Bringing your product to market means nothing if it's too late to make an impact. Here's how to beat your competitors to the punch.
In today’s rapidly changing world, an aspiring entrepreneur may have a great idea but think, “What’s the point?” After all, within a year or two, the interests of consumers may have shifted, technology may have rendered the idea for your product obsolete, or a competitor could get to market first.
While the speed at which products become obsolete is a huge issue that must be considered before someone invests in starting their own company, it should not be viewed as an impediment. Fact is, there is unprecedented opportunity for calculated risk takers and, as the old saying goes, fortune favors the bold.
According to CNBC, there are currently a record number of billionaires in the world and every one of them not only had a great idea but understood that getting to market quickly was critical. The ability to create a premium product in the shortest amount of time is what separates those that make it and those that beg their old boss for their job back.
As the CEO at AXIS, we design do-it-yourself home products for Millennials and understand the need to get to market quickly. Here are six tips to get your product to market before it is too late.
1. Identify a Need Based on Personal Experience
Ever encounter a problem and think that there could be a simple solution? As with most things, many others are likely experiencing the same thing. This is where the best ideas stem from, something that comes from personal experience. That way, there will be strong passion for the product that will carry you through the rocky waters and take you to the rainbow on the other side.
2. Be Forward Thinking, Take a Risk
Much the way when you read about a can’t-miss stock in the Wall Street Journal, it is often too late, the same law applies for developing a new product. Especially for the “David’s” going up against world-class “Goliaths,” thinking ahead and resourcefullyis critical to success. Attending industry events, whether it is the Consumer Electronics Show (CES) or Toy Fair is recommended to see the latest industry trends. Start to plan for what will be groundbreaking several years from now, not today.
3. Engage in Rapid Product Development
The fundamental philosophy to get to market quickly is to work in parallel paths. Our company experienced success doing this with AXIS Gear, a smart home device that motorizes existing window shades. The key is to have an overarching strategy and then simultaneously execute in all areas such as product development, sales, marketing, digital and social media. An isolated step by step approach will not get it done. The company leader must mobilize the troops to march in unison toward the same goal.
4. Set Deadlines and Divide by Two
Make company deadlines unrealistic. If the goals are to have a prototype, website, marketing plan and sales channels solidified within six months, set a deadline for three months. Those that crack the whip with tight deadlines will see exponential progress compared to their “realistic” competitors.
5. Be Quick, but Don't Hurry
Legendary UCLA basketball coach John Wooden coined the phrase “Be quick but don’t hurry.” This applies to entrepreneurs as much as it did to former Bruin Kareem Abdul-Jabbar. While time is of the essence, those who do a rush job will develop a subpar product which will ultimately fail once it hits the market. The key is to strike a balance between speed and excellence.
6. Monitor the Marketplace
External factors in each industry will dictate how fast one must move. If the winds are shifting it may be necessary to tie up loose ends immediately and go forward as things stand. If nobody is in the rearview mirror, there may be time to rework and perfect certain features. It is an art as much as it is a science and the Founders’ ability to understand the marketplace and adapt on the fly is essential.
While there will always be risk when launching a new company and product, these proven tips will help mitigate risk and increase your chances for success, like so many entrepreneurs who have come before us.
