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Busienss Plan

In: Business and Management

Submitted By Rimmer122
Words 540
Pages 3
Spotting a gap in the market is a key challenge for any business that wants to stay competitive. But proposing a new offer is one thing, taking it successfully to market presents another challenge. Simon Wicks looks at what happens next
The history of commerce is littered with products and services that seemed like great ideas, but for which there was actually no sustainable market. For example, Clive Sinclair's C5 electric tricycle famously failed to take off because it created a safety problem rather than solving a transport one.
"I think all of us have launched some bad ideas," says John Fitzgerald, chief executive of BRAVE, the business-support agency. "It's very easy to rush on because it seems like a good idea. I've seen it in both delivering services and manufacturing products - for example, making something because you like making it, rather than asking your customers first."
Research the market
Launching a new product or service without proper planning could seriously undermine your credibility. If you are seen as a business that plunges into new schemes without thinking them through, customers will doubt your professionalism and drift away.
"Every company wants to get to market quickly, but you must do your market research - even within your own organisation," Fitzgerald advises. "Don't get into a position where you're launching a product and your own people don't know about it, then say 'That's never going to work. You should have asked me.'
"Try your idea within the company first, then talk to customers and trade bodies and work it up to get the best offer you can," he continues. "Ask 'Who is this product directed at?'. You need to understand what your potential customers want."
Run a pilot
"Don't oversell and under-deliver," warns Fitzgerald. "If you think you've got the offer right, think through what it means for your company. Can you be sure...

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