9 {{ upvoteCount | shortNum }}
9 {{ upvoteCount | shortNum }}

Launching new products

by socialentry
6 replies
Suppose that you have an offer that you think will benefit a target market but you're not 100% sure that it will sell.

Let's say specialized software X for industry Y.

How do you go about it?
If you're in sales, how many pitches/dials do you make before you decide to abandon or pursue the idea?
If you're in marketing, how many impressions do you need before getting a conclusion?

An idea that gets passed along in the sales world quite often is that a good salesman can sell anything to anyone. True or false?

(Lest people think I can't form my own opinions, I think it is untrue, but just want to throw it out there for the sake of discussion)
#launching #products
  • Profile picture of the author jamesfreddyc
    How about interviewing the people that are using something similar? You could gain a lot of intel about the market: level of need, level of consumer sophistication, lingo of the niche, and on and on... I think most people (especially at employee level) are quite willing to discuss whatever it is that they do.

    or...

    Quantify things by developing a solution (software), be committed to the idea, go for developing the business and be incredibly persistent in the sales effort of the product of said idea.
    {{ DiscussionBoard.errors[9670892].message }}
  • Profile picture of the author MichaelWinicki
    Before you determine how many sales calls you're going to devote or how much advertising to spend, you need to have some idea what the lifetime value of the customer is.

    That's the figure that will determine how far you should go before you give up.

    My feeling is that most give up way too soon because they fail to take into account what the lifetime value of their average customer is.
    Signature
    http://www.BigNoiseMarketing.com
    {{ DiscussionBoard.errors[9671001].message }}
  • Profile picture of the author DaniMc
    People get this wrong all the time.

    First, before one line of code is written, you should already KNOW for sure that it will sell.

    The correct process is - ideation, validation, launch. People who launch before validation just chase their tails.

    This is why starting from scratch is so difficult. It is best to start with something that is already successfully selling, and then add products that fill a clearly defined need.

    Then, you presell the solution before you even create it. If you get enough interest, you can move forward. If not, you kill or modify the idea and try to sell it again.

    Once you have demonstrated clear interest, and have established buyers who want it, you can begin creating the solution and giving to them free or at a steep discount. They agree to give you lots of feedback in exchange for getting early access.

    Something doesn't have to exist for you to test the market, validate the concept, and land clients.

    Ideation, validation, launch allows you to fail fast and conserve resources.

    Ideation, launch, validation wastes years of your life and squanders resources.

    Read The Lean Startup for an initial primer on the subject. Then read as many lean methodology books as you can find. The Product Launch Formula is also a good resource. Examine companies like Buffer that have shared their startup story publicly.
    Signature
    Be kind, for everyone you meet is fighting a hard battle.
    {{ DiscussionBoard.errors[9671065].message }}
  • Profile picture of the author jamesfreddyc
    You have to be an AGILE development shop or developer to run with the Lean Startup approach. As Dan mentioned, you have to fail fast --- this means being agnostic to your big idea and not emotionally married to it.

    Its tough to do if the product is your baby.
    {{ DiscussionBoard.errors[9671109].message }}
  • Profile picture of the author DaniMc
    Here is the story about how Buffer launched into a big success by going Lean.

    https://blog.bufferapp.com/idea-to-p...-how-we-did-it
    Signature
    Be kind, for everyone you meet is fighting a hard battle.
    {{ DiscussionBoard.errors[9671295].message }}
    • Profile picture of the author savidge4
      There can be a bit more to this than just simply jumping the gun and developing a piece of software. It COULD be that the software was developed with the initial thought of use? As in I have a problem that needs solved, and now I have a piece that solves that.

      I personally do this all of the time. A client has an issue, and I solve it. I have many pieces of code that solve many problems. with the wordpress environment, I have many plugins that resolve many issues. The solution for ONE, may not have a real demand on the market. But, the initial development was not with the intention of marketing, but of fulfillment.

      So from THAT prospective, you now have a piece of software that resolved an issue for you or another, and you are wanting to determine the market value, and overall demand.

      I personally would get on the phone ( imagine me saying that ) and run a survey to get an idea of the demand for the solution you have. Without question, you are not the only one that has the same issue, and needing the same solution. It becomes a matter determining market demand.

      IF you are comfortable with producing a PPC funnel I would suggest 1000 very targeted clicks is going to give you an idea if the software is viable in the market place.

      AGAIN... IF you are comfortable and have the ability to produce a funnel that will just short of off the bat produce results.

      "An idea that gets passed along in the sales world quite often is that a good salesman can sell anything to anyone. True or false? "

      I see the answer to this as being TRUE. The issue is not IF they can sell it, but is there enough demand to make it worth their while.
      Signature
      Success is an ACT not an idea
      {{ DiscussionBoard.errors[9671665].message }}

Trending Topics