In todays episode of the ‘Ten Minute Hit’, Damian explains how to start a new product right!
One of the best things in working life is starting something new… the excitement, the risk, the uncertainty, and the potential success.
It’s the most rewarding path to growth.
In todays ever increasing markets, companies need to ensure that they are constantly responding with need satisfying and innovative new products.
Companies must keep on the lookout for opportunities to differentiate their product.
The problem we see is that companies with existing products and existing ways of working, often find it difficult to effectively start a new product.
Starting a new product within an established company, ultimately requires managers to act against their normal instincts.
Few managers will send their best people to head up a new product development, or allocate millions in investment to new R&D.
The reason is the risk this kind of behaviour brings.
But to give a new venture a fighting chance you’ve got to go all in… Playing not to lose isn’t good enough!
Damian explains 3 areas that companies need to get right, when launching a new product or business area.
1. Spend plenty at the outset and put your best people in leadership roles
2. Make an exaggerated commotion about the new products potential
3. Give the new team some freedom
For more information, listen in to the full episode and leave your comments below.
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Hope you enjoy the episode.
Previous Ten Minute Hit Episodes…
Monday 8th June 2015 – Episode 21: Start New Products Right!
Friday 5th June 2015 – Episode 20: How to Judge Industry Attractiveness
Thursday 4th June 2015 – Episode 19: Beliefs (Part 4)
Wednesday 3rd June 2015 – Episode 18: Beliefs (Part 3)
Tuesday 2nd June 2015 – Episode 17: Beliefs (Part 2)
Monday 1st June 2015 – Episode 16: Beliefs (Part 1)
Friday 29th May 2015 – Episode 15: Introduction to Venture Capital
Thursday 28th May 2015 – Episode 14: 7 Traits of a Great Leader
Wednesday 27th May 2015 – Episode 13: Efficiently Manage Your Email
Tuesday 26th May 2015 – Episode 12: Pain and Pleasure (Part 2)
Monday 25th May 2015 – Episode 11: Pain and Pleasure (Part 1)