Advivo ICP, Managing Director, Trevor Holmes shares some of his experience on how to make sure your next product launch has a higher chance of success.
Got a great idea that you know customers will want, need and value?
Good. Being a creative organisation that has a propensity to always be thinking about how to make products or services more accessible, simple to use and lower cost per unit for users is the definition of disruption. It’s been proven time and time again: If you can innovate solutions to problems, you can capture a market. If you can capture a market, then you can experience significant growth and profitability and create an entity with real enterprise value.
“The secret to successfully launching innovative ideas is to gain adoption in the early phases”.
But here is the catch; you must FIRST enter a very specific market segment who are willing to be early adopters of your idea. That is, the secret to successfully launching innovative ideas is to gain adoption in the early phases.
Far too many times we see launches of products and services that the market either does not understand the benefits to or finds the implementation of the idea too complex or too expensive in comparison to how they are doing the job currently.
You have to take a data-driven viewpoint and know that statistically, more than 80% of innovative launches fail, often resulting in enormous losses of money, time and effort.
So how do you WIN?
It’s actually quite simple. Follow the launch formula (yes – there is a formula!). The Launch Formula is a process developed on the back of 15 years of research and success/failure analysis. You can learn more about the Launch Formula here.
How does The Launch Formula work?
At each step, you will run essential validation of specific assumptions, assess and pivot if required, before moving on to the next step with confidence. Without this formula, as proven by the horrendous failure rates, you risk investing your funds, time and energy into an idea that has a high probability of failure.
Take the example of the first validation point – Concept or Idea. At this stage, we undertake some basic research, analysis and conceptual mapping of what it will take to get your idea to market, who that market is, how big the opportunity is and more. Now we have started to validate that conceptually your idea is strong enough to move into a full business case process.
Why would you conceptualise your idea? Well think of it this way; would you ever buy an investment property without doing basic research? Would you ever buy a business without some form of research? Would you ever consider buying an expensive high-performance car without some basic research?
The reality is this: You may have a fantastic idea, but to get your idea to market is likely to take an investment of at least this level of research, even if you can do it extremely inexpensively.
At Advivo ICP, we are strong advocates of progressively validating each step of the launch formula. Applying a scientific approach to your launch process is proven to increase your ability to launch ideas and WIN.
We do a lot of work with teams who have innovative ideas, are time-poor, who value research and value their investment dollars. Advivo ICP specialises in doing the job for you to ensure you don’t waste your idea, your time, or your financial investment.
Make a start today – check out The Launch Formula online, learn the type of questions you need to be answering at each validation point and then contact us to discover how you can validate your first step on a path to successfully entering the market.
We look forward to hearing about your winning innovative idea.
This guest blog is written by Advivo ICP Management Director, Trevor Holmes. Trevor is skilled in the use of ground-breaking data science tools that enable the rapid gathering of Market Intelligence, and has been instrumental in the development of applying these tools in deployment of Market Entry Strategy. As Managing Director of Advivo ICP and its skilled consulting team, he is passionate about disrupting the innovation space and reducing the more than 80% failure rates of technology and product launches in Australia.
