Not Employees, but New Product Ideas
Good day to you.
When I was attending a management training, I came across "Hire Slow, Fire Fast" strategy. But, as a Food Professional, I think applying it on Product Development Ideas is equally true. Do you equally agree?
You’re right. There are countless cases of launching a wrong product at the wrong price to the wrong market at the wrong time, or any combination of these.
Because the customers today are continuously looking for newer, better and smarter products; why should we not continuously evaluate our offerings
Flexibility at Marketplace is Important
Should we stick to an idea, even if there is not product-market fit?
As many as 80% of all the food products in common use today will be obsolete in a few years. They'll be replaced by new and better products. The rapid development of new technology and the desire of people for new or better or cheaper products means that you can be equally flexible in your product launches.
Make sure your Products are Outstanding!!
Isn't determining the need of your customer very crucial?
Continually make sure that your product fills a genuine, existing need; it should solve a problem of some kind for the customer, or that it should make the life or work of the customer better in some way. You must be very clear about this.
Continuous Testing and Piloting is the Key!
Here are two things you can do immediately to put these ideas into action:
First, determine exactly what is different and special about your new product idea that will cause people to buy it in competition with similar products or services.
Second, investigate before you invest. Start working on smaller trial quantities and then scaling to pilot and plant trials.
Having known you personally, I think you can share your thoughts with me? If there is anything I can be of value, do write back to me and I shall make it as simple for you.
Thanks & Best Regards,
Nikhil Kapoor | Founder | The Blue Ingredient Co.
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