At what point do you call it quit with a new product or a service that isn't performing as well as you'd like it to?
How do you overcome attachment to a product or a service you recently developed and isn't performing as well as you'd like it to? At what point do you call it quit?
I often find myself divided between bettering a new product or marketing campaign versus deciding that it's time to call it quit and move onto a new service.
This means I spend a lot of time trying new tactics: new ways of wording it, bettering the SEO, sharing it a different way on social media, enrolling clients in inviting friends, sharing the bigger picture, etc. I assume that's part of any new product cycle.
At the same time, I notice that with some services I am pushing something that isn't working and that I want to work. Has anybody else been in this position before? How do you find the motivation to accept defeat and move on? How do you shift from disappointment to being excited about the next new thing?
@Hitesh Mohanlal @Steve Gray @Neil Steggall , maybe some early stories from when you started?! How did you do this to end up with a high performing portfolio?
Everything starts with Market Research and the importance of customer data to make decisions. It does not matter what you, your friends and family like (who may only tell you what they think you want to hear so they don't hurt your feelings). It is all about your target audience and what motivates them to purchase. Market research is more important now than ever! Whatever we thought we knew or understood before Covid about our customers and market must now be checked because the world has changed so much since last March. Before you spend anything you need to conduct market research! When real customers are willing to pay real money for your product or service, you have a real business. Start with the fundamentals: Who are you and why should anyone care? If you're not passionate about what you're doing, then why should anyone else be? There's a lot of noise in every category, so if you don't have a unique story to tell and a new approach or idea that excites you, then go no further. Every great business is built on a great story so start telling yours to potential customers and see if they buy what you're selling.
@Eloah Paes Ramalho this is a difficult one. And sometimes I am the worse person to ask because there are times when I think a client of mine has an amazing product or service and it flops. Equally I cannot remember the number of times I think a product or service will not work only for it to go places.
This is what I do know
1. You need a product or service people want. Ie there is a genuine market and
2. You not only have to believe in the product or service. You have to project that belief to your team and your potential customers.
Passion on its own is not good enough.
Market research sounds great but can be expensive. I suggest you try the following:
1. Ask who you target market is exactly. If it is everyone then you do not have a target. If it is B2B then ask exactly what businesses you after. Size, industry etc. If an industry who specifically in that industry etc. Narrow it down as much as you can.
Creat an avatar of your target. What do they like/ dislike. Where do they hang out? What problems do they have?
eg if you market is over 60 grandmothers LinkedIn or Instagram is not going to work
2. Write down three problems your service/ product solves for your target market and the pain they will have if they do not take up your service. They have to be real problems and real solutions.
3. Once you work out the first 2 then create your marketing strategy. Eg for the work I do Twitter and TikTok will never get me clients so I stay off them. Get you message right too.
If you can link it to your personal story you will get the emotional pull.
If you find yourself changing your marketing or improving your service that is normal so keep doing That.
If however you are moving regularly to new service or product because the last one is not working it is because you:
1. Have not identified the market or there is no market and
2 you do not believe in the service or product.
It is normal to get frustrated when things do not work out. But if you do your homework and there is a market and your truly believe in what you are doing the chances are you will get there.
Hope this helps.
