Is it more important to perfect the product or hit the ground running and make adjustments as the product develops?
Almost ready to launch a Vermont Maple Syrup and Product outlet in Orlando, Florida. A lot of advertising and publicity efforts have already been made. The conflict with opening is that we don't have the quantity of products we have planned for in stock. Also still deciding the best revenue products like maple cotton candy or maple candy canes for the holidays, etc. I'm looking to hear from some business consultants how developed the product should be before opening. Thank you.
Product should be launched when it is ready but necessarily perfect. Timing is key and the product should be good enough to go out. You then need to get feedback through various sources and improve and adjust to consumer preferences. Unlikely product will ever be perfect and then neither is the tastes of different people. Product has a lifecycle and it is depends on timing and cost. You can keep perfecting for long incurring costs and losing time to market advanage.
I have had many reviews of what I have done, of a service that I am providing to others. I am now doing surveys and I am placing the groundwork to trademark my ideas that are sure to "Wow!" the public. If you already have done reviews and have the great results, it is time to hit the ground running. Blessings to you Rema!
Perfect the product first and with the right team and assigned UPC everything else will be added onto it.
There is nothing as a "perfect product" as tastes vary among consumers. I would suggest to go for option 2 and improvise as you go based on your sales and customer feedback.
If a unavailable part or feature of your product will not undermine quality nor it doesn't possess a valuable advantage in the launch then it'll be a good idea to hit the ground running. But then again first impression last if from such launch your audience hardly tell a difference between yours and that of your competitors then you'll have a hard time getting your expected market share.
Perfect the Product all that starts well ends well. This way a more distinct and innovative brand is thus noticed by its unique proposition and perfect product features. Moreover, when you perfect your product you'll probably perfect your pitch or even detailing the product to the market.
Dear Rema, it depends on your strategy of course. One way would be rapid prototyping, to get real feedback form your customers. Important I guess is to communicate this. That way you can get in contact with potential customers and let the be part of your brand, you have a dialog or a sound board on what products are attractive. More information about rapid prototyping are here: http://www.planningnotepad.com/2012/02/design-thinking-series-3-rapid.html
1. I believe your planning is a late in the process, especially if you are launching the product for the holidays. Typically, holiday products are in place before June or July at the very latest.
2. If you are still trying to decide which product(s) to sell, I would highly recommend that you use this season to test the market. I wouldn't invest a lot of money on advertising. Malls and tastings would be best suited at this time.
Malls during the holidays allow or have available pop-up 'stores' or stands available. You won't need a lot of products because you can stay open for as long as you have product when you run out you shutdown.
This way you will (a) determine if the market is suitable for your product or not, (b) whom in the market would be best suited to target, and (c) which flavors are most popular.
The latter can be accomplished using small taste sample and a survey. The taste samples should be blind and only let the samplers know the flavor they chose after tasted the various flavors.
Just my 2 cents.
I have always advocated that you product simply has to be competitive in the market you intend to enter. No need to polish the apple any further for now. Launch aggressively and be ready to make further enhancements to respond to market needs and competitive pressures.
But, by your description above, you may not have done enough market research to determine what you need to be selling. If you had done that, your questions would already been answered and you would be manufacturing the right products. Guessing or running the business without data is dangerous. It's a good way to lose your shirt.
I don't think you have development problem. You have a market understanding problem.
That's kind of rough on you, but I have seen this issue many many times.
Many great answers; I think Rajesh hit it succinctly- the trouble is you may have already set unrealistic expectations. Rather than focusing on the best revenue products at this point I suggest you be most attentive to serving a specific market and actively soliciting and acting upon the feedback that is given.