$treet $mart$ (vol. 25)
Eventually, if you have been in the game long enough, you are going to have a few products flop.
It is estimated that 40% of all product launches fail. That said here are the 4 biggest mistakes that I have made over the years, and the lessons I learn from them:
💀 Mistake #1: Smoke & Mirror. The product falls short of claims.
The Lesson: Delay your launch until the product is really ready. You can't scale smoke and mirror solutions.
💀 Mistake #2: Pioneers Get Slaughter, But Settlers Prosper. There is a big difference between innovating and pioneering.
The Lesson: Pioneers forge new territory and dive head first into uncharted waters. But innovators make the territory around them better. Don't be a pioneer, Be an innovator.
💀 Mistake #3: Product Market Fit. Square peg in a round hole.
The Lesson: Don’t gloss over the basic questions “Who will buy this and at what price?” Never Assume anecdotally that the market needs what you have to offer, or force your product on the market
💀 Mistake #4: Fail To Scale. Assume it will be successful.
The Lesson: Have a plan to ramp up quickly if the product takes off. Having a successful launch but a poor delivery is the quickest way to blow yourself up.
With all that said, some of the most successful companies have failed to launch products over the years, and they are still here to die another day. Half the battle is taking calculated and recoverable risks. Don't bet the farm, until you know that you get momentum. Otherwise, you might not get another chance at bat.
Instead, focus on small bets, that can be scaled into big ones.
📚 More Reading On Product Launch Failures
🎧 Watch Some Podcast Highlights
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