Get It Straight

I’ve been working with a group that is exploring an extension of their existing business. When we first started together, they were excited about the prospects and anxious to move forward. The only problem was they weren’t sure what steps to take. In fact, they wanted to start selling before having something to sell.

When planning a new product or introduction into a new market, your plan must include:

• Figuring out what the actual product or service is that you are selling
• Making a rough estimate of the price
• Deciding how you intend to distribute the goods or services
• Defining what the benefits are to working with you
• Establishing what it will mean to the customers, especially if they have to change practices
• Finding which intermediaries you need to make it work
• Investigating the regulatory hoops you will have to jump through
• If you are going to use endorsers:
  • Who are they?
  • Where are they?
  • How will they deliver the message?
  • How influential are they?
• Having the right people on board in your organization, including your board (if you have one)

We had the answers to many of these items, but not all. We had to take a step back, re-evaluate the situation, get things organized and conduct some additional due diligence before moving forward. In this case, it is the right way to proceed. Because when it comes time to sell, they’ll be ready.

Addressing the above items brings credibility to you, your brand and the products or services you will deliver. Take them seriously. Remember, if you want customers to invest in your product or service, you need to make an investment yourself. And you need a plan.

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