Thoroughly Sample Markets Before Finalizing Product Development Plans to Avoid Costly Oversight
We are very strong believers in the value of “customer-centric” product development. Our belief translates into a strong dictate NOT to proceed on any product development prior to collecting sufficient opinions from market contacts to support a meaningful decision as to whether or not it makes sense to build a product. Frankly, the financial pitfalls of skipping this step are dangerous enough to sink most emerging tech business efforts.
Selecting useful contacts for market sampling is a task that also needs to be very closely managed. Of course, selecting individuals who are likely to be most representative of market buyers would be ideal. It may make sense to implement an NDA and to require that any contacts who choose to participate in a pre market survey only do so after they have signed the NDA.
Lots of precious cash can be saved by passing any and all product notions through a sampling effort prior to taking any action. Why go through the expense of building a piece of software only to find out, after the fact, that your product is missing a key feature that most of the market requires? In some cases, unearthing this type of information can send product developers back to a new design stage to retrofit the missing feature back into the product. Naturally, this type of retrofit can prove to be very expensive.
Entrepeneurs who operate strictly under the dictum of a “ready, fire, aim” business model are hard pressed to understand the sampling imperative. If business management is self aware, and notes this issue, then it would make complete sense to turn the product development reins over to a third party who can be trusted to collect the market opinions required, to evaluate the opinions and, only then, render an opinion as to the market viability of a product concepts. Given the downside risk, we do not see how it makes sense to operate in any other manner.
Correctly implementing a market sampling stage for product development delivers either a more credible product, or more cash left in the bank. Either result is a benefit for any business and, therefore, a market sampling stage should be mandatory for any/all product development notions. If you understand the sampling imperative and would like to engage with a competent third party that can manage the effort for you, please consider IMB Enterprises, Inc. You can telephone Ira Michael Blonder at +1 631-673-2929 to further a discussion. You may also email Ira at email@example.com.
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