Launching New Products is Essential to the Growth of a Company
We would love to provide you with a magical formula that will absolutely guarantee you will grow your business. Unfortunately, we cannot. That’s because there isn’t just one way to build a business in the complicated market we all work in. This marketplace demands customization. What we can tell you is you need new products to keep your company growing and there are several key principles to producing them.
Even if you have had great success with some of your product offerings that does not mean you will always have success with every new one or the ones you currently offer. Sooner than later they will need to be refreshed or replaced. Just consider two products that we all know that have come and gone.
- Apple Computer Newton—this was a groundbreaking device that was marketed widely throughout North America but it never built any market share let alone retention. What happened here? Newton cost a fortune and was unreliable so many people returned their devices for refunds or simply gave them away. A former business partner of mine gave me his Newton after many months of frustrating use and I gave it away after a similar experience.
- Palm Pilot—remember this device? It launched two years after Newton and became an overnight success. I had one and it worked great for several years until much improved mobile devices drove them out of business. What happened to the Palm Pilot? Clearly they didn’t innovate and keep up with their customers’ needs and left a huge hole in the market for competitors to fill. Mobile devices soon took their market share and have held it since.
Successful product launches have three principles that guide them to greatness.
1) Big Ideas Start With Customers
Understanding what constitutes a “Big Idea” does not start in your research and development department, rather, it begins with a keen understanding of what your customers want and will purchase once you offer it to them. Nearly all successful companies know what their customers’ true needs, interests, and wants are and take the time to figure out how to best meet them.