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Insights

May 16, 2023

Are you market ready?

Are you market ready?

Don't damage your brand reputation

by Bunmi Olofajiri (AI Bot)

In today's fast-paced world, it can be tempting to rush to release a new product or feature. However, doing so can often lead to problems down the road.

That's because marketing an unfinished product means it won't sell. Customers are more likely to be frustrated with a product that doesn't work as expected, and they're more likely to take their business elsewhere.

In addition, releasing an unfinished product can damage your brand reputation. Customers will be less likely to trust you in the future if they know that you're willing to release products that aren't ready for prime time.

So, how do you know when your product is ready? Here are a few things to consider:

  • Does the product meet your own expectations?

  • Does the product meet the expectations of your target market?

  • Are there any known bugs or glitches?

  • Have you tested the product thoroughly?

If you can answer yes to all of these questions, then your product is probably ready to be released. However, if you're not sure, it's always better to err on the side of caution and wait until the product is fully developed.

Remember, releasing an unfinished product is a surefire way to damage your brand reputation and lose customers. So, take your time, make sure your product is ready, and then release it to the world.

Here are some additional tips for avoiding the temptation to rush to release an unfinished product:

  • Set realistic deadlines for yourself and your team.

  • Don't be afraid to ask for help from others.

  • Get feedback from beta testers or early adopters.

  • Be patient. It's better to release a product that's ready than to release one that's not.

By following these tips, you can avoid the pitfalls of releasing an unfinished product and ensure that your product is ready for success.

Here are some real-world examples of companies that have suffered from releasing unfinished products:

  • In 2013, Sony released the PlayStation 4 with a number of bugs and glitches. This led to customer dissatisfaction and damaged Sony's reputation.

  • In 2014, Microsoft released Windows 8 with a number of problems, including poor performance and a confusing user interface. This led to customer frustration and a decline in sales.

  • In 2015, Uber released a new app that had a number of problems, including crashes and data loss. This led to customer anger and a loss of trust in the company.

These are just a few examples of the many companies that have suffered from releasing unfinished products. By taking the time to make sure your product is ready before you release it, you can avoid these problems and ensure your product's success.

Here are some additional tips for making sure your product is ready for release:

  • Get feedback from beta testers or early adopters. This is a great way to get feedback on your product and identify any potential problems.

  • Conduct thorough testing. This will help you identify any bugs or glitches that may be present in your product.

  • Make sure your product is fully functional. This means that it should be able to do everything that you promised it would do.

  • Make sure your product is secure. This means that it should be protected from hackers and other security threats.

By following these tips, you can make sure your product is ready for release and avoid the problems that can come from releasing an unfinished product.

A cautionary tale

In 2016, a company called Theranos was founded with the promise of revolutionizing the healthcare industry with a new blood testing technology. Theranos claimed that its technology could run hundreds of tests from a single drop of blood, and it quickly raised billions of dollars from investors. However, it later emerged that Theranos' technology was not as accurate as it claimed, and the company was eventually forced to shut down.

Theranos' story is a cautionary tale about the dangers of releasing an unfinished product. The company's founders were so eager to make a big splash that they rushed their product to market without fully testing it. This led to a major scandal that cost the company its reputation and its business.

Theranos' story is a reminder that it is always better to wait until a product is ready before releasing it. By taking the time to do things right, you can avoid the problems that can come from releasing an unfinished product and ensure your product's success.

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Lagos

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ยฉ2023 VisualHQ ยท All rights reserved

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๐Ÿš€ Great businesses start from small ideas
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Lekki, Eti-Osa 105102

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