- by Rory Ramsden
Find a market which is ready and willing to spend money on a solution and then fill that demand by making them an offer. Sounds easy, doesn’t it? But there is one unspoken flaw in that strategy that no-one speaks about. It’s like a giant redwood standing in a forest. It’s hidden in plane sight. And it’s the difference between product launch success and disappointment.
Marketers are taught to ask their core audience what they want…
If they knew the answer they would probably have already bought it. They can only put their answers in the context of what already exists. They are not experts like you. They cannot look over the horizon and see beyond to the innovations that can help them. All they can see is the solutions which are currently available. It is logical to assume therefore that they will give you the WRONG answer to your questions.
They would certainly have told Henry Ford that they wanted a faster horse. The concept of motorized road transport for individuals and families had not dawned in their minds. In the same vein, Steve Jobs would have never made an Ipod, an Iphone or an Ipad if he had listened to his market.
I am not advocating that you stop asking your best customers for feedback. Apple is a very customer centric company and yet Steve Jobs famously said that he never did market research. How then is it possible that he came up with such a string of world beating products?
The answer is that he looked deeper to find answers.He applied his engineering genius to profitable markets. He transformed analogue products into
digital ones that not only transformed the lives of people but also whole markets too. Henry Ford did the same for personal transport.
When creating your product by all means do your market research. Discover the demographics and psychographics of your core audience. Take a long hard look at your competition too. Find out about their best selling products. Buy them and pull them apart to see what’s missing but never lose track of your prime goal which is to apply your expertise to disrupt the market by creating a customer centric solution that solves an old problem more easily and more quickly than ever before.
People will pay a premium for new and innovative ways to make their lives easier. But innovation in itself is not the answer. If it was, our cities would be crowded with They aren’t. People were not ready to trade in their cars. The product did not make a connection with the market. .
Nevertheless, you want to go beyond the predictable. You want to find a unique mechanism that sets you apart. Unless you do, there is no point in doing a product launch. You will simply be offering a me-too solution that can only trade on price just like Amazon are doing with the Kindle Fire and will do when they introduce a smart phone soon.
If you have not done a launch before or even if you have and now realize that hiring a launch manager would be a smart thing to do, you may be wondering how much hiring a product launch manager will cost. The quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients. We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now