The following is an article “Why You Should Concentrate on One Product When Starting a Business” by Marc Primo
For most businesses, the proper timing to launch a new product into the market can spell its success. Most prominent companies establish a beta phase, connect with the right networks, or break-in the brand on selected social media sites first before going for a full-on product launch. For little-known startup companies who are looking to introduce their brands and flagship products to the public, getting the media to attend the launch may be one of the most difficult feats to accomplish.
If you’re starting a business and eager to sell your unique product or idea out there, make sure you have developed your main product first before you come up with other offshoot brands. Companies usually devote two years or more in establishing a product into the market and patience has its rewards. Such companies as Coca-Cola, Michelin, Roku, and Crocs were all built with a single product.
To know why it’s important to win your first battle before heading on to conquer other territories in the market, check out these helpful insights:
Time and focus are of the essence. Devoting your time and effort to one product with the end goal of making a name for your brand as you start your business pays off more than trying to multi-task with various products for the same goal. All of us have only a few hours a day to work and our attention span can diminish during the late hours, so it would be best to concentrate on one core product first while you plan to launch your business. The more time and focus you give to that one product, the more you can develop it and guide it towards the right trajectory.
Know you’re just a startup. There’s nothing wrong with dreaming big if you are a new and small player in the industry. What IS wrong is not acting like the startup you are as you introduce your brand and product. Consumers value transparency and integrity, and shaping your first product into something that tells your brand story can highlight its unique features and get you more buzz on social media or even the news.
It can improve your brand’s core values. Internally, focusing on one product as you start your business can do so much to communicate your core values to your employees and eventually to the market. It helps define what your brand and product stand for and shows people you understand what your target market needs. It specifies the scope and minimizes work time so you can focus on further improving your product’s uniqueness. While you’re at it, review how you can establish real-time customer support, delivery itineraries, and collateral branding that can push your brand’s core values further into the spotlight.
You can draw your mission statement from it. As you devote your focus to one product, you also develop what your brand wants to achieve. It guides you to come up with the right answers to questions that the media or your customers may ask about your product because focus builds concrete missions. Once you have the right answers, you can define your mission statement and long-term goals and make your product more appealing to customers, while establishing the right mindset among your employees.
Let your product simmer. Developing one flagship product when starting a business also allows you to address customer concerns more efficiently, which can positively influence your customers. You’ll eventually know when it’s the right time to launch your product into the market when you feel that it resonates well with your customers. The real challenge is to be patient and let your product get the traction it needs so you can anchor your brand on it for that all-important launch.
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