. She periodically writes about effective management of small and medium businesses.
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