Be the First to Fail the Fastest

Posted by: Today's Tip Contributor on March 24, 2010

One thing that seems to be consistent in business—regardless of industry, size of the business, or market share—is that the first attempt at something may not always work as planned. From my experience, what happens next is what separates the purpose-driven business from those that are just developing a product and trying to force it down customers’ throats.

More and more, I see companies building products without taking into consideration who will buy them or what pain point they will alleviate. Then when the products don’t sell or aren’t in demand, the companies simply give up, as opposed to listening to the market to determine how to improve them.

In my experience, I’ve found that a simple reevaluation and tweak of the initial product will often lead to fulfillment of the original sales goal. It’s also my experience that those businesses that have the ability and fortitude to improve the initial offering are those that are ultimately more successful and are the type of company I would want to partner and do business with.

The quicker an organization realizes that its first attempt failed or was inadequate, the sooner it gets to the answer. It’s important to be fast at failing so you can get on to success.

Steve Jones
General Manager and Vice-President of the CodecSys Division
Broadcast International
Salt Lake City

Reader Comments

Shawn Ames

March 24, 2010 4:32 PM

This is so true TTTT. When I launched the was launching what I'd hoped to be the first online community for an airline and another airline beat us to the punch...I was very mad. But then, my boss at the time told me that it's always better to let someone else do something first so you can watch and see what happens and then improve when you do it!

Prof P.Madhu Sudana Rao,Ethiopia

March 24, 2010 5:42 PM

In this ever changing world nothing is static. Business is no exception .Modern Marketing is Consumer-oriented and hence producers should remember.

• The present generation of producers should be intelligent in regard to the application of procedures. They should first want to find out what the consumers want. Then they have to produce the goods according to the needs of the consumers. Then they realize that only such products could be sold to the best satisfaction of the users and at a profit to the maker.

• To achieve maximum efficiency in marketing there must be a flow of information vis-à-vis the flow of goods. This information has to be collected even before a product is planned. Subsequent information would also enable the manufacturer to assess periodical changes that are required. That is why it is very often remarked that ‘marketing starts and ends with the consumer,’ with information flowing from the consumer to the producer and goods flowing back to the consumer from the producer.
• In the past, it was thought that marketing was only concerned with getting goods and services into the hands of ultimate consumers. But later it was realized that goods must reach customers at a maximum speed but with minimum cost. In recent years marketing has assumed greater importance. This is mainly due to the rapidly increasing tempo of production of a wide range of goods and services.
• Thus modern marketing lays emphasis on the freedom of the consumer to choose not only between two identical types of products but to decide ‘not to buy any’ as well.

trh

March 24, 2010 10:01 PM

failing is a highly emotional experience.if you don't do it your self you are not going to learn what you really need to learn to succeed.simlpy put ,you have to get your hands dirty.

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