It happened again. We’ve observed another software vendor that released a new product that has generated almost no sales
in the first year and which faces an increasingly grim outlook.
does a vendor with an otherwise successful track
record in their bread-and-butter market fail so miserably?
The answer is a lack of insight into both
channel and end-user requirements—insight that could be
obtained through primary market research.
We’ve seen this scenario play out time and time again, with millions wasted and many people fired. Two
instances come to mind where products were launched with no evidence of market or channel demand, only to see them fail.
Does This Sound Familiar?
The first example comes from a software vendor
whose engineers came up with an interesting
concept that was a spin-off of a successful,
I was recently asked what book recommendations I would make for fellow entrepreneurs. I started Innovaxis Marketing Consulting business six years ago and the most influential book I’ve read since then is Blue Ocean Strategy. In it, co-authors W. Chan Kim and Renée Mauborgne identify how and why some businesses transform their industry, such as how Yellow Tail transformed the wine industry. They also identify a formula for how these strategies are repeatable—the single largest piece missing from other business books, from my experience.
Here at Innovaxis, our clients utilize our market research, competitive intelligence and product management services in order to apply Blue Ocean Strategy into product roadmap, marketing feasibility and product development efforts.
Additionally, I really like the following books:
- How to Become a Rainmaker: The Rules for Getting and Keeping Customers and Clients by Jeffrey Fox
- How to Become a Marketing Superstar: Unexpected Rules That Ring the Cash Register also by Jeffrey Fox
- The Tipping Point by Malcolm Gladwell
- From Good to Great by Jim Collins
- Pursuit of Wow by Tom Peters