“One cannot resist an idea whose time has come.”
Estimated reading time: 3 mins
The famous French poet Victor Hugo once said, “One cannot resist an idea whose time has come.” This principle certainly holds true for companies like Apple and Facebook whose ideas not only generated massive profits but changed the course of modern culture. However, the downside of this maxim is that anyone can resist an idea whose time has not (or maybe never will) come. Or, put differently, sometimes you have to ditch an idea because it will not pan out. Here are six questions we suggest you ask yourself before pulling the plug on your idea:
1. Are your revenue-producing products/services suffering as a result of this idea?
If you’ve been turning down new clients to accommodate your idea or don’t have the resources to keep your current business afloat while developing a new product, perhaps it’s time to take a step back and evaluate whether a new product or service will benefit your company.
One way to do this is to get help from an outside resource, such as a trusted advisor or a consulting company who can provide honest feedback regarding the viability of your idea.
2. Does your market research support your idea or is it based on emotion?
If you have scads of research identifying your customer base and supporting the need for your product/service and trends suggest a continuing need for what you’re supplying, your idea is likely on the right track. However, if you are basing your idea’s success on a gut feeling or some other intangible emotion, you are setting yourself up for failure.
Don’t have the research to back up your idea? Consider hiring someone to do the legwork for you. Not only does this free you up to focus on your business, but it puts industry experts at your disposal so you are well-informed regarding your idea’s chances of success. We are happy to help and have ready-made, cost effective processes in place.
3. Have you met your milestones and other measurable goals?
If you don’t have milestones in place, that is a good indicator that your idea may not be practical. If you do have milestones, are they appropriate to the type of product or service you’re developing? For instance, if you are selling data, have you secured charter clients that are willing to provide input throughout the development process? If you are creating content, do you have enough views or comments or subscriptions?
Need help setting critical yet realistic milestones? Hire a third party who has experience taking a product from the idea stage to the launch (and beyond).
4. How much time, energy, manpower, money and other resources will it take to turn a profit?
To calculate this, consider both the resources you have already invested as well as what you expect to invest. But, beware of pursuing a losing idea just because you’ve already devoted substantial resources to it.
You may need to devote additional resources for your idea to be successful. Investing in a consulting firm, for example, to shoulder the burden of product development will likely end up saving you money in the long run while also giving your idea the best chance of becoming a revenue-producing asset.
5. Do you have a realistic marketing plan and budget?
Your marketing plan should be front and center during your product development because, after all, if no knows about your idea, how will they be able to purchase it? If you’ve devoted all of your resources to product development and none to marketing, your product will likely fail before it’s even been launched.
However, hiring a company with experience launching new products can help you create and execute a marketing plan that not only targets the right customers but also educates them about what you’re offering.
6. What do your trusted advisors say about your idea?
If you haven’t gotten unbiased feedback from a qualified outside party, chances are your idea will join the ranks of 95% of other new products that will fail this year. Outside experts can help you:
- See past emotional attachments you may have to your idea
- Provide unbiased feedback on your idea and its progress
- Develop a plan going forward
- Better utilize your resources and team
- Tell you when it’s time to pull the plug
If you’ve got a great idea but aren’t sure if it will generate a profit, contact Pharma Acumen. We have helped successfully launch nearly two dozen pharmaceutical products and services. For more information, contact Brian Bamberger at 215-885-1029.
