‘A startup is a temporary organization designed to search for a repeatable and scalable business model’ – Steve Blank
New products are an important component of growth strategies – however over 75% fail. Reasons can include flaw in the hypothesis or the execution. It is important to have the right team to execute. Refined Path has deep experience in developing and launching new products. We utilize a customized ‘Nail it, then scale it’ to maximize your returns when you have a hit, while minimizing your losses when you don’t.
LISTEN TO YOUR CUSTOMERS
You have a hypothesis for a new product or a whole new business. You may have developed a product or an MVP (minimal viable product). Then you need to get out in the marketplace to validate customer interest through pilots, orders and product usage. If there is minimal interest, it is important to capture insights to refine the hypothesis, product or both. Remember that early orders can generate excitement, however usage rates and repeat orders are critical to confirming that you have a viable business.
REFINING YOUR PRODUCT
After bringing your product to market, there will be feedback: barriers to conversion, demand for new features, etc. It is important to capture the right feedback, parse it and enhance or even revamp the offering. This should be anticipated and included in your planning.
SCALING THE VALIDATED SERVICE
Once the market has validated your product or service you have to transition to ramping up marketing to drive awareness and demand. You may have to refine your compensation model. As you transition from start-up mode, there is the challenge of building out your organization including sales. Growing pains are a nice problem to have, however not addressing them properly can be your downfall.
This may sound like a straightforward process, however companies make many mistakes including: Falling in love with the product and not listening close enough to customer feedback or trying to scale a product that has not been validated by the marketplace.
Our experience includes launching new products in marketing services, media services, data/analytics and consumer products. We have validated new product hypothesis at both start-ups and established companies. We help clients with strategy, bringing product to market, capturing feedback and transitioning from start-up mode to start scaling the business.