Let’s talk best case scenario for your new product. You’ve gone through an intensive storycarding session, you’ve planned your product thoroughly, you’ve done the market research, and best of all you’ve had your product built. Now you launch, and lo and behold your product is a hit. This is great, right? Well, if you didn’t plan for success it could actually be a major disaster. A company that can’t support fast growth is destined to fail by success. So how can you be prepared for the best case scenario – massive success?
First, you need to have a plan that will allow you to ramp up quickly if the product does have some unplanned success. Will you be able to meet demand without a drop in quality? Will the additional volume mean you’ll have to outsource production to a country with low quality standards? We’ll tell you this much – consumers will notice and all that good will you garnered will disappear as quickly as it came.
So are you prepared to grab that huge market share when it comes available? There’s a difference between opportunistic expansion and planned expansion. This plan needs to be in place. This plan should include how to allocate resources to respond to sudden market change or unexpected success with the least expense to you.
To do that you need to know your product. If your product is made up of parts (it’s not a mobile app) then you need to do a lot of housekeeping to prevent mistakes and make sure that ordering these parts doesn’t bottleneck. So you need to know everything about the cost included in building your product. This means having rock solid supplier relationships with stable contracts. This also means not only knowing your product but also knowing the business. Administrative costs and technical support can get out of hand with a sudden expansion as well.
Simply put, you can’t just hope for success… you have to be prepared for it. Success is a good problem to have, but it’s still one that can lead to failure.
Speaking of success. If you want to give your product the best chance at it, you should contact us here at Rootstrap. We can vet your product and help you develop a roadmap that will make sure you’re building a product that people want. Let us help you get to the that golden best case scenario.