Loading...
Answers
MenuWhen do I release my product?
I have what I believe will be a game changer in my industry. I have been working on a website for over a year now and I plan to take it to market early next year. However, I noticed recently that someone with a very very similar idea took it to market in January this year.
I am panicking. What do I do? Keep calm and follow on with my plan or release now?
Answers
Regardless of your launch date - keep calm. Having a competitor or twenty is all but a certainty in our new business environment. It has never been easier to discover a problem, validate a solution, build a product and reach customers. But that goes for everyone.
I'd urge you to consider a few questions:
1. Competitive Intelligence:
If this competitor's offering is very similar to yours - what can you take away from a year (nearly) of their operations? Can you use this intel to modify your own product or approach? What have they learned in a year that you can use as a shortcut? Have they shown success in a particular vertical? If so, can you also focus there? This isn't an exhaustive list of questions on this topic - just pointing out that there is likely a silver lining to this cloud of competition.
2. Product
The question of "is this ready to release?" "should I do it now, or later", "if later, how much later, when is the right time to launch" is one I field more than once a week.
My opinion always skews to the "as close to now as practical." Watching founders struggle over knowing exactly when to launch as if it's a ribbon cutting ceremony for a bridge is painful for me. There is always a minimum level of development, engineering or design required to get your product into the market - but it is usually well below the perceptions of the founder.
Take a minute to step back and ask yourself what will happen between now and whatever arbitrary time period you've determined is "ready". What features will you be adding? Do they matter to your users? If you said yes, how do you know - did you ask users? A lot of them? If not - you may be adding bloat before you even launch, or worse, doing what I call "building a better Yeti trap". Make sure your efforts are driven by the actual, and not perceived, assumed, or gut intuitions about what they need.
Conclusion
A competitive entrant is always a bit unnerving - but remember that being first to market isn't the race you need to win - that's just the start. Turn this into an advantage by drafting off their momentum.
Chances are, your product is ready for some level of use right now, and that users will derive some benefit from it, and that you'll learn a lot from their usage.
So, for my 2 cents, I'll borrow from my stiff upper lipped ancestors from across the pond - and suggest that you "Keep Calm, AND Launch Now"
Cheers,
Ryan Rutan
I would take it as a positive thing, it shows a level of validation that someone has independently come up with the same idea. You can analyse what they have done and learn from their mistakes.
Other things to consider:
1. Is there only room for one product solving this problem?
2. what can you offer that this competitor does not?
3. have belief in yourself and your ability to add personal value
I recommend you take a deep breath, consider the above, don't make any rash decisions, if they've been live for 11 months another few weeks won't make much of a difference.
It is good you are worried. Goes to show you are in touch with reality. You should always keep an eye on what is going on in your market.
With regards to your plan and if you stick your plan. Please your plan as a startup is already out of date. As a startup you operate in a volatile and dynamic market place. As soon as you finished your plan it was out of date. A bit like a photograph. As soon as you took the snap things changed.
I think it would be wise to re visit your plan and update it as per the changes in the market place. It means you have to take you product to market earlier or in a different way. Depends.
If you are using beta testers for you service then this should be less of a concern. Hope you are.
Ready, Fire, Aim. Do not make the mistake of waiting. Fire away. You may find that you need to make adjustments, change your services, products, whatever. You will never learn this in the lab or a closet. Quit waiting.
Best of Luck,
Mike
From the Trenches to the Towers Marketing
I will be glad to help as my time permits.
To start, the best time to launch is generally As Soon As Possible. I’m a firm believer in Eric Ries’ Lean Start-up philosophy. According to this strategy, trying to launch a perfect product is a fool’s errand, and wastes critical time. Instead, release what Ries calls the MVP: minimum viable product. Basically, the product must work. It must perform the stated function, and that is all. Bells, whistles, and other additions can be added later or included in future iterations of the product. Every product should be released as soon as it can be used, and all the honing and perfecting you might be tempted to do beforehand can be accomplished while it is already on the market. This is cost-effective, because it allows you to start profiting from your product before you start tweaking it, and it allows you to take advantage of the excitement your product creates to sell more refined versions later. That is not to say you should release something inferior to the public, of course. It simply describes a different way of looking at product development. Namely, product development should be a never-ending process, a lifelong struggle for perfection that is never actually achieved.
