Have you ever been at a point in your business where you have hesitated to pull the trigger on making a transition or releasing a new product? The most likely cause of the hesitation is that you have not gotten enough input and feed back about what it is that you want to execute.
While I certainly do not want you to fall into the trap of doing so much analysis that you never execute, I do think that having input from experienced people in and out of your business will do two things:
1. Validate that it is time to launch your product or service
2. Identify what needs to be worked on in the next release
Every business owner needs to have a group of people who you can bounce ideas off. These same people will help point out the hazards and the opportunities that you may not recognize. Sometimes these groups are called a Board of Directors, a Mastermind Group, advisors or various other names but the important thing is that you have such a group.
Even if your group is informal, it doesn’t matter. The thing is that you have a group who can work with you to be both a sounding board for great ideas as well as providing in put about your new products. By providing you with meaningful and honest feedback, you should have a level of trust with them so that when they say, “You’re ready to launch this product” or “You’re ready to start offering this service”. The thing is that you trust them enough to move forward and execute.
Your circle of advisors should be having input and validating if your product or service is ready for the market. If you are waiting for your product to be perfect, you will never execute because there are shortcomings in every product and service. As a business owner, you have to realize that having a working product that meets most of the market needs and is on the market is better than having a perfect product that is finally released just as the need for your product shifted away from your offering.
Most of the current products on the market today are updates to previous product releases. Even products that we consider revolutionary are building on existing technology or designs. The people within your advisory group should not only be encouraging you to deploy your product but also leave you with a list of items that need to be addressed in the next release or version of your product. These known updates and the feedback from the market will help develop your strategic road map for the next several iterations of your product.
If you have not built a reliable network of advisors or industry experts who can help you know when it is time to execute your product take these simple steps to build up your team.
• Attend industry or business functions where you can network with people who can give you feedback about the timing of releasing a new product or service
• Develop contacts outside of your business or industry but who are experts in other related business disciplines or businesses that complement your own
• Find or develop your own user group and ask them lots of questions – “Which feature out of these four would be of greatest impact to you and how you use this product?” “Would you pay more for a more robust product?”
Now, Get2it and develop a plan to either build a network of advisors who will tell you when you’re ready to ship, or create a plan to be intentional about getting feedback from your team when you are debating about if you’re ready or not to go to market.
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