HatchOne specializes in getting products to market – especially entrepreneurial product ventures. Recently a lot more of our inquiries are startups and smaller companies looking for guidance on launching their first products.
Over the years we’ve accumulated a go-to list of insights on launching products. Below are our Top 10.
- Getting a product to market means starting a company. We all have great ideas and HatchOne is continuously asked why none of our good ideas are on the market. One simple reason – that would mean launching another company to market, sell and produce products. We like helping people more.
- Great brands are best when married to a business plan. Product companies succeed when they have a distinguished brand built in conjunction with their business plan. This leads to clear product goals for getting to market and will guide sales and distribution.
- A business needs more than one product. It needs a product roadmap. Selling one product like Kipiis is not the norm. When Kipiis approached HatchOne their business plan was to build a brand around one product with the strategy to sell in five years. They did. More of the norm is to realize a product roadmap meshed with a sound business strategy for generating revenue is success. Product diversity around brand equity is the magic.
- User insights drive innovation not only a founder’s good idea. User insights research can drive an entire 24-month roadmap when based on product latent needs, opinions and observations around use. The key is identifying target users, surveying framed questions precisely and analyzing data with keen frames. The ‘garbage in – garbage out’ theory gets amplified if any of these are missing or not completed with rigor.
- Intimately know your market and competition. Buy your competition’s products, take them apart, use them repeatedly, critique others using them with open minds. Get data about who buys them and why. This will enable you to find market opportunities with innovation and brand definition. Two variables that equal business success.
- Build a team you trust. Trusted teams create environments where everyone succeeds. Teams that trust, collaborate, cooperate and deliver on – time to market, price point and budget.
- Lead. Business goals and objectives should trickle down to every team member. Tasks and activities should be accomplishing defined goals. Empowering and mentoring team members to succeed builds respect and trust. See point above.
- Develop instrumental partnerships. Build partnerships. Partner with your contract manufacturer. Partner with outsourced services. Partner with your entire team. Strategic partnership will seed success for everyone.
- Don’t forget about product sustainability and customer service. Products need to be sustained and serviced. Once the product leaves your warehouse, its life is still in your hands. Brand awareness and inventory control are real.
- Have fun! We do.