It happens that a company comes up with a brilliant idea, successfully markets it, but then decides that they’ve hit a home run and that they can just sit back and bask in their success. They don’t keep in sync with their market’s pulse, stay in touch with customers, look for new sources of customers, monitor their existing and new competition, and so on. Too often, they’re suddenly caught off guard, and find themselves overtaken or obsolete.
Here are a few more points to pay attention to, in marketing your brilliant idea.
1. Incorrect pricing.
Mispricing your product or service, either too high or too low, can have disastrous effects – more severe than you might imagine. You have to take all related costs into account in setting your price. That includes the cost of acquiring new customers, maintenance costs, support costs, accounting, and so on. Consider all your costs, and you’ll come up with a good price model.
2. Lack of market awareness.
By lack of market awareness, I mean that your potential customers aren’t aware of your company and the benefits you offer them. No matter how brilliant your idea may
be, if it isn’t made known to those it will benefit, if they aren’t made aware of its brilliance and uniqueness, you just aren’t going to get off the ground.
This could be a failure to promote the idea, promoting it to people who would not need or want it in any case (wrong target audience), or failing to make it brilliantly clear how your offering is different from anything your competitors offer.
Just sending out a press release, or putting up a web- site and hoping people will see it is not even remotely sufficient. You need to do your keyword and other SEO research thoroughly, and use every current and proven technique you can, to move your product into Google’s top ten search results for your offering’s most important keywords.
3. Unqualified team.
The third potential deal breaker is the team behind the idea. A team that isn’t well qualified, one that’s poorly integrated, doesn’t coordinate and interact well, lacks vital skills and experience, or just doesn’t have creative “spark” as a group, can wipe out even the most brilliant idea.