I have been on a bit of a hiatus the past few weeks except for some local non bowling type clients (within 250 miles) client visits. Most bowling center clients are always too busy getting their leagues together so our consulting is mostly phone, google hangouts and conference calls to help them keep their digital marketing plan, which we assisted in building, on track.
This hiatus was filled with celebrating my wife’s birthday and our anniversary in Puerto Rico. It was also the rest I needed to prepare me for doing some serious marketing work on a potential back surgery; my 3rd on 4 years. So I decided to approach the problem with a “marketing eye” and ask myself the 5 key marketing questions to ask before launching a new product strategy.
So here they are:
- Is the product good enough? Considering that I have bought the product before and had good results in the past and trust the surgeon, I would have to answer “yes”, the product is good enough.
- Why is this the best way to grow our business and have you examined all alternatives? In this case, the question becomes: is this the best way to cure my pain. I looked back at my past alternatives which I tried; pain pills, acupuncture, stem cell transplants, other opinions and physical therapy. All were temporary fixes and I knew, after trying, none of these other alternatives would be an end game solution. So “yes” again for this being the best alternative.
- What’s the best outcome I can expect by putting this strategy into effect? The answer was obvious – being pain free and getting back to my active life style.
- Why is this the best use of my resources? Well I know what the market looks like. I have examined all the quantitative and qualitative data and based upon my own judgement and that of my team members, we all agreed that this was the best way to go forward given the alternatives that we already tried. No new viable alternatives were available.
- What does failure look like? Obvious answer; little or no pain relief.
If you are planning to launch a new product, ask the aforementioned questions and see what you come up with.
You may be very astute about your business and may have run on “gut instinct” with much success, but in today’s new marketing environment you need to be far more sophisticated and check your gut against the facts…and the alternatives
P.S. I bought the surgery and have scheduled it a week from today. Makes sense to me.