1. Sales Cycles: With a minimum viable product ready to launch, the exact time of the year, month, and even week you choose can make a difference. For instance, most sales experts agree that Monday is not a good day for a product launch. Consumers are too focused on the coming week, with its responsibilities and expenses, to be in a buying mood. Fridays are problematic, too. The weekend is coming, and people are in social mode, not consumption mode. Therefore, mid-week, from Tuesday to Thursday, is statistically the best time. Not as overwhelmed as on Monday, but not as carefree as on Friday, consumers are in a headspace conducive to a purchase. The time of year matters as well. Naturally, there is lots to be bought and sold in the weeks leading up to holidays- but launching a product on Christmas day is unlikely to work out. The same goes for minor holidays as well. July 4th or Memorial Day are just as bad a time to launch as New Year’s Day, for the same reasons. The key is to avoid days or weeks in which people have reasons not to buy, either because they are too busy, or they are financially stretched. Of course, the product itself will determine when the best time of year is to launch. January, for example, can work well for fitness equipment or other self-improvement products that may help fulfil New Year’s resolutions. Spring and summer are best for outdoor products. Statistically, May and June are the top months in which cookware and other home goods sell, given that so many weddings take place in the summer. August is best for laptops and other things students will need come September. It all comes down to what car salesmen might call the Convertible Rule: never try to sell a convertible when it is snowing. Always look for the right seasonal conditions to move your product, and the odds will do a lot of the selling for you.
2. Your Schedule: Choosing your ideal launch time will also depend largely on your own schedule. Do not plan a product release on your anniversary, or your kid’s birthday, or during the season finale of Game of Thrones. If you can, try to schedule the launch when both your personal life and your business have as little going on as possible, so that you can devote whatever time and energy will be needed to the launch. It makes sense to prioritize product launches over other considerations. You only get one shot at this, after all. Inevitably, there will be glitches, customer service issues, press release management, and a host of other unpredictable demands on your attention. It is important to have all hands-on deck, and yourself at the helm, ready to execute the launch with 100% presence. No matter how well you plan it, there is no way to put a product launch on autopilot.
3. Launch Conditions: When it is a rocket ship, the good folks at NASA wait for a clear day and a particular alignment of the planets. Just so in business, where there are conditions that must be met for a product to be launched successfully. These conditions have nothing to do with the calendar, but rather with having certain ducks in a row to facilitate the best outcome.
First, you will have to have established your brand’s credibility enough to justify excitement for your new product. Have you advertised? Sent out emails? Hosted a webinar? If you have not already given your consumer base a reason to trust you, it is time to lay that groundwork down. This way, more customers will be willing to gamble whatever the price of your product is on the certainty that it will meet their needs. Secondly, make sure that your business infrastructure is prepared for the jump in sales, lest you risk the “catastrophic success” of having loads of orders without being able to fill them efficiently. Is your distribution system in place? Is your payment system glitch-free? Do you have team members standing by for customer service and tech support? Anticipate success, and you will guarantee it. Finally, time the launch in relation to existing products and their performance. Does your product address a shortcoming in something the competition has on the market? Can it supplement another good product, working in tandem? Even your own product’s performance should be considered. The best time to launch a new product of yours is when another product of yours is reaching the peak of its success, so that you can ride that momentum into the next wave of sales.
4. Communication: Launching a product can be as stressful as actually creating one. The best way to ensure that your launch goes well is, first and foremost, to have a unique and creative product in the first place. Beyond that, it is a matter of communication. Stay in touch with your audience. Use email and social media to build excitement around your product and be there to usher it into the market. Expect the unexpected, and be ready to handle questions, concerns and other feedback from your audience. Be open to it and respond to it quickly and professionally. Step your customer service game up for the occasion, and be honest and straightforward as the response to your launch rolls in. Stand by your product and listen carefully for all the notes it hits with your audience.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Related Questions
-
How was SnapChat able to grow so quickly?
I'm answering your question assuming that you hope to be able to replicate it's own success in your own mobile app. There are a couple of factors responsible for it's growth that are instructive to anyone building a mobile app. "Leveraging the intimacy and privacy of the mobile phone." We now have an *intimate* relationship with our phone like no other device in the history of technology. Every internet company that started before around 2010 has built their core interactions around "the old web" one which was accessed primarily via a browser on a computer. Companies that start with a clean slate, should be building their interactions around how to do whatever the app is supposed to do while leveraging what is unique to people's relationship to their mobile devices. Photo-sharing has become a core part of the way we communicate now. Snapchat built something that provided an experience that leveraged the feeling of privacy and intimacy that is unique to mobile. "Provided an escape from the "maturity" of other online services." Too many parents, aunts, uncles and other "old people" have encroached into the social networks of teens and young people. As a result, they've had a desire to find places to express themselves in places inaccessible by older generations. An important distinction is that it's not just parents and relatives that young people are trying to avoid, but also employers & colleges who are increasingly using "mature" social networks to review applicants. "Leveraged PR even bad PR" The fact that the app got so much press about it being used to sext was perfect PR for the company, as it essentially reinforced the brand experience that it has today. Essentially, "if it's safe enough to send a sext, it's safe for any kind of communication I want to have." And although the safety and security of Snapchat is actually not as advertised, it still enjoys the reputation of having less impact than any primarily web-based service. Building a successful mobile application is one of the hardest challenges to face designers, programmers and entrepreneurs in the history of writing software. Happy to talk to you if you're considering building a mobile app, about what I've learned about the "table stakes" for success.TW
-
My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
-
How has Uber grown so fast?
Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.BT
-
How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
-
If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.