Are you quick enough to beat the competition?
In today’s marketplace, speed is of the essence. For every opportunity, competitors are racing to beat you to the market. The early bird catches the worm, and the first to market has an open field for the taking.
You may have a great new idea, or you may have several. There are details to work out, things to test, trial runs, rework, and finally, honing the product to perfection. You want the perfect launch of the perfect product. And sometimes, you will be able to get your wish.
But keep in mind, while you’re polishing, honing and reworking, life is speeding ahead. Competitors are working on a similar idea, or possibly an idea that could be better than yours. The marketplace is changing. Customers are chasing after newer ideas and options. By the time you have perfected your product, the world may have passed you by. You have invested time, effort and money in something that is irrelevant.
To beat the competition, consider “ready, fire, aim!” as a launch strategy.
- Ready: Get your concept and prototype product. To sell something, you need something to sell. You need something for your target market to assess and critique.
- Fire: Launch your product. Send it out on a select run, to a sample of your targeted customers. Your product may not be finalized, but that is your strategic advantage. By launching the prototype, you are permitting your customers to tell you what they really want and need.
- Aim: Get feedback, analyze it, make adjustments, and launch it again. Like the military artillery model, find where you are off-target, and make the changes you need to hit the mark.
If your product is 100% on target, you’ve succeeded in beating the competition to market. Even if your product needs revision, you still are first to market. If your aim is off, listen and respond quickly to concerns and issues raised by customers. Should you ignore their reaction, you are just another vendor throwing a defective product to frustrated consumers. Responsiveness is the name of the game. Let your customers help you create a product to capture your market.
Beating the competition is a dance of timing. You need to take the time to have a viable product, but not hesitate so long that your product is irrelevant. Get ready, fire your best shot, adjust your aim, and beat the competition.