Why Strategy Must Lead Product

Podcast Series: Finish Strong® | Fulcrum ConsultingWorks Inc.

It’s easy to become enamored with a product concept. The concept of the possible is exciting. But if you want to make a difference, or profitably provide your product to the world, a strategy must come first.

What problem does it address? What potential does it create? Who cares, and how fast will they care? How will you source it, produce it, and get it to market? How will the part of the world you intend to sell it to even find out about it?

There are very few cases of “build it and they will come.” And most of those get the attention of better financed and staffed organizations. What is your plan?

Of course passion about your product idea is important. If you don’t care why would anyone else? But passion alone leads to frustration when no one seems to know or care how great it is.

I know an existing manufacturer sitting on an outstanding product because, despite investing years and millions of dollars, it has not figured out how to make it for a price anyone would be willing to pay. The proof of concept was completed over five years ago. And here they sit, frustrated, watching a potentially huge advantage slip away because they won’t partner with companies that could solve their problem.

Falling in love with a product is fun; getting it to market requires a strategy.

The post Why Strategy Must Lead Product first appeared on Fulcrum ConsultingWorks Inc..