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2013 | OriginalPaper | Chapter

3. Step 3: Develop Products Customers Love

Authors : Steve Babitsky, James J. Mangraviti Jr.

Published in: The Street Smart MBA

Publisher: Apress

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Abstract

New product development is an important part of any successful business, and the development process can be a lot of fun: you get to be creative. You get to try something new. If the product takes off, you make money. But new product development can also be fraught with danger. If you build something that no one ends up buying, you will have wasted much time and money. This chapter provides the painful but valuable lessons we have learned regarding new product development.

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previous chapter Step 2: Grow and Tap Your Network

next chapter Step 4: Sell Your Products and Services Cost Effectively

We only heard of one person actually using the directory. Jim’s wife, who is also a lawyer, was able to reconnect with a friend from law school who was listed in the directory and with whom she had lost touch. This was the only instance we know of the directory actually being used. Not a record to be proud of. There was nobody to blame for this debacle but ourselves. We had failed to do our homework and ask the hard questions before launching the product.

For more on niches, please see Chapter 4.