Market Entry at 100MPH

Stepping into the flight chamber, I was astonished at the unexpectedly strange sensations. As I attempted my first indoor skydive, my mind was trying to reconcile the noise, the wind, the pressure on my limbs, and the hand signals from my instructor. A similar cacophony of signals often occurs when you are bringing new products into the marketplace – noise, forces, opinions, and speed are all at play trying to upset your planned trajectory.

Processing all of this at once is critical to entering the market and actually getting the results you want (usually $$$.) Granted you aren’t trying to float in a 100 mph wind, but things do move quicker than you would like.

• Noise – Nothing is more disruptive to a good product launch than too much noise. This can be due to a poorly-focused effort or because lots of other things are occurring around you in the market. Having a good process, a well-vetted strategy, and committed people will help you rise above the fray.

• Odd forces – Like the wind trying to deflect my arms behind my head, there will be responses from the customers and competitors. Being prepared for the possible reactions will definitely help you weather these forces. Run a few scenarios to help you plan for the buffeting.

• Heeding the signals – Trying to comprehend signals and act on them in this environment is tricky. When you first enter the market, signals will come flying back at you. Some people like your product, some hate it, some don’t care. Sales people sell version X but not version Y. Paying attention to this early feedback is critical. Though your plan was perfect, you often need to heed the market signals and make adjustments to be really successful

• Speed – Moving quickly can give you a big advantage over your competitors. Once you see that you need to make some adjustments, doing this quickly and effectively across your organization and market is important. Slowly adapting to the feedback has killed many good products; so keep your foot on the gas. As the Valeant CEO, Michael Pearson, recently said, “Time is the enemy, in my mind. Speed has proven to be a real competitive advantage if you look at our history.”

So when you are getting ready to parachute your products into the marketplace, take a few lessons from the skydivers. There will be new, unexpected forces at work. Paying attention to them will lead to a successful and controlled dive into your new flow of revenue. Not paying attention can lead to a very unpleasant landing.

ps. in case you’re wondering, that is indeed yours truly in his first flight.